The global high capacity power bank market size was around USD 17.5 billion in 2020 and is expected to register a CAGR of 3.3% during the forecast period, 2021-2028. The growth of the market is attributed to increasing demand for high-speed charging.
Smartphones are equipped with powerful operating systems such as Android, Symbian, and iOS that allow the users to play games, run multimedia player, access video calling, and stay connected to external world through high speed Internet services. This leads to high consumption of battery in smartphones.
Mobile power bank is a device with portable battery charging, which allows user to charge mobile devices anywhere and anytime. It is medium-sized electronic device that comprises of lithium-ion battery and electronic circuits to control the power flow range. Mobile power banks store the electrical energy that depends on the device capacity (mAh). Companies are striving to provide fast charging through its multiple charging ports attached on their products.
Market Drivers, Restraints, Trends, and Opportunities
- Ongoing innovation in the power bank market that includes introducing power banks with advanced technologies is expected to spur the market growth. For instance, various companies are manufacturing power banks that are powered by solar energy or hydrogen fuel cells.
- Rising disposable income is anticipated to foster the growth of the market.
- Manufacturers are utilizing recycled batteries, which in turn, increases the risk of explosion. This poor quality power banks can hinder the growth of the market.
- The power bank market has become highly competitive with the presence of a large number of players. This, in turn, has reduced the profitability and eventually ROI of industry players.
Global High Capacity Power Bank Market Segment Insights
Lithium-ion segment to account a large market share
Based on battery types, the market divided into lithium-ion and lithium polymer. The lithium-ion segment account for a large market share during the forecast period. The production-cost efficiency and minimal battery discharge of lithium-ion batteries makes them a preferable option for power banks. Moreover, high energy density of lithium-ion batteries is driving the market segment.
Smartphones segment is anticipated to dominate the market share
Based on applications, the market is segmented into smartphones, tablets, laptops, portable media devices, wearable devices, digital cameras, and others. The smartphones segment is anticipated to dominate the market during the forecast period. This is attributed to extensive use of Internet services on smartphones, which leads to drainage of the battery power rapidly. Smartphones are equipped with batteries that have a short life, which increases the need for power banks, creating a vast potential for power banks in the market. The COVID-19 pandemic led to the shutdown of manufacturing facilities, which halted the smartphone production. Moreover, the decreased consumer expenditure has reduced the demand for power banks. However, the power bank market is anticipated to gain momentum by end of the year 2021.
8,001 -20,000 mAh segment to account a considerable market share
On the basis of capacity ranges, the power bank market is divided up to 3000 mAh, 3,001 - 8,000 mAh, 8,001 - 20,000 mAh, and above 20,000 mAh. The 8,001 -20,000 mAh segment is expected to account for a considerable market share during the forecast period. These power banks have high output efficiency and longer battery life, as well as LEDs or LCDs to indicate battery level. Moreover, the power bank with this capacity range have features such as DC output ports that are used to recharge laptops, USB Type C ports and has quick charge functionality.
Asia Pacific to account a large share
Based on regions, the market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Asia Pacific is anticipated to dominate the market owing to rising number of cell phones and electronic devices in countries such as China and India. Rising penetration of Internet providers in these countries is encouraging manufacturers to innovate their products. Moreover, rising disposable income and boost in the manufacturing industry is spurring the regional market growth. The market in North America is anticipated to grow at a steady rate, while Europe owing to the growing number of compact gadgets coupled with Internet services.
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