Dallas, March 01, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global power bank market is expected to grow from USD 10.35 billion in 2020 to USD 24.51 billion by 2028, at a CAGR of 11.19% during the forecast period 2021-2028.
Most wearable devices are wireless and require power to operate; with increased growing functionality, the batteries of these devices are unlikely to last longer. Thus on-the-go wearable devices may be easily recharged using a power bank, allowing them to last longer. Wearable devices, such as fitness bands, smartwatches, and smart glasses, are attracting rapid interest from end-users, and power banks are projected to have rising demand within this application.
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Power banks may be described as portable batteries, which use circuitry to regulate any power in and out. If power is available, they can be charged up with a USB charger, and then used to charge battery-operated products such as cell phones and a variety of other gadgets that will usually require a USB charger.
Digitalisation has made humans reliant on various gadgets for easier and more comfortable life. Rapid demand for portable electronic devices such as smartphones, tablets and laptops has fuelled the expansion of the global power banks market.The retailing of power banks on online platforms and e-commerce websites is expected to be one of the key factors driving market growth.
Key players operating in the global power bank market are ADATA, Ambrane India Private Limited, Anker Innovations, AsusTeK Computer Inc., AUKEY, GRIFFIN, Intex Technologies, Lenovo Group Ltd., Microsoft Corporation, mophie, Panasonic Corporation, RAVPower, Sony Corporation and Xiaomi among others.The key players are now concentrating on implementing strategies like adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global power bank industry.
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• For instance, in 2018, ADATA introduced a new range of power banks incorporating new industrial designs, functionality, and color choices. They include ADATA P10000, P5000, P10050C, and P10050V power banks.
The 10,001–15,000 mAh segment is expected to grow at the highest CAGR of around 13.2% over the forecast period
The type segment is divided into 1,000–5,000 mAh, 5,001–10,000 mAh, 10,001–15,000 mAh, 15,001–20,000 mAh and above 20,001 mAh. The 10,001–15,000 mAh capacity power banks are in strong demand as they are priced reasonably than power banks with capacities above 15,000 mAh.Therefore, the10,001–15,000 mAh segment of the power bank market is expected to grow at the highest CAGR of around 13.2% during the forecast period.
The electric segment dominated the market and held the largest market share of about 68% and a market value of around 7.04 billion in 2020
The energy source segment includes electric and solar energy source. The electric sourceoffers benefits such as easy availability, lightweight, low cost and compactness. Therefore, the electric sourcedominated the market and held the largest market share of around 68% and a market value of about 7.04 billion in 2020.
The lithium-ion batteries segment dominated the market and held the largest market share of around 75% in 2020
The battery type segment includes lithium polymer batteriesand lithium-ion batteries.The lithium-ion batteries segment dominated the market and held the largest market share of around 75% in 2020 because li-ion batteries offer numerous advantages such as high energy density, lower self-discharge and low maintenance.
Smartphones application is anticipated to account for the largest market share during the forecast period
The application segment includes laptop, smartphone, tablet, digital camera, wearable device, portable media device and others. Power bank is primarily used to charge smartphones, and it is expected that the growing demand for smartphones would fuel the growth of the market for power banks. Therefore, the smartphones application is anticipated to account for the largest market share of the global power banks market over the forecast timeframe.
The e-commerce segment is anticipated to grow at the highest CAGR over the forecast period
The distribution channel segment includes e-commerce distribution channel and brick and mortar distribution channel. Because of rising internet penetration, the e-commerce segment is anticipated to grow at the highest CAGR over the forecast period.
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Regional Segment Analysis of the Power Bank Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions evaluated for the power bankmarket include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Due to the increasing sales of smartphones and other portable devices across the Asia Pacific region, the Asia Pacific region emerged as the largest market for the power bank market with around 41% market share and a market value of about USD 4.24 billion in 2020. Also, rising per capita income in the region's developing countries as well as improving living standards have also contributed to the growing demand for smartphones and wearable devices. Therefore, the Asia Pacific region is anticipated to grow at a considerable growth rate in the global power bank market over the forecast period.
About the report:
The global power bank market is analysed on the basis of value (USD billion), volume (units), consumption (units), imports (units) and exports (units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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