Power banks are products that are used to transfer energy into rechargeable batteries or secondary cells by means of electric current or solar energy. Such products are portable in nature and can provide charge to electric devices without a power socket. Growing usage of gadgets among the population and constant demand for frequent charging has resulted in the rise in demand for power banks over the years.
Power banks are generally used outdoors especially while travelling; hence, quick and fast recharge of devices is one of the prime requisites of consumers. Additionally, some consumers also travel for longer durations and need to charge multiple times and/or multiple devices that has resulted in the rise in demand for power banks in recent years.
Younger population is inclined toward using laptops rather than desktops and use cell phones extensively, thus resulting in higher demand for convenient charging solutions. In addition to this, strong distribution networks also play an important role in the global power banks market.
Based on product type, the portable power bank dominated the market in 2017 and was valued at US$ 3,794.2 Mn at a CAGR of 6.3%. The segment dominated the market due to rise in usage of electronic devices. Additionally, technological innovation in electronic devices such as larger screen size, better processers in smartphones, higher resolution and graphics in laptops etc. results in quick battery drainage. This in turn is anticipated to increase the demand for portable power banks. In terms of power rating, 3,000 mAh – 8,000 mAh dominated the market in 2017 due to rising preference for convenient charging solutions at an affordable pricing range.
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Based on battery type, lithium ion battery dominated the market in 2017 due to its easy availability at affordable prices. However, demand for lithium polymer batteries are anticipated to grow at a faster rate due to their durability, flexibility, and highly customized solutions.
By port type, power banks having more than two ports is anticipated to grow at a faster rate due to increase in demand for multiple charging options. Power banks under the price range of US$ 26 – US$ 50 dominated the market in 2017 and is anticipated to grow at a faster rate due to affordability and availability of numerous products at this price range globally.