[194 Pages Report] The power bank market was valued at USD 10.7 billion in 2019 and is projected to reach USD 17.9 billion by 2024, at a CAGR of 10.8% from 2019 to 2024. The power bank market registered a shipment of 238 million units in 2018 and is projected to reach 730 million units by 2024; it is expected to grow at a CAGR of 20.1% during the forecast period. Major driving factors for the market include the increasing usage of smartphones and tablets, decline in the price of power banks, advancement in technology, and electric outage in certain countries.
A power bank is a portable device used as an external power source for recharging electronic devices. It stores electrical energy in its batteries and then supplies this energy as output to recharge other devices. These power banks are commonly used to recharge USB-powered devices such as digital cameras, smartphones, MP3 players, fitness bands, and others. Portable power banks have emerged a vital external energy source for consumer electronics as they are able to supply power to recharge devices on the move
Power Banks with capacity ranging 10,001–15,000 mAh to grow at highest CAGR during the forecast period
Power banks with capacity ranging 10,001–15,000 mAh have longer battery life and high-efficiency output. These power banks in most cases offer two or multiple USB output ports, which enable users to recharge two to three devices simultaneously—a major attraction among consumers. Despite the large weight and size of these power banks, they come with a lot of additional features such as DC output ports used to recharge laptops, USB Type C ports, and Quick charge functionality. A few of these power banks are also equipped with safeguard technologies that prevent overcharging and short circuit.
Power bank market for wearable devices to grow at highest CAGR during forecast period
The power bank market for wearable devices is expected to grow at the highest CAGR during the forecast period. The increasing demand for smartwatches and fitness bands has given rise to the development of innovative product designs and the adoption of compact batteries that have relatively lower capacity as compared with other consumer electronic devices. Most wearable devices are wireless and require power to operate at all times; batteries in these devices are not likely to last long with its increasing functionalities. Wearable devices can be conveniently recharged on-the-go using a power bank, thereby enabling devices to last longer.
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APAC to hold largest share of power bank market in 2019
APAC accounted for the largest share of the power bank market in 2018. The market in APAC is expected to grow at the highest CAGR from 2019 to 2024. APAC is the most attractive business destination for power bank manufacturers due to the growing smartphone market in this region. The region also has the presence of prominent players of power banks. The manufacturers in China and India offer power banks at a low price, making them affordable for customers. Many international players get their power banks manufactured and assembled by local manufacturers based in the region and then brand their name. The region holds many highly populated countries, which account for a high adoption rate of consumer electronics. Also, increasing per capita income in developing countries in the region as well as the improving standard of living have led to a growing demand for smartphones and the rising popularity of wearable devices. These factors are fuelling the market growth of power banks in APAC.
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