The global power bank market size is expected to grow at a CAGR of 10.8% from 2019 to 2024, reaching USD 17.9 billion by 2024 from USD 9.5 billion in 2018. Most wearable devices are wireless and require power to operate at all times; batteries in these devices are not likely to last long with its increasing functionalities.
Hence, wearable devices can be conveniently recharged on-the-go using a power bank, thereby enabling devices to last longer. Wearable devices, such as smartwatches, fitness bands, and smart glasses, are gaining rapid attention from end-users, and power banks are anticipated to have a growing demand in this application.
Power bank market to be driven by lithium-ion during the forecast period
The lithium-ion battery segment is expected to hold a significant share of the power bank industry during the forecast period.Currently, lithium-ion batteries are the most used batteries by the manufacturers.
Lithium-ion batteries have a high energy density, high conversion rate, and high energy capacity, as well as are cheaper to manufacture. They are inexpensive to produce as they have lower production costs and require low maintenance.
The high voltage of Li-ion batteries makes them suitable to recharge large devices such as laptops and tablets. Therefore, the demand for lithium-ion batteries in the power bank market is high and is expected to increase rapidly during the forecast period.
Digital display indicator segment to grow at significant CAGR during the forecast period
Power banks with digital displays are expected to witness significant growth during the forecast period.Power banks with digital displays are relatively efficient as they display battery levels in numerals, thus making them easier to read and interpret.
The digital display shows an accurate charging status and battery level.
Power bank market in APAC to witness the highest growth rate in the coming years
The power bank industry in APAC is expected to grow at the highest CAGR from 2019 to 2024.The market in APAC has the presence of prominent players that offer power banks at a low price, making them affordable for customers.
Increasing demand for smartphones and other portable consumer electronic devices in countries such as China, Japan, South Korea, and India is driving the market for power banks in APAC. Also, increasing per capita income in developing countries in the region as well as improving the standard of living have led to the growing demand for smartphones and the rising popularity of wearable devices.
To determine and verify the market size of several segments and subsegments, extensive primary interviews have been conducted with key personalities in the power bank market. Following is the breakup of the primary participants:
• By Company Type: Tier 1 = 35 %, Tier 2 = 45%, and Tier 3 = 20%
• By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
• By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
The report profiles the key players in the power bank market and analyzes their market rankings. A few prominent players profiled in this report include Anker Innovations (China), AUKEY (China), Xiaomi (China), ADATA (Taiwan), RAVPower (US), GRIFFIN (US), Lenovo (China), mophie (US), AMBRANE (India), and INTEX (India).