The mobile power bank also called charging treasure. It is a battery device that integrates charging and discharging. It can rejuvenate digital devices such as mobile phones and tablet computers anytime and anywhere.
The global power bank market expected to increase market value by USD 23.76 billion with an escalating CAGR in the forecast period from 2020-2027. The main driving factors include increased usage of electronic devices such as smartphones and tablets, technological progress, and lack of electricity in individual countries.
With the continuous innovation of integrated technology, various software applications have led to the increased power consumption of smartphones and declining prices. The mobile power bank market will grow firmly during the forecast period. In addition to smartphones, tablet computers, portable media players, wearable devices, digital cameras, and other product applications are also increasing market opportunities for mobile power bank.
With the increasingly powerful functions of digital electronic products such as mobile phones and tablet computers, insufficient battery life has become a shortcoming. It is a precise reason behind the growth of that power bank, or charging treasure has gradually become the most esteemed for the electronics market.
Moreover, the increasing technological advancement gadgets and the rise in power consumption in electronic devices, fueling the growth rate of the online retail platform, fuel the demand for power banks. Besides, the increasing use of the internet and limited battery capacity of smartphones and other portable electronic products are driving the market share of the global power bank market.
Besides, the exposure of new technologies in consumer electronics, such as wireless technologies, artificial intelligence, and IoT services, coupled with the rise in penetration of internet services, has propelled the use of gadgets, thereby boosting the global power bank market growth.
Furthermore, reasonable prices of power banks drive market growth. The emerging domestic production and assemblage of power banks and new vendors’ entry have led to a reduction in costs. Also, high competition among manufacturers leads to the competitive pricing of power banks. Power banks are fast-moving consumer electronics and demand a lower capital investment for setting up a manufacturing facility. The competition among manufacturers foreshadows to be high over the forecast period.
The awareness of green energy initiative considering by manufacturing companies, the use of solar and hydrogen cells in power banks has increased. It has reduced the dependence on electrical energy to some extent. Thus, the utility of solar and hydrogen cell has changed from a backup/plug-in charger to an independent source of energy. Therefore, the benefits help in attracting new consumers and end-user segments and expected to create profitable opportunities for market expansion.
The acquisition of smartphones is escalating rapidly due to the outpouring in internet penetration and multiple app browsing drain the smartphone battery at a faster rate. Moreover, the ongoing trend of e-banking and online shopping has fueled the demand for smartphones, which propel the growth of the power bank market.
Based on the battery type, the global power bank market segmented into Lithium-Ion (Li-Ion) Battery, Lithium Polymer (Li-Polymer) Battery. The lithium-ion battery segment estimated to dominates the maximum share of the global power bank market. It is mainly due to the various advantage of lithium-ion batteries, such as lower self-discharge coupled with its high energy density, relatively small size, and low production costs and maintenance need. Therefore, lithium-ion batteries will continue to dominate the power bank market during the forecast period.
Based on a unit of USB port, the global power bank market classified into 1 USB Port, 2 USB Ports, More than 2 USB Ports. The more than 2 USB port segment contributes the largest share in the global power bank market. The mobile power supply with more than 2 USB ports has safety protection technology and ultra-fast charging technology. It has a high battery capacity, which can charge multiple electronic devices at the same time. These portable chargers also have different USB port types, such as Type-CUSB ports.
Based on the indicator, the global power bank market attributed to LED Lighting, Digital Display. The digital display segment dominates the most significant part of the global power bank market. It is mainly due to the use of the digital display in power banks to show charging percentage and time left for charging.
Based on the capacity, the global power bank market classified into 1,000–5,000 mAh, 5,001–10,000 mAh, 10,001–15,000 mAh, 15,001–20,000 mAh, Above 20,001 mAh. The 15001-20,000 mAh capacity segment will dominate the market demand for the global power bank market. It is mainly due to the extensive use of smartphones by using multiple apps for internet browsing that drains the battery fast. Thus, these factors are driving the market share of the global power bank market.
Based on the application, the global power bank market categorized into Smart Phone, Tablet, Laptop, Portable Media Device, Wearable Device, Digital Camera, Others. The smartphone segment dominates the market share for the global power bank market. The in-depth penetration of smartphones and the widespread use of Internet services tend to consume battery power quickly. Sufficient mobile power and more extended battery life requirements have become catalysts for this market.
Based on geography, the global power bank market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe is the world’s fastest-growing global power bank market, accounting for the largest share. It is mainly due to the European manufacturers hope to continue to seek new growth opportunities based on the development of new technologies for mobile power. Besides, many highly skilled consumers in the region have high disposable income, which contributes to the growth of the European power bank market.
Companies such as Anker Innovations, AUKEY, Xiaomi, ADATA, RAVPower, GRIFFIN, Lenovo, mophie, AMBRANE, INTEX, and others are key players in the global power bank market.
By Battery Type
By Unit of USB Port