Increasing competition among smartphone manufacturers to reduce dependency on countries such as China for design solutions amid the coronavirus outbreak will give a boost to the power bank market. This will also reduce forex outgo that regions incur and push innovation and mobile performance boundaries in terms of storage, RAM, and connectivity.
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Further, the emergence of advanced wearable accessories such as smartwatches, fitness trackers, and health monitors acts as a growth driver for power banks to charge these devices. The global power bank market will continue to present remunerative growth opportunities on the back of an astounding 18% CAGR during the forecast period (2019-2029). Booming digital economies around the world are witnessing multiplying sales of smartphones and smart devices. As these trends gain momentum, power bank manufacturers stand to gather sustained margin growth through 2029.
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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
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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
Key Country-wise Inclusions
• US Power Bank Market
• Canada Power Bank Market Sales
• Germany Power Bank Market Production
• UK Power Bank Market Industry
• France Power Bank Market
• Spain Power Bank Market Supply-Demand
• Italy Power Bank Market Outlook
• Russia & CIS Market Analysis
• China Power Bank Market Intelligence
• India Power Bank Market Demand Assessment
• Japan Power Bank Market Supply Assessment
• ASEAN Power Bank Market Scenario
• Brazil Power Bank Market Sales Analysis
• Mexico Power Bank Market Sales Intelligence
Report Benefits & Key Questions Answered
- Power Bank Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Power Bank Market Historical volume analysis: The report provides a comparison of Power Bank Market historical sales and projected sales performance for 2021-2031.
- Power Bank Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Power Bank Market It carefully gauges the impact of changing healthcare needs of key demographics globally
- Power Bank Market Consumption by demographics: The report investigates consumer behavior affecting Power Bank Market demand outlook for the assessment period. Effect of their keenness for digital trends on Power Bank Market is carefully analyzed
- Post COVID consumer spending on Power Bank Market Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Power Bank Market growth.
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