Portable Battery Pack (Power Banks) Market: Global Industry Analysis and Forecast, 2016–2024
New York, NY -- (SBWIRE) -- 10/05/2017 -- Billions of smartphone users in the world being potential customers for power battery packs or power banks is quite plausible. Nevertheless, compelling smartphone users to own power banks will remain contingent upon their lifestyle. A recent study conducted by Persistence Market Research indicates that smartphone & multimedia device proliferation serves as a strong distribution network for power bank products. According to this study, the global power battery pack market, which is currently valued at an estimated US$ 6.3 billion, will experience substantial increment in revenues by registering 9% CAGR and reach US$ 13.7 billion value by the end of 2024.
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Key findings in the report, titled "Power Battery Pack (Power Bank) Market: Global Industry Analysis and Forecast, 2016-2024," predict that consumers will remain more inclined towards power banks with higher storage capacity. Concurrently, the report estimates that about 200 million units of power banks with 5000-7500 mAh capacity were sold globally in 2016. In the years to come, demand for power battery packs with even higher capacity will grow robustly, compelling power bank manufacturers to extend their product portfolio for 7500-10000 mAh and above 10000 mAh capacity power banks. By the end of 2024, power banks with more than 10000 mAh capacity are likely to get sold at the fastest rate across the globe.
Soaring Demand for Li-Ion & Li-Polymer Power Banks
Similar to their prevalence today, Lithium-ion (Li-ion) power banks will remain to be the dominant type of power battery packs being preferred by consumers. Efficiency of Li-ion batteries in charging and transmitting power will keep factoring the growth in global demand for Li-ion power battery packs. Through 2024, every second power bank that will be sold globally will be equipped with a Li-ion battery. However, popularity of Li-ion power battery packs will contested with rising preference to Lithium-polymer (Li-polymer) power banks. By 2024-end, nearly 500 million units of Li-polymer power battery packs are anticipated to get consumed, globally.
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Mobile Phones – Largest End-user Product for Power Banks
More than two-third of global power bank revenues amassed between 2016 and 2024 will be accounted by smartphones and mobile phones. Prominence of mobile phones over other multimedia devices is less likely to cease in the future. Leading smartphone manufacturers have also entered the global power battery pack market by offering a range of power bank products, with an intention to specifically cater to their customers. Tablets will remain second-most prominent product for use of power battery packs. In 2016, power battery packs used by tablet users exceeded 150 million units in volume. Over the assessment period, the report projects a healthy growth in global power bank revenues accounted by tablets.