According to a new market research report published by Credence Research “Power Banks Market (Type – Portable, Battery Case and Solar) – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2023”, the global power banks market stood at US$ 9,835.4 Mn in 2015 and is estimated to expand with a CAGR of 17.9% from 2016 to 2023.
The complete report is available at https://www.credenceresearch.com/report/power-banks-market
A power bank is a battery charging device used for charging a rechargeable battery or secondary cell. The global demand for power banks is majorly driven by the continually growing demand for smartphones, tablets, and PDAs. The advancements in technologies have significantly enhanced the capacities and charging speeds of power banks in recent years. Furthermore, improved standard of living, rise in consumer discretionary income and evolving digital habits of consumers are expected to have positive impact on the overall demand for power banks globally. The increasing competition between domestic and international players is expected to result in price wars, thereby reducing the average selling prices for power banks in the following years. Factors such as evolving digital habits of consumers coupled with perpetually growing demand for smartphones is identified as the major driving the uptake of power banks across the globe. Due to advancements in network technologies like 3G and LTE, people prefer accessing digital content through smartphones. This, in turn increases the battery consumption supporting the demand for power banks.
The global market for power banks (consumer and industrial) is highly fragmented and competitive. In 2015, the leading four manufacturers accounted for less than 45% of the global power banks market revenue. In order to sustain and compete, manufacturers are required to focus on product innovation. A well established distribution channel is a necessity and manufacturers across the globe are focusing on strengthening their marketing and distribution channels, which, in turn would help them to improve product penetration and their position in the market. Some of the leading and promising power bank manufacturers identified in the research study includes Apacer Technologies, Inc. Hitachi Maxell Ltd., MiPow Ltd., Mophie, Inc., Limefuel, LLC., xtorm BV, Panasonic Corporation, Samsung Electronics Co, Ltd., Sony Corporation, Anker, Microsoft Corporation, and Xiaomi Technology Co., Ltd. among others.
- Evolving digital habits of consumers
- Mobility revolution (Proliferation of Smartphones and Tablets) to assist the market growth
- Introduction of power banks with LCD displays and App control
- Advancements in network technologies to spur market growth
- Availability of established substitutes for industrial power banks
- Growing preference for Li-polymer batteries over Li-ion batteries for industrial applications