Portland.OR, Feb. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global power bank market generated $17.41 billion in 2019, and is expected to reach $22.34 billion by 2027, witnessing a CAGR of 3.4% from 2020 to 2027. The report provides an extensive analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, business performance, and competitive scenario.
Rise in demand for smartphones, technological advancements, and rise in portable devices for charging laptops and wearable gadgets fuel the growth of the global power bank market. On the other hand, preference for rental power banks among users hampers the market growth. However, trends regarding wireless power banks and usage of hydrogen cells and solar cells in devices are projected to offer opportunities in the market.
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Covid-19 Scenario:
- The lockdown has enforced manufacturing activities to halt, and supply chain has been disrupted. This also created shortage of raw materials.
- China is one of the largest suppliers of power banks, and the ban on import and export activities due to outbreak of Covid-19 has created a supply-demand gap.
- The demand for power banks reduced significantly as people needed to stay at home during the lockdown to curb the spread of coronavirus. Delivery of devices ordered from e-commerce platforms has been hindered during the lockdown. The demand would shoot as travel restrictions are lifted off.
The report provides a detailed segmentation of the global power bank market based on battery type, power rating, distribution channel, price range, and region.
Based on battery type, the lithium ion segment contributed to nearly three-fourths of the total share in 2019, and is estimated to maintain its lead position throughout the forecast period. Moreover, this segment is projected to grow at the highest CAGR of 3.7% from 2020 to 2027. The report also provides analysis of the lithium polymer segment.
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By distribution channel, the online segment held the highest share, with more than two-thirds of the global power bank market in 2019, and is projected to maintain its dominant share by 2027. Moreover, the same segment is estimated to witness the highest CAGR of 3.6% during the forecast period.
Based on price range, the mid segment is expected to grow at the fastest CAGR of 3.7% during the forecast period. Moreover, this segment accounted for nearly three-fifths of the global power bank market in terms of revenue in 2019, and is projected to maintain its lead by 2027. The report also analyzes segments including low and premium.
By region, Asia-Pacific accounted for the highest share in 2019, contributing to nearly half of the market, and will maintain its dominant position during the forecast period. The same region would grow at the highest CAGR of 4.2% from 2020 to 2027. The report also discusses regions such as North America, Europe, and LAMEA.
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Leading players of the global power bank analyzed in the report include Samsung Electronics Co., Ltd., Anker, Sony Corporation, Mi, GP Batteries, Intex, Huawei Technologies, Panasonic Corporation, Zagg Inc., and Lenovo Group Ltd.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.