New York, NY -- (SBWIRE) -- 08/22/2017 -- PMR deliver key insights in its upcoming outlook titled "Power Battery Pack (Power Bank) Market: Global Industry Analysis and Forecast, 2016-2024," projects that buyers will continue to prefer power banks with higher storage capacity. According to the projection, around 200 million units of 5000-7500 mAh capacity power banks were sold worldwide in 2016. Demand for high capacity power banks will gain maximum traction in 2017 and beyond. This, in turn, is urging manufacturers to extent production capacity for above 10000 and 7500-10000 mAh capacity power banks. In terms of sales, 10000 mAh capacity or higher capacity power banks are anticipated to witness a relatively higher growth globally over the forecast period.

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Nonetheless, pushing smartphone users to purchase power banks will remain influenced by their lifestyle. According to Persistence Market Research (PMR) analysis, the US$ 6.3 Bn global market for power battery pack will witness a CAGR of 9% between 2016 and 2024 to reach US$ 13.7 Bn in terms of value. Increasing penetration of smartphone and multimedia device serve as a prominent growth factor for the market.

Continuing on a similar pace that is currently prevailing, Lithium-ion (Li-ion) will emerge as the most dominant type of power banks being sold in the market. This is largely due to their high efficiency in transmitting power and charging which is the primary function of most portable battery packs. By the end of 2024, almost all the power banks in the world will be based Li-ion battery. However, Lithium-polymer (Li-polymer) power banks will continue to challenge the authority of Li-ion power battery packs throughout the forecast period. About 500 Mn units of li-polymer power banks are projected to be sold by the end of 2024.

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In terms of revenue, smartphones and mobile phones will command for over 50% share of the global market for power banks during the forecast period. In terms of volume, power banks for tablets meanwhile crossed 150 million units in 2016. In addition, PMR indicates that the tablet segment will witness a steady growth in terms of revenue during the assessment period.

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The Report Further Identifies Key Factors Shaping the Market Over the Foreseeable Future

High-priced power banks will account for a relatively higher share of the market as compared to mid-priced and low-priced segments.

On the basis of region, the market in Asia Pacific (APAC) is expected to present lucrative opportunities for the manufacturers.

The power banks market in APAC is set to grow over US$ 7 Bn by the end of the forecast period.

Key players operating in the global market for power banks include Energizer Holdings, Inc., BYD Company Limited, Sony Corporation, Mophie, Inc., Anker Technology Co. Limited., Simplo Technology Co. Ltd., Braven LC – INCIPIO Technologies, Inc., Panasonic Corporation and Cheero USA, Inc. Most of these players are actively focusing of expanding product portfolio in order to consolidate their global market presence.

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