Power Bank Market Worth $17.9 Billion by 2024 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Oct. 23, 2019 /PRNewswire/ -- According to the new market research report "Power Bank Market by Capacity (1,000-5,000 mAh, 5,001-10,000 mAh, 10,001-15,000 mAh, 15,001-20,000 mAh, Above 20,001 mAh), Units of USB Port, Indicator, Battery Type, Application (Smartphone, Tablet, Wearable Device), and Region - Global Forecast to 2024", published by MarketsandMarkets(TM), the global Power Bank Market size is estimated to be USD 10.7 billion in 2019 and is projected to reach USD 17.9 billion by 2024, at a CAGR of 10.8%. The power bank industry is likely to exhibit lucrative growth potential during the forecast period.
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The growth of this market is expected to be driven by the integration of advanced technology in power banks, an increase in power consumption in smartphones due to various software applications, and a decline in the price of power banks. These factors have helped the power bank market gain traction in applications, such as smartphones, tablets, portable media players, wearable devices, digital cameras, and others. The market also has several opportunities that can be explored by existing and entry-level companies to expand businesses.
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Lithium-ion battery type segment held the largest share of power bank market in 2018
The power bank industry, based on battery type, is led by the lithium-ion battery segment (in terms of size). The most common types of batteries in the market are lithium-ion batteries. Lithium-ion batteries have a higher energy density, i.e., they can store more electrical charge in a given size or volume, and are cheaper to manufacture because they have lower production cost and require lower maintenance than lithium-polymer battery. Factors such as high energy capacity, cheaper rate, low production and maintenance cost, and higher battery conversion rate are fueling the growth of the Li-ion battery-based power banks.
The market for more than 2 USB ports segment to grow at highest CAGR during the forecast period
The demand for power banks with more than 2 USB ports is expected to witness the highest CAGR during the forecast period. Power banks with more than 2 USB ports are equipped with safeguard technology and super-fast charging technology, as well as are equipped with high battery capacities to charge 5 electronic devices simultaneously. These portable chargers also have variations in the type of USB ports, such as Type-C USB port.
APAC accounts for the largest market size during the forecast period
APAC held the largest power bank market share in 2018, followed by North America and Europe. The market in APAC mainly comprises developing economies, such as China and India, which have tremendous potential for power banks. Increasing demand for portable consumer electronic devices and next-generation gadgets in countries such as China, Japan, and South Korea is driving the market for power banks in APAC. The power bank market in APAC is highly competitive with the presence of established players and the entry of new market players. These players are continually upgrading their product portfolio with the launch of technologically advanced products.
Browse in-depth TOC on "Power Bank Market"
150 - Tables
44 - Figures
194 - Pages
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Anker Innovations (China), AUKEY (China), Xiaomi (China), ADATA (Taiwan), RAVPower (US), GRIFFIN (US), Lenovo (China), mophie (US), AMBRANE (India), and INTEX (India) are among the major players in this market.
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