(IT-NEWSWIRE.COM, July 31, 2020 ) According to the new market research report "Power Bank Market with COVID-19 Impact by Capacity (5,001-10,000 mAh, 10,001-15,000 mAh, 15,001-20,000 mAh), Units of USB Port, Indicator, Battery Type, Price Range, Application (Smartphone, Tablet, Wearable Device), and Region - Global Forecast to 2025”, the power bank market is projected to grow from USD 9.0 billion in 2020 to USD 13.4 billion by 2025; it is expected to grow at a CAGR of 8.1% from 2020 to 2025. The growth of this market is expected to be driven by the integration of advanced technology in power banks, an increase in power consumption in smartphones due to various software applications, decline in the price of power banks, and sudden shift to work-from-home & remote learning due to COVID-19 resulting in spike in demand for laptops. These factors have helped the power bank market gain traction in applications, such as smartphones, tablets, portable media players, wearable devices, digital cameras, and others.
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Lithium-ion battery type segment held the largest share of power bank market in 2019
The power bank industry, based on battery type, is led by the lithium-ion battery segment (in terms of size). The most common types of batteries in the market are lithium-ion batteries. Lithium-ion batteries have a higher energy density, i.e., they can store more electrical charge in a given size or volume, and are cheaper to manufacture because they have lower production cost and require lower maintenance than lithium-polymer battery. Factors such as high energy capacity, cheaper rate, low production and maintenance cost, and higher battery conversion rate are fueling the growth of the Li-ion battery-based power banks. The manufacturing and the consumption of li-ion batteries will be reduced more than expected in the short-term due to COVID-19 pandemic, as a majority of lithium-ion battery manufacturers are based in China. Due to this factor, the li-ion battery-based power bank market might get negatively impacted for a short duration.
The market for 2 USB ports segment led the power bank market in 2019
The demand for power banks with 2 USB ports is expected to account for the largest market share during the forecast period. Factors such as charging of 2 portable devices at a time, lightweight, higher efficiency output, and cheaper rate are the factors propelling the growth of power banks with 2 USB ports. These power banks are the most preferred power banks and are manufactured by most of the leading companies such as ADATA (Taiwan), Xiaomi (China), and AMBRANE (India).
APAC accounts for the largest market size during the forecast period
APAC held the largest power bank market share in 2019, followed by North America and Europe. The market in APAC mainly comprises developing economies, such as China and India, which have tremendous potential for power banks. Increasing demand for portable consumer electronic devices and next-generation gadgets in countries such as China, Japan, and South Korea is driving the market for power banks in APAC. The power bank market in APAC is highly competitive with the presence of established players and the entry of new market players. These players are continually upgrading their product portfolio with the launch of technologically advanced products.
Anker Innovations (China), AUKEY (China), Xiaomi (China), ADATA (Taiwan), RAVPower (US), GRIFFIN (US), Lenovo (China), mophie (US), AMBRANE (India), and INTEX (India) are among the major players in this market.
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