Power Bank Market Exhibits Stellar Growth on Back of Internet Enabled Smart Apps – Fact.MR Study

Global Power Bank Market: In-Depth Assessment on Key Segments

The global power bank market is segmented on the basis of capacity, energy source, battery type, distribution channel and region.

Capacity

• Up to 3,000 mAh
• 3,001 mAh-8,000 mAh
• 8,001 mAh-20,000 mAh
• Above 20,000 mAh

Energy Source

• Electric
• Solar

Batter Type

• Lithium-ion
• Lithium Polymer
• Petroleum Refining

Distribution Channel

• E-commerce
• Brick and Mortar

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

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East Asia to Dominate Global Sales

East Asia emerges as the leader of global sales with over 27% of the total market value share. Booming digital economies in this region such as China, South Korea, and Japan drive sales of power banks. Consumers are using their smartphones for almost everything in these countries especially now during the prevailing pandemic.

This is decreasing battery life and increasing the need for power banks. Penetration of video gaming, e-commerce, and smart devices connected with mobiles contributes significantly to the growth of the power banks market in East Asia.

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Key Takeaways of Power Bank Market Study

• On the basis of capacity, 8,001 mAh – 20,000 mAh accounts for the largest market value share of more than of the revenue landscape. Increasing demand for high-performance power banks to recharge multiple smart devices is critical in defining growth of this segment.
• Consumer awareness about alternative energy and reduced carbon emission levels is generating demand for solar power banks. The energy source segment exhibits a stellar 19% CAGR during the forecast period.
• Lithium Ion battery type holds a lion’s share of more than 80% of the total market value. Superior capacity coupled with long battery life can be accredited as growth drivers of this segment.
• Lithium Polymer offers lucrative growth opportunities with a meteoric growth rate of ~19% CAGR through 2029. Consumer demand for convenient power bank size and shape along with fast charging capability is driving the growth of this battery type segment.
• Brick and Mortar stores are set to maintain their supremacy over sales with over ~54% share of global sales. This might show a slight decline in coming quarters owing to nationwide lockdowns but will steady out in the near term. Increasing adoption of power banks in developing economies where physical stores are dominant customer touch points is bolstering growth in this segment.
• E-commerce distribution channels exhibit a sky-rocketing 20% CAGR during the projection period. Digitization of economies across the globe can be accredited the growth of this distribution channel segment.
• East Asia has emerged as the prominent region with over 27% share of the total market value. Countries such as China, and Japan are innovation centres for smart device technologies. Coupled with a tech-savvy population, the region offers profitable future prospects with a 19.3% CAGR between 2019 and 2029.
• Middle east & Africa records the highest growth rate of over 21% CAGR owing to booming digitization of countries and increasing disposable income of millennial consumers.

“The global power bank market is fairly fragmented due to the low capital investment required to enter the market. Hence, major organizations are targeting consumer trends such as sleek designs, and compact sized power banks to attract and engage customers. Online distribution channels are a popular method of regional penetration for power bank manufacturing organizations.”-Says Fact.MR Analyst