DUBLIN--(BUSINESS WIRE)--The "Power Banks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Power Banks Market to Reach $16.1 Billion by 2026
The global market for Power Banks estimated at US$8.5 Billion in the year 2020, is projected to reach a revised size of US$16.1 Billion by 2026, growing at a CAGR of 11.1% over the analysis period. Lithium Ion, one of the segments analyzed in the report, is projected to record 10.7% CAGR and reach US$12.8 Billion by the end of the analysis period.
The increasing popularity of mobile apps and social media platforms has pushed the time spend by users on mobile phones, creating strong demand for power banks. Global market for mobile phone accessories including power banks is growing at a steady rate driven by increasing sales of handheld mobile devices such as smartphones and tablets.
Factors supporting growth including increasing affordability of smartphones due to decline in prices, product/technology innovations, diversification of product portfolios, and growing need for mobile phone users to effectively maintain their devices.
Rapid urbanization, rapid penetration of mobile devices, rising disposable incomes, extensive distribution networks, growing sales of accessories through e-tailers, and burgeoning multi-brand retailers and distributors, particularly in emerging markets such as Asia and Latin America, are significantly driving the demand for smartphones, which in turn is spurring the sales of smartphone accessories.
The power bank market is witnessing increasing influence of technological advancements and evolving consumer demand for more features. The need to stay competitive is driving vendors of portable electronics devices to incorporate new and more powerful features, while embracing new technology to keep devices streamlined and compact.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Polymer segment is readjusted to a revised 12.2% CAGR for the next 7-year period. Li-ion batteries remain the most popular option among manufacturers owing to their superior energy density, conversion rates and energy capacity. The lithium-polymer (Li-polymer) battery segment`s growth is driven by engagement of various smart phone manufacturers in production of power banks and higher safety of these batteries than traditional options.
The U.S. Market is Estimated at $2 Billion in 2021, While China is Forecast to Reach $3 Billion by 2026
The Power Banks market in the U.S. is estimated at US$2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$3 Billion by the year 2026 trailing a CAGR of 12.8% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.7% and 9.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.2% CAGR. Asia-Pacific continues to be at forefront of market expansion on account of rising population, favorable macroeconomic scenario and growing prevalence of consumer electronic and wearable devices.
Rising demand for portable consumer electronic devices such as smart phones and wearable devices in countries including India, China, South Korea and Japan is creating strong growth prospects for power banks. The trend can be credited to increasing per capita incomes across developing countries and the resulting improving living standards.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Power Bank Market Loses Energy amid COVID-19 Pandemic
- Work from Home Culture to Support Growth
- Introduction of Innovative Strategies Enable Companies to Maintain Profitability Margins During Ongoing COVID-19 Pandemic
- Competitive Market Presence - Strong/Active/Niche/Trivial for 93 Players Worldwide in 2022
- Power Banks: A Prelude
- Market Outlook
- Li-Ion Batteries Command Major Share
- Asia-Pacific Continues to Gain Spotlight
- Market Challenges
- Low-Quality Products Restrain Adoption of Power Banks
- Competition
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 93 Featured)
- ADATA Technology Co., Ltd.
- Ambrane India Pvt. Ltd.
- Anker Innovations
- Aukey International Ltd.
- EasyAcc
- Griffin Technology
- Intex Technologies
- iWalk
- Lenovo Group Limited
- myCharge
- Omnicharge
- Philips North America LLC
- PNY Technologies, Inc.
- RAVPower
- Shenzhen ROMOSS Technology Co., Ltd.
- Syska
- TP-Link Technologies Co., Ltd.
- Uimi Technology Pvt. Ltd.
- UNU Electronics Inc.
- Voltaic Systems
- Xiaomi Corporation
- ZAGG Inc.
3. MARKET TRENDS & DRIVERS
- Expanding Internet User Base & Consumer Appetite for Digital Media and Growing Power Consumption of Devices Drive the Need for Power Banks
- Growing Penetration of Social Media and Social Networking and Stress on Battery Usage Creates Need for Power Banks
- Increasing Penetration of Mobile Gaming Fuel Demand for Power Banks
- Advent of 5G to Induce Demand for Power Banks
- Proliferation of Mobile Phone Users: A Major Growth Driver
- Smartphones : A Major Consumer of Power Banks
- Growth in Wearables Market Augments Well for Market Growth
- E-Commerce Segment to Exhibit Exponential Growth in Global Power Bank Market
- Trend Towards Mobility Augurs Well for Market Growth
- Power Banks Enter into Wireless Charging Era with Aplomb
- Limitations Pave Way for Reliable Options
- Power Banks Tread Enchanting Journey with Higher Degree of Sophistication
- Technology Advancements Drive Advanced Functionality of Power banks
- Power Banks with Quick Charge 3.0
- Power Banks with 18W Fast Charging
- Rise in Introduction of Slim and Light Weight Power Banks
- Power Banks Go Beyond Charging
- Lithium Polymer Batteries Gain Traction
- Difference Between Li-Ion and Li-Polymer Batteries
- Growing Concerns for Preserving Scarce Natural Resources Fuel Demand for Solar Power Banks
- Industry Witnesses Rise in Introduction of Fast Charging Power Banks
- Tech Savvy Millennials and Gen Z: Important Demographic Drivers
- Demand for Shared Power Banks Exhibits Growth
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/l8w6j3
