Albany, NY -- (SBWIRE) -- 03/20/2017 -- The global power banks market is highly fragmented with numerous regional and global players competing against one another. Major companies operating in the global power banks market include Hitachi Maxell, Ltd., Limefuel LLC, Xtorm BV, Mophie, Inc., Mipow Limited, EassyAcc.com, Inc., Panasonic Corporation, and Samsung Electronics Co. Key market players are undertaking extensive research and development to understand consumers' changing technological requirements which help them make product advancements. The original equipment manufacturers (OEMs) are continually producing high-performing models of power banks and are actively making product enhancements by incorporating additional features to differentiate the products from those of their competitors, notes Transparency Market Research (TMR). Furthermore, prominent market players are actively consolidating their distribution channels to expand their regional presence.
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The technological barriers to new entrants in the power banks market are low which has led to a large number of small battery manufacturers to opt for forward integration in order to capitalize on emerging opportunities. According to an estimation by TMR, the global market for power banks is anticipated to reach US$ 36.15 bn by 2022, rising at 25.9% CAGR from 2014 to 2022.
Low-Pricing and Increasing Safety Standards of Li-Ion Power Banks Bolster Their Demand
Based on the type of battery used, the global power banks market is mainly segmented into Lithium-ion and Lithium-polymer. Lithium-ion is projected to witness promising growth in various emerging regions in Asia Pacific, and the Middle East, and Africa in the forecast period. Manufacturers offer low cost lithium-ion power banks in these regions due to price sensitivity. The decline in average selling price of power banks is anticipated to boost its uptake in the foreseeable future. In addition, increased standardization and inclusion of various safety features by manufactures has boosted the uptake. The lithium-ion power banks is expected to reach US$ 28,129.4 mn by 2022.
On the basis of geography, the global power banks market is segmented into North America, Europe, Asia Pacific, the Middle-East and Africa, and Latin America. Amongst these regions, Asia Pacific is anticipated to exhibit maximum growth. It will likely clock a CAGR of 30.7% from 2014 to 2022 on account of the exponential rise in the use of smartphones and tablets, particularly the low priced ones in price-sensitive developing nations of India and China. Coupled with this, the rapidly increasing internet penetration in the region along with the proliferation of online shopping has spurred the growth of low cost lithium-ion power banks. Furthermore, the emergence of multichannel retailing by leading OEMs has enabled them to capitalize in promising opportunities the emerging markets. They are launching low-cost products to consolidate their market shares.
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Customization Features in Power Banks to Propel Market Growth
The global market for power banks is primarily driven by the rising use of various mobile devices such as mobile phones, digital cameras, and camcorders combined with the increased internet penetration across the globe. The usage of high-end smartphones that drains off the battery faster has stimulated the demand for power banks with advanced features. Furthermore, high-speed mobile internet and the introduction of power banks that comply with global safety standards are expected to boost the market.
Significant customization and enhanced aesthetics features are expected to entice consumers. In addition, the demand for longer power supply for various high-performing devices in advanced regions, such as North America and Europe, has spurred the demand for solar power banks. The advent of premium power banks devices that can charge multiple devices is expected to create a niche market in these regions.