The rapid proliferation of a myriad power banks launched by manufacturers worldwide has helped the global power banks market garner exponential growth in the recent past. Besides the competitive rivalry among prominent enterprises, growth traction of the low cost power banks manufactured in China has compelled manufacturers to keep their product prices low.
The competition prevailing in the market is intensified further due to the fierce rivalry among the online retailers. Transparency Market Research (TMR) in its report has identified companies such as Samsung Electronics Co. Ltd., Apacer Technologies, Inc., Sony Corporation, GP Batteries International Ltd, and Hitachi Maxell, Ltd. as the key players in the market.
TMR has forecast the global power banks market to exhibit an impressive CAGR of 25.9% between 2014 and 2022. Expanding at this rate, the market is projected to reach US$36.1 bn in 2022, from a valuation of US$9.06 bn in 2014. In terms of products, the portable power banks segment dominated the market with a share of 69.5% in 2013. Regionally, North America held the largest share of 42.6% in the market in 2013.
Rising Use of Smartphones for Internet Access to Ensure Proliferation of Power Banks Worldwide
The global power banks market is expected to see strong growth in response to the expanding consumer electronics industry. Globally the demand for devices such as smartphones, laptops, tablets, camcorders, and digital cameras is rising at a fast pace. The decline in prices of these commodities and their added functionalities are propelling growth of the global digital gadget market, subsequently bolstering opportunities for power bank manufacturers.
Furthermore, the launch of innovative power banks with advanced features is fostering growth to the market. “As a result of the increasing disposable income, consumers nowadays are willing to spend more on products that are easy to use, non-fragile, and ensure convenience. Since power banks is a hand in glove fit to this tenet, their demand is likely to increase in the coming years,” observed the TMR report’s author. “With the development of novel and stylish power banks underway, lucrative growth opportunities lay ahead for the global power banks market,” he added. The market will gain from the increasing broadband and internet penetration as well.
Technologies Eliminating the Need for Power Banks to Hamper Growth
Alongside innovation in power banks, devices such as smartphones and tablets are evolving at a robust pace. With manufacturers investing in the development of products eliminating the need for carrying power banks, a major restraint is ahead of the market. Powerful and long-lasting batteries, slated to be introduced in the next few years, hold promise of sufficing the need of smartphones. With such innovations, smartphones are likely to become more feature-rich, thus creating a major bottleneck for the manufacturers for the power bank manufacturers.
Customization of Power Banks Holds Promise for Future Growth
The amplified demand from the consumer electronics segment has led to exponential growth of the global power banks market. With regional players offering cutthroat competition, established companies are striving to gain competitive edge by investing in product development and innovation. Strategies for business expansion adopted by the leading market players will augment the growth of the global power banks market in the forthcoming years. Furthermore, these companies are focusing on the customization of their products, which is expected give significant impetus to the market in the near future.
This review is based on information published by TMR in a report, titled “Power Banks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022.”
The report segments the global power banks market as:
Global Power Banks Market, by Product Type
- Battery case
Global Power Banks Market, By Power Ratings (Capacity)
- Below 3,000 mAh
- 3,001 mAh – 8,000 mAh
- 8,001 mAh – 20,000 mAh
- Above 20,000 mAh
Global Power Banks Market, By Type of Battery
Global Power Banks Market, By Geography
- North America
- Asia Pacific
- Middle-East and Africa
- Latin America
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