Albany, NY, May 30, 2018 (GLOBE NEWSWIRE) -- 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$ 15,334.2 Mn by 2026. The market is estimated to expand at a CAGR of 6.7% during the forecast period from 2018 to 2026. Asia Pacific dominated the power banks market in 2017 owing to the rapid adoption of power banks among consumers over the years. With growing consumer preference for frequent charging options and huge market potential, the power banks market is expected to witness considerable growth in the coming years.
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In this report, 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. On the basis of power rating, the market has been segmented into up to 3,000 mAh, 3001 mAh to 8000 mAh, 8001 mAh to 20,000 mAh, and above 20,000 mAh. The market has been further segmented on the basis of different port types, applications, and distribution channels. On the basis of different port types, the market has been segmented into two and more than two. Power banks with multiple ports dominated the market due to the rising number of gadgets used by people across the globe. On the basis of 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. Online distribution channel is expected to witness the fastest growth during the forecast period.
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By geography, Asia Pacific held the largest share in the power banks market in 2017. Increasing disposable income in Asia Pacific has increased the sale of smart phones, which is directly related to the demand for power banks. The Asian market however is driven by Li-ion batteries which are anticipated to remain dominant. Moreover, the consumer buying for power banks is majorly for charging mobiles and tablets and thus is expected to generate the highest revenue in terms of end use. Consumers in China, Thailand, Japan etc. have shifted their buying preference toward quality buying and also believe in brand loyalty. The buying of power banks is increasing rapidly in the region owing to two major drivers, the increased number of smartphone users and also the inconvenience caused by power cuts. Major trends driving North American consumers are the mobility and versatility of the device. Consumers prefer devices or portable power banks that have sleek design and are lightweight, which makes them easy to carry.
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Additionally, consumers also seek versatility such as smartphones, laptops, tablets etc. with multiple charging ports. The European market is highly driven by technology and like the North American market is attracted toward sleek and stylish designs, with high power and versatile support. However, with growing income amongst the population, the market is attracted toward brand names and is often brand loyal. Thus, in order to cater to the European market, manufacturers are constantly trying to make technological advancements and new product innovations. Consumers prefer power banks with increased battery life and multi-port configurations. Due to the brand loyalty of consumers, brands often provide products with additional promotions and offers that result in the rise in demand for power banks. The online buying trend in Europe is anticipated to dominate the portable power bank as well as the electronics consumer goods market in the region.
All these above mentioned factors have propelled the growth of the power banks market in this region. Other regions such as Middle East & Africa (MEA) and Latin America are expected to witness rapid growth during the forecast period. The report also provides company market share analysis of key players operating in the power banks industry.
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Key Players
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 BV. The key players operating in the power bank market adopt numerous strategies to sustain in the market. Product development, acquisition, and partnership are some of the key strategies adopted by key players to gain competitive advantage over their competitors.
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