The global power bank market size is estimated to grow from USD 10.7 billion in 2019 to USD 17.9 billion by 2024, at a CAGR of 10.8%. Increasing internet-related services through smartphones and tablets, the decline in the price of power banks, frequent electric outages in certain countries, and an increase in power consumption of smartphones are among the factors driving the market for power banks. The report covers the power bank industry segmented into battery type, capacity, unit of USB port, indicator, application, and geography.
The market for lithium-polymer battery segment to grow at a higher rate during the forecast period
Based on battery type, the lithium-polymer battery segment is expected to grow at a higher rate during the forecast period within the global power bank market. These lightweight power banks have an extremely low profile with the flexible form factor and do not suffer from electrolyte leakage, as well as do not wear out; this encourages manufacturers to improve their power bank offerings in terms of weight and safety.
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Power bank manufacturers are continually working toward developing slim, lightweight with a flexible form factor, compact power banks. Due to these benefits, the lithium-polymer battery is being preferred over other battery types.
Power banks with capacity ranging 10,001–15,000 mAh to witness highest CAGR during the forecast period
Based on capacity, the 10,001–15,000 mAh segment of the power bank market is expected to grow at the highest rate during the forecast period. These are based mostly on lithium-ion batteries. These power banks have high output efficiency and longer battery life, as well as have LEDs or LCDs to indicate battery level. These power banks are in high demand by consumers as they are priced reasonably than power banks with capacities of more than 15,000 mAh. These power banks are large-sized, come with a lot of additional features such as DC output ports used to recharge laptops, USB Type C ports, and Quick charge functionality.
Smartphones application to account for the largest market share during the forecast period
Smartphones are a major application market for power banks. The extensive use of data and internet services over smartphones is among the main factors that attribute to drain the battery power rapidly. This creates a huge demand for power banks to keep smartphones running for a longer duration. Smartphones are equipped with batteries having a short life, which increases the need for power banks. Thus, this creates a vast potential for power banks in the smartphone application.
APAC to dominate power bank market during the forecast period
APAC held the largest share of the power bank market in 2018. Major factors such as increasing adoption of wearables and other consumer electronic products, presence of prominent manufacturers of power banks, and increasing population and economic growth of developing countries are fueling the market growth of power banks in APAC.
Besides APAC, North America holds a significant market share. Manufacturers such as Griffin Technology (US), RAVPower (US), Zendure (US), ZeusBattery (US), Duracell (US), Belkin (US), and Zagg (mophie) (US) are based in this region.
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