New York, NY -- (SBWIRE) -- 11/27/2017 -- Mobile phones segment is projected to be the most attractive segment in the global power banks market.

In 2015, the mobile phones segment was valued at more than US$ 4,000 Mn and was estimated to cross US$ 4,000 Mn by the end of 2016, reflecting a Y-o-Y growth rate of about 10%. By 2024 end, the mobile phones segment is expected to be valued at nearly US$ 10,000 Mn, increasing at a CAGR of 9.5% during the forecast period. The mobile phones segment is projected to create incremental dollar opportunity of more than US$ 5,000 Mn between 2016 and 2024. In terms of value, the mobile phones segment is projected to be the most attractive segment in the global power banks market during the forecast period. This segment is anticipated to register high Y-o-Y growth throughout the forecast period and is likely to remain dominant in terms of value during the period 2016 – 2024.

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Expansion of urban population across the globe is driving market demand in the mobile phones segment

The strong inclination of the masses towards mobile accessories, especially in developing countries of Asia-Pacific and Latin America driven by increasing disposable income has catalyzed the growth of the mobile phones segment in the last few years. A steadily growing urban population, predominantly in developing regions such as Asia-Pacific and MEA, is projected to support the growth of the mobile phones segment in the global portable battery pack market over the forecast period. Smartphone adoption across countries such as China, Indonesia and Brazil is growing at a fast pace, linked to increasing internet penetration and popularity of social networking in these countries. This is further creating a robust development in the mobile phones segment. Expansion of urban population across the globe, characterized by an urban upper class and high net worth individuals, has led to a strong demand in the mobile phones segment. Moreover, rapid migration from rural to urban areas, particularly in countries such as China and Indonesia, is expected to support the mobile phones segment over the forecast period. To gain a competitive advantage in the mobile phones segment, key market providers largely rely on strong distribution channels such as multi-brand distributors and retailers of mobile accessories in order to better cater to customers.

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Mobile phones segment projected to record the highest CAGR of 10.8% in the APEJ region during the period of assessment

The most attractive CAGR in the mobile phones segment is recorded in APEJ. In 2015, the mobile phones segment in the Asia Pacific power banks market was valued at more than US$ 2,000 Mn and is expected to cross US$ 5,000 Mn by the end of 2024, reflecting a CAGR of 10.8%. In 2015, the mobile phones segment in the North America power banks market was valued at over US$ 700 Mn and is expected to reach nearly US$ 1,500 Mn by the end of 2024, reflecting a CAGR of 8.1%. Whereas in Latin America, the mobile phones segment was valued at more than US$ 300 Mn in 2015 and is likely to be valued in excess of US$ 600 Mn by the end of 2024, recording a CAGR of 8.6%. In the Europe power banks market, the mobile phones segment is expected to reflect a relatively low CAGR of 7.9% than other regions; the segment was valued at more than US$ 700 Mn in 2015 and is anticipated to be valued in excess of US$ 1,000 Mn by the end of 2024. The lowest CAGR is recorded in the MEA region, reflecting a CAGR of 7.4%. In 2015, the mobile phones segment in the MEA power banks market was valued at more than US$ 200 Mn and is expected to cross US$ 500 Mn by the end of 2024.