Global Power Banks Market to Reach $16.1 Billion by 2026
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Global Power Banks Market to Reach $16.1 Billion by 2026Power banks assist users in recharging devices with USB capability. The increasing popularity of mobile apps and social media platforms has pushed the time spend by users on mobile phones, creating strong demand for power banks. Global market for mobile phone accessories including power banks is growing at a steady rate driven by increasing sales of handheld mobile devices such as smartphones and tablets. Factors supporting growth including increasing affordability of smartphones due to decline in prices, product/technology innovations, diversification of product portfolios, and growing need for mobile phone users to effectively maintain their devices. Rapid urbanization, rapid penetration of mobile devices, rising disposable incomes, extensive distribution networks, growing sales of accessories through e-tailers, and burgeoning multi-brand retailers and distributors, particularly in emerging markets such as Asia and Latin America, are significantly driving the demand for smartphones, which in turn is spurring the sales of smartphone accessories. The power bank market is witnessing increasing influence of technological advancements and evolving consumer demand for more features. The need to stay competitive is driving vendors of portable electronics devices to incorporate new and more powerful features, while embracing new technology to keep devices streamlined and compact.
Amid the COVID-19 crisis, the global market for Power Banks estimated at US$10.5 Billion in the year 2022, is projected to reach a revised size of US$16.1 Billion by 2026, growing at a CAGR of 11.1% over the analysis period. Lithium Ion, one of the segments analyzed in the report, is projected to record 10.7% CAGR and reach US$12.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Polymer segment is readjusted to a revised 12.2% CAGR for the next 7-year period. Li-ion batteries remain the most popular option among manufacturers owing to their superior energy density, conversion rates and energy capacity. The lithium-polymer (Li-polymer) battery segment's growth is driven by engagement of various smart phone manufacturers in production of power banks and higher safety of these batteries than traditional options.
The U.S. Market is Estimated at $2.1 Billion in 2022, While China is Forecast to Reach $3 Billion by 2026The Power Banks market in the U.S. is estimated at US$2.1 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$3 Billion by the year 2026 trailing a CAGR of 12.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.7% and 9.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.2% CAGR. Asia-Pacific continues to be at forefront of market expansion on account of rising population, favorable macroeconomic scenario and growing prevalence of consumer electronic and wearable devices. Rising demand for portable consumer electronic devices such as smart phones and wearable devices in countries including India, China, South Korea and Japan is creating strong growth prospects for power banks. The trend can be credited to increasing per capita incomes across developing countries and the resulting improving living standards.
Millennials and Gen Z, Important Demographic Drivers for Fast Charging Power BanksMillennials and Gen Z lead the adoption and use of technology across the globe. More than 4.57 billion people around the world now use the internet and most internet users use mobile devices to go online. Smartphone use is currently growing at an annual rate of 8%, with an average of nearly 1 million new smartphones coming into use every day. This significant change in modern consumer preferences is essentially driven by expanding urban population and emergence of millennials and Gen Z consumers shaping consumption trends. Though smartphone ownership tends to vary widely by region and country, younger people with higher levels of education and incomes are more likely to own smartphones and be digitally connected. Millennials account for the largest part of the labor force. This generation's income and spending capacity is expected to increase as older millennials progress in their careers and younger millennials enter the workforce. Thus, higher dependence on technology for every-day activities, growing household incomes, innovative products, and falling prices of electronic goods have supported demand for mobile devices.
With the advent of online shopping, more people are making purchases through their mobile devices rather than via laptops and desktop computers. Millennials make more purchases online than in stores using mobile devices. Born in the era of smart phones, Gen Z are true digital natives and used to multiple devices. Gen Z, born 1997 to 2012 has grown up in a fully immersed digital world. Gen Z spend an average 4 hours and 15 minutes per day on mobile, spending 1.13 minutes more on their mobile devices compared to 2015. The most common online activities include visiting social networks, using messaging apps, watching videos and using search engines. The growing number of smartphone-only internet users amongst millennials increases battery consumption, which in turn would spur the need for power banks.
While the thinner form factor makes modern phones sleeker, easier to hold, and more pocketable, they also leave less room for the internals of a phone. To compensate, manufacturers include smaller-sized batteries. Though smartphone batteries are improving with every new generation of devices released by manufacturers, demands on the battery are expanding more rapidly with increase in use of smartphones as video viewing devices and gaming platforms. With the push for thinner smartphones, inadequate battery capacities augment demand for power banks. With the advent of quick charging smartphones, there is a growing need for power banks with fast charging support. Smartphones today are marketed with a very important feature that promises lightning fast charging speeds compared to the older generation phones. As USB-C is the charging and connectivity standard of choice in the latest iPhones, Android phones, iPads and high-end laptops including MacBooks, USB-C PD power banks witness high demand. These power banks with capacities of 20, 000mAh can recharge devices multiple times in one single charge. The Type C port can also be used to charge the power bank itself.More
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