Power Banks Market is set to expand at a CAGR of 6.5% during the forecast period from 2018 to 2026 and expected to reach a value of US$ 15,053.9 Mn by 2026.

Albany, NY -- (SBWire) -- 02/08/2019 --Power Banks Market - Snapshot

Power banks are products that are used to transfer energy into rechargeable batteries or secondary cells by means of electric current or solar energy. Such products are portable in nature and can provide charge to electric devices without a power socket. Growing usage of gadgets among the population and constant demand for frequent charging has resulted in the rise in demand for power banks over the years. Power banks are generally used outdoors especially while travelling; hence, quick and fast recharge of devices is one of the prime requisites of consumers. Additionally, some consumers also travel for longer durations and need to charge multiple times and/or multiple devices that has resulted in the rise in demand for power banks in recent years. Younger population is inclined toward using laptops rather than desktops and use cell phones extensively, thus resulting in higher demand for convenient charging solutions. In addition to this, strong distribution networks also play an important role in the global power banks market.

The power banks market has been segmented on the basis of product type into portable power banks, solar power banks, and phone charging cases. Portable power banks dominated the market due to the rise in adoption of electronic devices with the convenience of charging multiple devices at the same time. Additionally, portable power banks are readily available which makes it the market leader. However, solar power banks are expected to witness the fastest growth rate during the forecast period. Based on power rating, the market has been segmented into up to 3,000 mAh, 3001 mAh to 8000 mAh, 8001 mAh to 20,000 mAh, and above 20,000 mAh. The market has been further segmented on the basis of port type, application, price range, and distribution channel.

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Based on port type, the market has been segmented into two and more than two ports. In terms of application, the market has been segmented into industrial/B2B and consumer electronics. By price range, the market can be segmented as under US$ 10, US$ 10 – US$25, US$ 26 – US$50, US$ 51 – US$100, and US$ 100 & above. By distribution channel, the market has been segmented into online distribution channel and offline distribution channel. Offline distribution channel has been further segmented into supermarkets and hypermarkets, exclusive stores, multiband retail stores, and others.

The increase in use of portable electronic devices and gadgets such as smartphones, iPads, notepads, bluetooth speakers, headphones etc. across the globe has resulted in the rise in demand for power banks. Younger adults are inclined toward purchase of several gadgets and devices for a variety of purposes such as internet, music video, and games which is triggering the growth of the power banks market. With the advent of new technology and penetration of internet services, there is significant rise in demand for gadgets and devices, thus boosting the power bank market.

Geographically, the power banks market is bifurcated into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. Asia Pacific held the majority share of the global power banks market. Asia Pacific dominated the market in 2017 due to the rising usage of electronic devices. Additionally, the region is also the manufacturing hub of electronic devices including power banks and is a major exporter of power banks across the globe. The region is also expected to witness the fastest growth during the forecast period. This is mainly due to continuous product innovation among manufacturers which includes higher battery capacity and multiple ports products.

Some of the key players in the power banks market include Anker Technology Co. Limited, Apacer Technologies, Inc., Braven LC – INCIPIO Technologies, Inc., EasyAcc.com, Inc., Goal Zero Corporation, GP Batteries International Ltd, IEC Technology, LLC, Maxell Holdings, Ltd., MiPow Limited, Mophie, Inc, Panasonic Corporation, RavPower, Samsung Electronics Co., Ltd., Sony Corporation, and Xtorm. The key players operating in the power banks market adopt numerous strategies to sustain in the market. Product development and acquisition and partnership are some of the main strategies adopted by key players to gain a competitive edge.

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