Power banks are products that are used to place energy into rechargeable batteries or secondary cells through electric current or solar energy. Such products are portable in nature and can provide charge to electric devices without a power socket. Growing usage of gadgets and constant demand for frequent charging options has resulted in the rise in demand for power banks over the years. Power banks are generally used outdoors specially while travelling; hence quick and fast recharge of devices is one of the prime requirements of consumers.
The power banks market has been segmented on the basis of product type into portable power banks, solar power banks, and phone charging cases. Portable power banks dominated the market owing to the rise in adoption of power banks over the years. However, solar power banks are expected to witness the fastest growth rate during the forecast period. Based on power rating, the market has been segmented into different power ratings such as up to 3,000 mAh, 3001 mAh to 8000 mAh, 8001 mAh to 20,000 mAh, and above 20,000 mAh.
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The market has been further segmented in terms of different port types, application, and distribution channels. On the basis of different port types, the market has been segmented into two and more than two. Based on application, the market has been segmented into industrial and consumer electronics. By distribution channel the market has been segmented into online distribution channel and offline distribution channel. Offline distribution channel has been further segmented into supermarkets and hypermarkets, exclusive stores, multi-brand retail stores and others.
The increase in use of portable devices and gadgets among the population has resulted in the rise in demand for power banks. Younger adults are inclined toward purchase of several gadgets and devices for a variety of functions such as internet, music video, and games; this is triggering the growth of the power banks market. With the advent of new technology and penetration of internet services, there is significant rise in demand for gadgets and devices, thus boosting the power bank market.
Geographically, the power banks market is bifurcated into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Asia Pacific held majority share of the global power banks market. Asia Pacific dominated the market in 2017 owing to the rising usage of smart phones among the population. The region is also expected to witness the fastest growth during the forecast period. This is mainly due to the continuous product innovation among manufacturers which includes higher battery capacity and products with multiple ports.
Some of the key players in this market include Anker Technology Co. Limited, Apacer Technologies, Inc., Braven LC – INCIPIO Technologies, Inc., EasyAcc.com, Inc., Goal Zero Corporation, GP Batteries International Ltd, IEC Technology, LLC, Maxell Holdings, Ltd., MiPow Limited, Mophie, Inc, Panasonic Corporation, RavPower, Samsung Electronics Co., Ltd., Sony Corporation, and Xtorm. Key players operating in the power bank market adopt numerous strategies to sustain in the market. Product development and acquisitions and partnerships are some of the key strategies adopted by key players to gain competitive advantage over their competitors.