Large number of potential mobile phone consumer in the globe are opting for power banks, also known as power battery packs is fairly plausible. Moreover, attraction of smartphone users towards the use of power banks is likely to remain contingent on their lifestyle. The study led by Persistence Market Research reveals that multimedia device & smartphone propagation delivers as a robust distribution network to the power battery packs products. The study reveals that the market for power battery pack globally have secured an estimated nearly US$ 6.5 Bn, in terms of value and anticipated to procure US$ 13.7 Bn by 2024-end, experiencing substantial growth in the revenues by reflecting single-digit CAGR.
The major findings of the report states that the customers are likely to remain more attractive to the power banks with large storage capacity. Further, the report reveals that an estimated 200 Mn units of the power banks with 5000 to 7500 mAh capacity were globally sold in the year 2016. Also, it is forecasted that demand for power banks in foreseeable period is likely to increase at high growth rate, leading market players to increase their product range for 7500 to 10000 mAh as well as more than 10000 mAh capability power banks. More than 10000 capacity power banks are likely to be sold at faster rate by the end of forecast period throughout the world.
Segmental Analysis of Market
According to their prevalence nowadays, Lithium-ion (Li-ion) power banks are likely to retain its dominance throughout the forecast period, owing to high preference by consumers. Li-ion battery efficiency in transmitting power and charging is anticipated to keep influencing the growth of the global Li-ion power battery packs market. The report forecasts that by the end of forecast period every 2nd power bank, which will be traded will be armed with Li-ion battery. Further, Li-ion battery traction is likely to be contested with increasing inclination towards power banks with Lithium-polymer (Li-polymer). It is anticipated that by the end of forecast period, almost 500 Mn entities of Li-polymer power banks will be sold across the world.
Dynamics of Market
In terms of revenues, over two-third share of the global power bank market collected between 2016 and 2025, is likely to be procured by mobile phones and smartphones. Importance of mobile phones compared to any other multimedia devices will be less cease in foreseeable period. Number of leading smartphone and mobile manufacturers have entered in the power bank market, with a goal to particularly serve to their consumers. The tablets will follow the mobile phones. They was the second leading products that used of power banks in the year 2016. The power banks uses by means of tables was 150 Mn units in the year 2016. The report assesses the global power bank market revenues will be majorly accounted by Tablets.
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- The high-priced power battery packs are likely to gain traction in the market relative to the mid-priced and low-priced power banks.
- In terms of consumption and production of power battery packs, Asia-Pacific (APAC) is likely to remain most lucrative region.
- The market for power banks in the APAC is estimated to reach US$ 7.8 Bn by the end of 2024.
- Most of the key players in the global market, which are highly contributing in the growth of the market include Panasonic Corporation, BYD Company Limited, Sony Corporation, and Simplo Technology Co. Ltd. These prominent companies are located in APAC economies such as Taiwan, Japan and China.
- Several leading market players in the US playing vital role in the growth of the market include, Braven LC – Energizer Holdings, Inc., INCIPIO Technologies, Inc., mophie, Inc., Anker Technology Co. Limited., and Cheero USA, Inc.
The most attractive CAGR in the mobile phones segment is recorded in APEJ. In 2015, the mobile phones segment in the Asia Pacific power banks market was valued at more than US$ 2,000 Mn and is expected to cross US$ 5,000 Mn by the end of 2024, reflecting a CAGR of 10.8%. In 2015, the mobile phones segment in the North America power banks market was valued at over US$ 700 Mn and is expected to reach nearly US$ 1,500 Mn by the end of 2024, reflecting a CAGR of 8.1%.