According to a new market report published by Transparency Market Research titled “Power Banks Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global power banks market is expected to reach a value of US$ 15,053.9 Mn by 2026. The market is estimated to expand at a CAGR of 6.5% during the forecast period from 2018 to 2026. In terms of volume, the market stood at around 149.6 million units in 2017. Asia Pacific dominated the power banks market in 2017 by acquiring market share of approximately 34%. The market in the region witnessed considerable growth due to increased demand for electronic devices such as smartphones, iPads, notepads, Bluetooth speakers etc. Furthermore, the region is the biggest manufacturing hub of electronic devices including power banks. In addition, continuous product innovation by manufacturers as a result of intense competition has resulted in power banks of premium quality available at an affordable price.
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The power banks market is influenced by market dynamics with the prime driving factor being the increasing use of portable devices and gadgets which has resulted in the rise in demand for power banks. Additionally, rising demand for easy and convenient charging solutions has also helped in increasing the demand for power banks. However, introduction of smartphones with larger battery capacity and improved energy-efficient chipsets is one of the key restraints for the growth of the power banks market. Introduction of features such as fast charging and USB Type-C connectivity is one of the growth opportunities in the power banks market.
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Based on product type, the portable power bank dominated the market in 2017 and was valued at US$ 3,794.2 Mn at a CAGR of 6.3%. The segment dominated the market due to rise in usage of electronic devices. Additionally, technological innovation in electronic devices such as larger screen size, better processers in smartphones, higher resolution and graphics in laptops etc. results in quick battery drainage. This in turn is anticipated to increase the demand for portable power banks. In terms of power rating, 3,000 mAh – 8,000 mAh dominated the market in 2017 due to rising preference for convenient charging solutions at an affordable pricing range. Based on battery type, lithium ion battery dominated the market in 2017 due to its easy availability at affordable prices.
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However, demand for lithium polymer batteries are anticipated to grow at a faster rate due to their durability, flexibility, and highly customized solutions. By port type, power banks having more than two ports is anticipated to grow at a faster rate due to increase in demand for multiple charging options. Power banks under the price range of US$ 26 – US$ 50 dominated the market in 2017 and is anticipated to grow at a faster rate due to affordability and availability of numerous products at this price range globally. By distribution channel, consumer preference for the online option is anticipated to increase due to availability of a variety of products at an affordable price. By region, Asia Pacific is anticipated to be a lucrative market. Consumers in China, Thailand, and Indonesia etc. have shifted their buying preference toward quality products and also believe in brand loyalty