Power Bank Market – Snapshot
Power banks are the portable charging devices through which batteries are charged by transferring energy. These products are small and easy to carry in the pocket and small bags. Power banks are widely used to charge electrical devices such as smartphones, tablets/laptops, and cameras. Change in lifestyle of consumers has led to the usage of electronic gadgets, and constant requirement for frequent charging has resulted in the rise in demand for power banks. Rise in tourism and fast lifestyle is also a major factor responsible for the increase in demand for the product. Many consumers tend to travel for longer durations, which is why the need to charge electronic devices becomes important. Generation “X” and millennial population tend to work more on laptops and use smartphones extensively.
Increased inclination among generation “X” and millennial population toward working on laptops and using smartphones is projected to drive sales opportunities in power banks market in the years ahead. Power banks refer to the portable devices that are used to charge the batteries by energy transfer. The products from the global power banks market are gaining traction owing to their compact size due to which they can be carried easily in pockets as well as in small bags.
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Power banks find extensive use in charging of electrical devices including tablets/laptops, cameras, and smartphones. In recent few years, there is remarkable change in lifestyle of major population living all across the globe. Extensive growth in use of electronic gadgets has resulted into rising need for charging of these devices. Thus, growing use of diverse gadgets is likely to stimulate demand opportunities in the global power banks market in the forthcoming years.
In recent years, the disposable income of the major population from all worldwide location is increased. As a result, there is notable growth in trend of tourism. Apart from this, there is considerable growth in the number of people travelling for official purpose as well. This scenario has created promising sales opportunities for vendors working in the global power banks market. Apart from this, products from the global market for power banks are high in demand on the back of fast-paced lifestyle of majority of populace from all worldwide locations.
Due to COVID-19 pandemic, the government bodies of major countries all across the globe have compelled people to follow several regulations to contain the spread of coronavirus. As a result, there is remarkable rise in the use of diverse gadgets such as laptops and smartphones for work as well as amusement purpose. This factor is working in favor of the global power banks market.
The power bank market has been segmented on the basis of product type into phone charging cases, portable power banks, and solar power banks. Portable power banks dominated the market due to convenience in carrying the portable power bank and charging multiple devices at the same time. Furthermore, portable power banks are readily available in the market and hence have a greater market. Based on capacity, the market has been segmented into up to 5,000 mAh, 5,001 mAh to 12,000 mAh, 12,001 mAh to 20,000 mAh, and above 20,000 mAh. In terms of battery type, the power bank market has been segmented into lithium-ion and lithium polymer battery. Based on port type, the market has been segmented into Standard, Type C, and DC power jack. In terms of application, the market has been segmented into smartphone, tablet/laptops, PCs, camera, and others. By charging source, the market is segmented as electric, solar, and hybrid. Electric segment dominated the market in 2018 due to wide availability of electric power banks compared to other types of power banks.
According to distribution channel, the power bank market is segmented into offline distribution channel and online distribution channel. Offline distribution channel can further be classified into supermarkets and hypermarkets, exclusive stores, multi-brand retail stores, and others.
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Growth in disposable income of the young generation has resulted in purchase of several gadgets and devices and an interest in music, internet, games, and videos. Developments in the product and emergence of new technology have helped to charge the power banks rapidly.
Geographically, the power bank market is bifurcated into Europe, North America, Middle East & Africa (MEA), Asia Pacific, and South America. Asia Pacific in 2018 acquired majority share of the global power bank market due to increasing usage of electronic devices. Furthermore the region is the manufacturing hub of electronic devices that adds greater market share for power banks. The market in the region is also expected to witness the fastest growth during the forecast period.
Some of the key players in the power bank market include Anker Technology Co. Limited, Braven LC – INCIPIO Technologies, Inc., Apacer Technologies, Inc., EasyAcc.com, Inc., GP Batteries International Ltd, Goal Zero Corporation, LLC, Maxell Holdings, IEC Technology, Ltd., MiPow Limited, Panasonic Corporation, Mophie, Inc., RavPower, Sony Corporation, Samsung Electronics Co., Ltd., and Xtorm. Key players operating in the power bank market implement various policies to survive in the market. Product development and acquisition and partnership are some of the main strategies adopted by key players to gain a competitive edge.