Power Banks Market Size, Share Technological Advancement and Manufacturing Cost Analysis to 2022 Forecast

The global Power Banks Market is expected to witness substantial growth over the forecast. Batteries of electronic devices such as tablets, phablets, and smartphones tend to discharge at a faster rate owing to the rise in availability of digital content with a shift towards 3G & 4G networks. Power bank stores energy which can be used to recharge the device at a later stage when its battery gets drains off. A power bank, generally known as a battery charger, is a portable charging device, used to charge a wide range of electronics devices. It is used as a plug-in charger, back-up charger, or external battery for charging a rechargeable battery.

Power banks are used to charge products including smartphones, tablets, MP3 players, smart watches, digital cameras, and laptops. The make and design of the power bank depends on the type of electronic device being charged. They are not one-time equipment and hence, can be recharged and re-used several times. Power banks capacity is measured in mAh (milliampere-hour); higher mAh indicates higher capacity a power bank has. Generally, lithium batteries are being used in power bank for their compact size, wide market reach and affordability. Additionally, lithium being an extremely reactive element can store energy very efficiently and can handle recharge cycles effectively. The most important part of power banks are the PCB board and the batteries. Presently, power bank batteries are categorized as polymer battery, cylindrical battery, and square aluminum case.

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The global power bank market has been segmented into number of USB ports, capacity range, and source of energy, application, technology, and region. Power banks which have lesser battery capacity in terms of mAh are preferred less than that having higher mAh rating. Power banks with a capacity range between 9000mAh and 12500mAh hold majority market share and are anticipated to dominate the market over the forecast period. Owing to the increase in digital content and processor speed, consumers are looking out for power a bank which has a higher capacity to fulfill needs. Therefore, the global market for power banks with a capacity of more than 12500mAh is anticipated to grow at a high CAGR over the forecast period. Presently, power banks with a higher capacity are available at a higher price than those with a lower capacity are available at a lesser price. The enormous growth potential of the market has encouraged several companies to develop power banks. The companies such as Oneplus (China), Xiaomi (China),and Microsoft Co. (U.S.), have recently launched several power banks of different capacities in the market. Recently, Microsoft launched power bank with a capacity of 12000mAh, 9000mAh, and 5200mAh, and at a retail price of USD 55, USD 45, and USD 35 respectively.

Versatility in terms of mobility and application are major Features of Power Banks. These devices are available across several colors, capacities, sizes, and shapes. Product types include power bank with LED, solar power banks, and built-in rechargeable line type. Application areas of power banks mostly include mobile phone chargers (USB chargers and adapters), and Electric Vehicle (EV) chargers. Improved standard of living, increased purchasing power of consumer, and rapid economic development have positively affected the electronics market. However, these electronic devices come with comparatively low battery capacity; hence the demand for portable back up power has been on a rise. Moreover, the global market for power banks is driven drastically by the growth of smart phone technology. Augmented demand and increased usage of tablets, mobile phones, phablets, and other digital gadgets has propelled the market growth. Further, usage of power banks is on the rise with improved functionality of the digital products.

Geographically, the Global Power Banks Market is segmented into North America, Asia Pacific, Latin America, Middle East and Africa, and Europe. Asia Pacific is expected to be key growth region over the forecast period owing to existence of large customer base and evolving electronics industry. Middle East & Africa and Latin America are also anticipated to witness substantial growth over the forecast period. China is a key market, and increased demand for power banks has generated opportunities for the global market growth. Owing to aggressive competition in the Industry innovations and R&D activities are extensively undertaken.

Most of the power banks manufacturing companies are located in Asia-Pacific region. The key market players dominating the global market for power banks include Sony Corporation (Japan),Xiaomi Technology Co., Ltd (China), Advantage Computers (I) Pvt. Ltd. (India),OnePlus (China),Microsoft Corporation (U.S.),Anker. (U.S.),uNu Electronics INC. (U.S.),Mophie Inc. (U.S.), and Panasonic Corporation (Japan). The companies involved into the production of batteries used in power banks include Samsung SDI co. Ltd. (South Korea), LG Chem Ltd. (South Korea), and China BAK Battery, Inc. (China).Use of portable devices and advancement of technology has driven the growth of the global power bank market.

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