A power bank is a portable device that can supply power from its built-in battery through a USB port. Power banks are popular for charging USB charged devices and can be used as a power supply for numerous USB devices such as small fans and lights. Generally, they recharge with a USB power supply. Furthermore, a power bank includes a control circuit that regulates charging of the battery. It also converts battery voltage to 5.0 volts for the USB port. There are different types of portable battery packs including a lithium-ion battery, lithium-polymer, nickel-metal, nickel-cadmium, etc.
The global Portable Battery Pack (Power Banks) Market was accounted for US$ 877 Mn in terms of value in 2019 and is expected to grow at CAGR of 8.0% for the period 2020-2027.
Market Dynamics- Drivers
- Increasing disposable income and rising global population is expected to drive growth of the global portable battery pack (power banks) market during the forecast period
The disposable income of consumers in developed, as well as emerging economies, has been on a rise. As a result of this, consumers are shifting towards advanced mobile accessories such as headphones and power banks. According to Coherent Market Insights’ analysis, in 2015, global disposable income increased by 3.1% as compared to 2014. Furthermore, global population is increasing rapidly, especially in emerging regions such as MEA and Asia Pacific. According to the United Nations (UN), global population is expected to increase from 7.2 Bn in 2013 to 9.6 billion by 2050. Thus, these factors are expected to drive growth of the global portable battery pack (power banks) market during the forecast period.
- Presence of robust distribution network is expected to propel the global portable battery pack (power banks) market growth over the forecast period
Key market players in the market are focused on establishing robust distribution channels such as multi-brand distributors and retailers of mobile accessories, in order to better cater to customers. Such distribution channels help market players to gain a competitive advantage in the market. Furthermore, online retailing is becoming the most popular distribution channel in emerging markets such as China, Indonesia, Brazil, and Russia. According to Coherent Market Insights’ analysis, in Asia, e-commerce sales have demonstrated a growth of 36% reaching US$ 615 Bn in 2014 as compared to that in 2013. Therefore, these factors are expected to drive growth of the market during the forecast period.
Portable Battery Pack (Power Banks) Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 Pandemic have adversely affected the economies of various countries around the globe. According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. Due to the reduction in the size of global economy the spending or purchasing power of people also decreases. Owing to the reduced purchasing power, the COVID-19 pandemic is expected to hamper the growth the market in the year 2020.
Asia Pacific held dominant position in the global Portable Battery Pack (Power Banks) market in 2019, accounting for 64.7% share in terms of value, followed by North America and Europe respectively
Figure 1: Global Portable Battery Pack (Power Banks) Market Share (%) in terms of Value, By Region, 2019
Market Dynamics- Restraints
- Advent of smartphones with larger battery capacity is expected to hamper the global portable battery pack (power banks) market growth over the forecast period
Many smartphone manufacturers in the market such as Samsung, Apple, and Xiaomi are focused on designing smartphones with large battery capacity, in order to cater to rising demand for smartphones with longer stand-by time. Furthermore, electronic component manufacturers are introducing chipsets that are energy-efficient. This, in turn, is expected to hinder the demand for power banks and thereby hamper the market growth over the forecast period.
- Constant threat of piracy is expected to restrain growth of the global portable battery pack (power banks) market during the forecast period
Piracy remains a major threat to electronic products, including power banks. The material used in production of counterfeit power banks is of low quality with less durability. Although the overall quality of these products is very low, they are offered at competitive prices, thus gaining traction among consumers. Consumers in China and India are highly inclined towards such products. Therefore, these factors are expected to restrain growth of the global portable battery pack (power banks) market during the forecast period.
Portable Battery Pack (Power Banks) Market Report Coverage
||Market Size in 2019:
||USD 877 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||USD 1638.9 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Middle East and Africa: South Africa, North Africa, Central Africa
- By Battery Type: (Li-ion (Lithium ion) Battery, Li-polymer (Lithium-Polymer) Battery, Nickel Metal Hydride Battery and Ni-Cd (Nickel Cadmium) Battery)
- By Capacity Segment: (1,000 mAh to 2,500 mAh, 2,500 to 5,000 mAh, 5,000 to 7,500 mAh, 7,500 to 10,000 mAh and Above 10,000 mAh)
- By Product Type: (Mobile Phones, Tablets and Others (portable media players and other electronic devices))
- By Price Range: (Low, Mid and High)
Honeywell International Inc., Intergraph Corporation, Lockheed Martin Corporation, Environmental System Research Institute, Inc., Motorola Solution Inc., Guardly, Rockwell Collins, Inc., Iridium Communication Inc., and Siemens AG
- Increasing disposable income and rising global population
- Presence of robust distribution network
|Restraints & Challenges:
- Advent of smartphones with larger battery capacity
- Growing focus on introducing power banks with higher capacity can present lucrative business opportunities
Few power bank manufacturers focus on introducing higher capacity (above 7,500 mAh) power banks in order to cater to growing demand for such products, across the globe. For instance, in December 2016, Xiaomi Inc. launched ‘Mi Mobile Power Bank 2’, which is a 20,000mAh portable charger, in order to expand its higher-capacity power bank product portfolio.
- Increasing emphasis of manufacturers on manufacturing power bank products across the globe to pose major growth opportunities
Few smartphone manufacturers such as Xiaomi Inc. and OnePlus are focusing on entering into the power bank market in order to cater to growing demand for such accessories across the globe.
Figure 2: Global Portable Battery Pack (Power Banks) Market Value (US$ Mn), 2017 - 2027
The global Portable Battery Pack (Power Banks) market was valued at US$ 877 Mn in 2019 and is forecast to reach a value of US$ 1638.9 Mn by 2027 at a CAGR of 8.0% between 2020 and 2027.
- Advent of novel features such as fast charging and Type-C USB connectivity
Various power bank manufacturers are focusing on introducing support for USB Type-C connectivity, along with existing micro USB connectivity, and fast charging features in their devices. For instance, in January 2017, Foto Electric Supply Co., Inc. introduced SpeedBank power bank series in order to enhance its power bank portfolio. With the aid of these products, a smartphone can be charged up to 80% of the total battery capacity in 30 minutes.
- Growing focus on form factor is another major trend
Certain power bank manufacturers lay emphasis on developing and introducing power banks with a sleek form factor, which are light in weight and smaller in size. Li-Polymer (Lithium-Polymer) battery offers such properties that make it lucrative for power bank manufacturers to downsize their products. For instance, in July 2016, Portronics Digital Pvt. Ltd. launched ‘PowerNote’, which is a slim and lightweight lithium-polymer-based 16000mAh power bank, in order to enhance its product portfolio.
Key players operating in the global portable battery pack (power banks) market are BYD Company Limited, mophie, Inc., Energizer Holdings, Inc., Cheero USA, Inc., Simplo Technology Co. Ltd., Braven LC, Simplo Technology Co. Ltd., Anker Technology Co. Limited, Sony Corporation, Xiaomi, and Panasonic Corporation.
- Major companies in the market are focused on product launches, in order to gain a competitive edge in the market. For instance, in February 2019, Anker Technology Co. Limited introduced new power banks PowerPort Atom PD2 and PowerCore 10,000 mAh AD.
- Key players are involved in product development, in order to expand the product portfolio. For instance, in June 2020, Xiaomi introduced MI power bank 2I with 10,000mAh.