Comprehensive Report on Global Power Bank Market by Knowledge Sourcing Intelligence
INTRODUCTION
Global Power
Bank Market is expected to grow at a CAGR of 17.30% over the forecast period to
reach US$33.810 billion by 2021 from US$12.982 billion in 2015. Increasing
processing power of devices, the growth of digital content, convenience, and
shift towards 3G and 4G networks are the major factors propelling the growth of
the Power Bank Market. By application, smartphones will witness the
highest market growth, followed by tablets and portable media devices. In
Europe and North America, power banks market is growing significantly owing to a large consumer base in these regions coupled with the rising demand for
Lithium-Polymer power banks as they are lightweight and slim.
APAC region is
anticipated to witness the fastest market growth due to rising purchasing power
and high social media engagement by consumers, increasing penetration of
smartphones and tablets, and rising internet connectivity. The emergence of
low-cost power banks and the presence of the majority of power bank and
battery manufacturers in the region is also complementing the market growth. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample
view of global power banks market share
BETTER BATTERY CAPACITY
As the latest
range of smartphones is equipped with innovative batteries with enhanced
battery life, it will restrain the growth of the global power bank market during
the forecast period. Smartphone manufacturers are providing large batteries at
affordable prices. Due to the high usage of the internet on smartphones with several
loaded features that consume battery power, manufacturers of smartphones are
using higher capacity batteries to improve battery life. Moreover, owing to
the rising demand for long battery life owing to the emerging trend of BYOD in
various companies, smartphone manufacturers are increasingly investing on
R&D activities in order to provide the battery with longer working hours. For instance,
Sony has added a 3430 mAh battery to its Xperia Z5 smartphone in response to
consumers’ demand for smartphones with prolonged battery life so that they do
not need to carry power banks while traveling. Furthermore, Xiaomi has come up
with the smartphone series Mi which has 4100 mAh battery such that it provides the longest battery life of up to 236 hours along with a lot of good specifications
at an affordable price. Lenovo also has launched a smartphone with a massive
battery of 5000 mAh which can easily last for 72 hours at an affordable price
along with superior features such as 32 GB internal storage and full HD
display.
POWER BANK MARKET FORECAST BY APPLICATION (US$ BILLION)
By application,
the global power bank market is segmented as portable media devices,
smartphones, tablets, and others. Smartphones accounted for the largest market
size of US$X.XXX billion in 2015 and will continue its dominance during the
forecast period by growing at a CAGR of 19.45% with estimated market size of
US$X.XXX billion in 2021. This tremendous growth of the smartphone industry is due
to the availability of smartphones with high-end features at affordable prices.
Furthermore, the penetration of internet connectivity in different regions of the
world is fuelling the sales of smartphones worldwide. However, the major
contributors to this growth come from emerging economies in the APAC region.
All these factors along with growing mobile media consumption require longer
working of smartphones and thus, will augment the demand for power banks
worldwide in the forthcoming years.
Sample
view of global power banks market share
The demand for
power banks from the global tablet industry will grow at a CAGR of XX.XX% over the
forecast period owing to rising demand for bigger screens, coming up of 4G
based tablets, and growing commercial segment. Though global sales of
smartphones are outpacing that of tablets, the demand for power banks by tablet
users will grow significantly as no new technological advancement has been made
to raise the battery backup of tablets currently present in the global digital
electronic market. The demand for power banks for portable media devices will
witness the lowest growth at a CAGR of XX.XX% during the forecast period. Since
next-generation smartphones have added digital cameras with superior quality
and expandable memory, the growth of portable media devices will be sluggish.
Moreover, consumers nowadays search for a multipurpose device with good internet
connectivity, thereby leading to low growth of portable media devices and so,
the low demand for power banks by these devices. The demand for power banks for
‘others’ under application segment will grow at a CAGR of X.XX% during the
forecast period.
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