Power Bank Market Exhibits Stellar Growth on Back of Internet Enabled Smart Apps – Fact.MR Study

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Lithium-ion Power Bank market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Lithium-ion Power Bank

The report offers actionable and valuable market insights of Lithium-ion Power Bank. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Lithium-ion Power Bank Market across various industries and regions.

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Power bank market will continue to present remunerative growth opportunities on the back of an astounding 18% CAGR during the forecast period (2019-2029).

Consumer trends such as high-definition multiplayer online battle arena (MOBA) games are draining smartphone batteries faster than ever. The global power bank market presents incremental 5.3X opportunities during the forecast period (2019 – 2029).

The penetration of smartphones in developing regions of the world furthers the demand for power banks. The current COVID-19 pandemic lockdown is heightening the use of mobile phones for video streaming and gaming thus giving a boost to the market.

This newly published and insightful report sheds light on Market Insights of Lithium-ion Power Bank, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Lithium-ion Power Bank Market.

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Global Power Bank Market: In-Depth Assessment on Key Segments

The global power bank market is segmented on the basis of capacity, energy source, battery type, distribution channel and region.

Capacity

  • Up to 3,000 mAh
  • 3,001 mAh-8,000 mAh
  • 8,001 mAh-20,000 mAh
  • Above 20,000 mAh

Energy Source

  • Electric
  • Solar

Batter Type

  • Lithium-ion
  • Lithium Polymer
  • Petroleum Refining

Distribution Channel

  • E-commerce
  • Brick and Mortar

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

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East Asia to Dominate Global Sales

East Asia emerges as the leader of global sales with over 27% of the total market value share. Booming digital economies in this region such as China, South Korea, and Japan drive sales of power banks. Consumers are using their smartphones for almost everything in these countries especially now during the prevailing pandemic.

This is decreasing battery life and increasing the need for power banks. Penetration of video gaming, e-commerce, and smart devices connected with mobiles contributes significantly to the growth of the power banks market in East Asia.North America accounts for the second largest market share of over 26% share of the total market value. Enhanced connectivity of various devices such as smart kitchen appliances, security systems, and smart accessories is a prime factor for power bank sales in North American countries. The high disposable income of millennial consumers is complimenting the growth of connected devices and the resultant need to recharge smartphones and smart devices using power banks.

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Key Takeaways of Power Bank Market Study

  • On the basis of capacity, 8,001 mAh – 20,000 mAh accounts for the largest market value share of more than of the revenue landscape. Increasing demand for high-performance power banks to recharge multiple smart devices is critical in defining growth of this segment.
  • Consumer awareness about alternative energy and reduced carbon emission levels is generating demand for solar power banks. The energy source segment exhibits a stellar 19% CAGR during the forecast period.
  • Lithium Ion battery type holds a lion’s share of more than 80% of the total market value. Superior capacity coupled with long battery life can be accredited as growth drivers of this segment.
  • Lithium Polymer offers lucrative growth opportunities with a meteoric growth rate of ~19% CAGR through 2029. Consumer demand for convenient power bank size and shape along with fast charging capability is driving the growth of this battery type segment.
  • Brick and Mortar stores are set to maintain their supremacy over sales with over ~54% share of global sales. This might show a slight decline in coming quarters owing to nationwide lockdowns but will steady out in the near term. Increasing adoption of power banks in developing economies where physical stores are dominant customer touch points is bolstering growth in this segment.
  • E-commerce distribution channels exhibit a sky-rocketing 20% CAGR during the projection period. Digitization of economies across the globe can be accredited the growth of this distribution channel segment.
  • East Asia has emerged as the prominent region with over 27% share of the total market value. Countries such as China, and Japan are innovation centres for smart device technologies. Coupled with a tech-savvy population, the region offers profitable future prospects with a 19.3% CAGR between 2019 and 2029.
  • Middle east & Africa records the highest growth rate of over 21% CAGR owing to booming digitization of countries and increasing disposable income of millennial consumers.

“The global power bank market is fairly fragmented due to the low capital investment required to enter the market. Hence, major organizations are targeting consumer trends such as sleek designs, and compact sized power banks to attract and engage customers. Online distribution channels are a popular method of regional penetration for power bank manufacturing organizations.”-Says Fact.MR Analyst

More Valuable Insights on Lithium-ion Power Bank Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Lithium-ion Power Bank, Sales and Demand of Lithium-ion Power Bank, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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