Increased penetration of smartphones, extended use & rise in power consumption of gadgets, and decrease in price of power banks are the prime factors boosting the growth of the power bank industry. However, inferior quality products from local manufacturers and upcoming trends
Portland, OR -- (SBWIRE) -- 06/20/2017 -- Power Bank Market Report, published by Allied Market Research, projects that the global market was valued at $6,733 million in 2015, and is expected to reach $29,576 million by 2022, growing at a CAGR of 23.3% from 2016 to 2022. The 9,500 mAh to 12,499 mAh segment is expected to retain its dominant position, in terms of revenue generation, during the forecast period. North America held the leading position in the global market in 2015. However, Asia-Pacific is expected to dominate the market by 2022.
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Power bank is a portable device used for powering gadgets with built-in batteries through a USB port. Mobile phones, digital cameras, tablets, and laptops are some of the gadgets that can be powered by power banks. Rapid economic development has fueled the demand for digital products and accessories such as backup batteries (power banks). Furthermore, power consumption of these devices has increased due to upsurge in the use time of these gadgets. In addition, plummeting cost of polymer lithium power banks has boosted the market growth. Ongoing research on the use of solar and hydrogen cells in power banks is expected to provide substantial growth opportunities to market players. However, factors such as substandard quality of power banks and use of wireless charging feature in smartphones hamper the growth of the power banks market.
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Among applications, smartphone segment generated the highest revenue in the global market, with more than 50% share in 2015. The use of power bank in tablets is expected to grow at a CAGR of 21.19% during the period 2016-2022, accounting more than one-sixth share of the global market by 2022.
Based on capacity, the 12,500 mAh to 15,499 mAh and above 15500 segments are projected to grow at the fastest CAGR of 26.51% and 31.70%, respectively, during the forecast period. The demand for high capacity power banks is expected to increase in the near future, as smartphones and tablets have high capacity batteries.
Key Findings of Power Bank Market
-North America was the largest market for power banks in 2015, and is expected to grow at a CAGR of 20%, in terms of revenue, from 2016 to 2022.
-The 9,500 mAh to 12,499 mAh segment accounted for more than one-fourth share of the total market value in 2015.
-The above 15,500 mAh segment is projected to grow at the fastest CAGR of 31.7% during the forecast period.
-The U.S. has the highest requirement for power banks in the world.
North America was the highest revenue contributor to the global market, with more than one-third share in 2015. This region is expected to grow at a CAGR of 20.0% during the forecast period. Asia-Pacific held the second leading position in terms of revenue, with almost one-third share in 2015. Moreover, Asia-Pacific is expected to dominate the global market by 2022. The power bank markets in Europe and LAMEA are expected to witness lucrative growth in the near future.
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Prominent players in the industry have heavily invested for setting up manufacturing units in various regions to expand their capacities, as well as on R&D activities to cater to the rise in demand and launch of new, cost-effective products. The major companies profiled in the report include Sony Corporation, Panasonic Corporation, China BAK Battery, Inc., Microsoft Corporation, Oneplus, Beijing Millet Technology Co. Ltd. (Xiaomi), Samsung SDI Co. Ltd., Anker Technology Co. Ltd., UNU Electronics, and Mophie, Inc.