Power banks are used as portable charging solutions to charge batteries with energy transfer. These products are easy to carry as they are small and easily fit in small bags, so the convenience of usage drives growth in the power banks market. These power banks are extensively used for the charging of different electrical devices, such as cameras, tablets/laptops, and smartphones. With the changing consumers’ lifestyle, there is a rapid increase in the use of electronic gadgets. So, the constant requirement to charge these electrical devices has led to growth in the power banks market.
Furthermore, fast lifestyle and rising tourism are also driving factors responsible for the growth in the power banks market. Many customers travel longer durations, and it leads to the increasing requirement for charging devices. It further boosts demand in the power banks market.
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Compact Size and Portability of Devices Boosts Power Banks Market
The millennial population and modern generation are using smartphones extensively and work more on laptops. So, the increased inclination toward the application of these power banks by the millennial and modern generation further boost sales in the global power banks market in the coming years. The small-sized portable devices are achieving traction with their compact size.
A rapid increase in the application of electronic gadgets has developed the need for an increased supply of these electronic devices, thereby boosting global power banks market.
There is an increase in the disposable incomes of people from different geographical locations. It results in remarkable growth in the tourism trend. Besides tourism, there is a considerable number of officials who travel to distinct places for official purposes. This scenario has also provided lucrative growth opportunities for the market players in the global power banks market.
With the stringent government regulations to curb the spread of novel COVID-19, the global population has been compelled to follow different regulations. So, there is a rapid increase in the usage of laptops and smartphones for entertainment and official work purpose, which further favor the growth in the global power banks market.
Some key market players from the global power banks market are Panasonic Corporation, Ravpower, IEC Technology, Ltd., Mophie, Inc., LLC, Xtorm, and Sony Corporation. Different policies are implemented by these industry players for survival in the global power banks market. The industry players opt for the strategies such as partnership, acquisition, and product development to consolidate shares in the market.
Global Power Bank Market Provides Various Power Banks Options to Meet Consumers Requirements
Based on the type of product, the power bank market is divided into phone charging cases, solar power banks, and portable power banks. Among these market options, the portable power banks dominate the market as it ensures consumer convenience while carrying charging multiple devices and power bank together.. Further, the global power banks market is divided on the ground of capacity, battery type, port type, application, charging source, and distribution channel.
The growth in disposable income and increasing interest in videos, games, the internet, and music further bolster the power banks market. The power banks are rapidly charged with the help of new technology and product development. So, it boosts the sales in the global market.
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North America, Asia Pacific, South America, Europe, and Middle East & Africa (MEA) are regions where the power banks market is widely spread. Among these regions, the Asia Pacific region held the major share in 2018. This region is also a manufacturing hub of these electrical devices that adds value in the market growth.
The Power Banks Market is segmented into the following sections:
- Power Banks Market, by Product Type
- Portable Power Banks
- Phone Charging Cases
- Solar Power Banks
- Power Banks Market, by Capacity
- Up to 5,000 mAh
- 5,001 mAh – 12,000 mAh
- 12,001 mAh – 20,000 mAh
- Above 20,000 mAh
- Power Banks Market, by Battery Type
- Lithium Polymer
- Lithium Ion
- Power Banks Market, by Port Type
- Standard
- Type C
- DC Power Jack
- Power Banks Market, by Application
- Smartphone
- Tablet/Laptops
- PCs
- Camera
- Others (Bluetooth Speakers, Kindle etc.)
- Power Banks Market, by Charging Source
- Electric
- Solar
- Hybrid
- Power Banks Market, by Distribution Channel
- Online Distribution Channel
- Offline Distribution Channel
- Supermarkets and Hypermarkets
- Exclusive Stores
- Multiband Retail Stores
- Others
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