According to a new market research report published by Acute Market Reports “Power Banks Market (Type – Portable, Battery Case and Solar) - Growth, Future Prospects, Competitive Analysis and Forecast 2021 - 2029”, the global power banks market stood at US$ 18,557.3 Mn in 2020 and is estimated to expand with a CAGR of 15.2% from 2021 to 2029.
The complete report is available at https://www.acutemarketreports.com/report/power-banks-market
Market Insights:
A power bank is a battery charging device used for charging a rechargeable battery or secondary cell. The global demand for power banks is majorly driven by the continually growing demand for smartphones, tablets, and PDAs. The advancements in technologies have significantly enhanced the capacities and charging speeds of power banks in recent years. Furthermore, improved standard of living, rise in consumer discretionary income, and evolving digital habits of consumers are expected to have a positive impact on the overall demand for power banks globally. The increasing competition between domestic and international players is expected to result in price wars, thereby reducing the average selling prices for power banks in the following years. Factors such as evolving digital habits of consumers coupled with a perpetually growing demand for smartphones is identified as the major driving the uptake of power banks across the globe. Due to advancements in network technologies like 3G and LTE, people prefer accessing digital content through smartphones. This, in turn, increases the battery consumption supporting the demand for power banks.
Competitive Insights:
The global market for power banks (consumer and industrial) is highly fragmented and competitive. In 2020, the leading four manufacturers accounted for less than 45% of the global power banks' market revenue. In order to sustain and compete, manufacturers are required to focus on product innovation. A well-established distribution channel is a necessity and manufacturers across the globe are focusing on strengthening their marketing and distribution channels, which, in turn, would help them to improve product penetration and their position in the market. Some of the leading and promising power bank manufacturers identified in the research study include Apacer Technologies, Inc. Hitachi Maxell Ltd., MiPow Ltd., Mophie, Inc., Limefuel, LLC., xtorm BV, Panasonic Corporation, Samsung Electronics Co, Ltd., Sony Corporation, Anker, Microsoft Corporation, and Xiaomi Technology Co., Ltd. among others.
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