According to the report, global power bank market was valued at USD 15.09 billion in 2014, is expected to reach USD 17.2 billion by 2020 at a CAGR of above 20% between 2015 and 2020.
Deerfield Beach, FL -- (SBWIRE) -- 01/10/2018 -- Zion Market Research has published a new report titled "Power Bank Market (Portable Power Banks, Phone Charging Cases, Solar Power Banks) For Smartphone, Tablets, Portable Media Devices, and Others Application - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020". According to the report, global power bank market was valued at USD 15.09 billion in 2014, is expected to reach USD 17.2 billion by 2020 at a CAGR of above 20% between 2015 and 2020.
The power bank is commonly known as a battery charger. It is a portable and compact charger used to charge a broad range of digital products. Power banks are generally used for charging laptops, tablets, MP3 players, portable media device, and smartphones. It is used as an external battery, plug-in charger for charging a rechargeable battery or secondary cell. Power banks can be used to charge GPS systems, portable speakers, cameras, or other USB-charged devices. Lithium-ion or Lithium-Polymer is the two battery type of power bank. Generally, Lithium-ion or Lithium-Polymer batteries are used in power bank design for their compact nature and affordability.
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Power bank market is primarily driven by growing demand from smartphone and tablet across the globe. Increasing demand for a decline in the prices of power banks and growing power consumption due to large-scale digitization is expected to boost the growth of the power bank market in the years to come. However, increase in terms of battery capacity and poor quality of power tank is major challenges that may hamper the growth of the market.
The power bank market has been segmented based on a product such as portable power banks, phone charging cases (battery cases), and solar power banks. In 2014, the portable power bank was the dominant product segment in terms of total revenue. Phone charging cases (battery cases), and solar power banks are also expected to grow at a moderate rate. The global power bank market on the basis of the battery type is segmented as Lithium-ion, Lithium-polymer. In 2014, Lithium-ion was the largest battery type segment in power bank market. Lithium-ion accounted over 80% of the overall share of the market.
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Smartphones, tablets, portable media devices, and others are the key application of the global power bank market. The Smartphones and tablets were the largest application segment among the other segment and are expected to grow at a moderate rate during the forecast period. Moreover, increased demand and usage of mobile devices and growing wireless services (3G, 4G) saturation is driving the demand for power banks.
Geographically, global power bank market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America regions. Asia Pacific region was the leading market for power bank and accounted for over the 45% share of the total market. Europe is expected to grow at a CAGR 23.0% during the forecast period. Now, North America dominates the global power banks market in terms of revenue. Less awareness of the safety standards connected with the power banks is expected to boost the market growth of power banks in the emerging region such as India, China, and Brazil.
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some of the key players in the global power bank market include Limefuel LLC, EassyAcc.com, Inc., GP Batteries International Ltd, Anker, Samsung Electronics Co. Ltd., Hitachi Maxell, Ltd., Xtorm BV, Panasonic Corporation, Sony Corporation, Xiaomi Technology Co., Ltd, Apacer Technologies, Inc., and others.
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