Pune, India -- (SBWIRE) -- 11/06/2015 -- According to the new market research report "Power Bank Market by Capacity Range (500mAh to Above 1500mAh), Number of USB Port, Energy Source, Technology (Lithium-ION and Lithium-Polymer), Application (Smartphones, Tablets, and Portable Media Devices), and by Region - Global Forecast to 2020", published by MarketsandMarkets, the Power Bank Market is estimated to reach USD 17.8 Billion by 2020, at a CAGR of 23.1% between 2015 and 2020.

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The market for power banks, including portable battery packs and portable batteries, is estimated to grow at a CAGR ~23% between 2015 and 2020. Due to the increase in availability of digital content along with a shift towards 3G and 4G networks, batteries of electronics devices such as smartphones and tablets tend to get discharged at a higher rate, thereby leading to a requirement for a portable source of power. Power banks store energy which can be used to recharge electronic devices.

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The Power Bank Market has been segmented based on the capacity range, number of USB port, source of energy, technology, application, and region. The market size of power banks with a capacity range between 500mAh and above 15000mAh has been estimated and included in the report. Power banks with a lower capacity are the least preferred by consumers as they do not meet the higher battery requirement. Power banks with a capacity range between 9500mAh and 12499mAh hold a high market share and are expected to dominate the market during the forecast period. This market expected to grow at a CAGR of 24.2% between 2015 and 2020. However due to the increase in processor speed and growing digital content, consumers are looking for power banks with a higher capacity. Therefore, the market for power banks with a capacity of more than 12499 mAh is expected to grow at a high CAGR between 2015 and 2020. Currently, power banks with a higher capacity are available at a higher cost than those with a lower capacity. The huge growth potential of the studied market has encouraged many companies develop power banks. Companies such as Microsoft Co. (U.S.), Xiaomi (China), and Oneplus (China) have recently launched various power banks in the market. Recently, Microsoft launched a power bank with a capacity of 5200mAh, 9000mAh, and 12000mAh at a retail price of USD 35, USD 45, and USD 55 respectively.

This report provides a detailed market overview which includes various factors such as drivers, restraints, opportunities, and challenges with regards to the power bank market. Some of the drivers for the power bank market include the increase in demand for smart phones, decline in the prices of power banks, and increasing power consumption due to large-scale digitization. Factors which are restraining the growth of the studied market include improvements in terms of batteries, poor quality of power banks, and implementation of wireless charging in smartphones. Introduction of solar and hydrogen cell based power banks is expected to create a huge growth opportunity for the power bank market. The presence of a large number of players and lack of a proper disposal infrastructure is acting as a major challenge for the power bank market.

Asia-Pacific dominates the market for power banks and is expected to maintain its position during the forecast period. The majority of the power bank and battery manufacturers are located in the Asia-Pacific region. Companies involved in the development of power banks include Advantage Computers (I) Pvt. Ltd. (India), Anker. (U.S.), Microsoft corporation (U.S.), Mophie Inc. (U.S.), OnePlus (China), Panasonic Corporation (Japan), Sony Corporation (Japan), uNu Electronics INC. (U.S.), and Xiaomi Technology Co., Ltd (China). Companies involved in the development of batteries used in power banks include China BAK Battery, Inc. (China), LG Chem Ltd. (South Korea), and Samsung SDI co. Ltd. (South Korea).

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