The Global Portable Battery Pack (Power Banks) Market, 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) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 1638.9 Million by 2027, exhibiting a CAGR of 8.0% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Power banks are used for providing portable power to charge battery-powered items such as mobile phones and other similar items that have a USB interface. These power banks are used to charge mobile phones, tablets, and other portable media players and other electronic devices. These power banks are offered in various capacities including 1,000 mAh to 2,500 mAh, 1,000 mAh to 2,500 mAh, 5,000 to 7,500 mAh, and 7,500 to 10,000 mAh.
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.
Increasing adoption of smartphones worldwide is expected to drive growth of the global portable battery pack (power banks) market during the forecast period
Smartphones are being adopted across emerging economies such as Indonesia, China, and Brazil at a rapid pace. This is typically owing to growing internet penetration and popularity of social networking in these countries. According to Coherent Market Insights’ analysis, shipments of smartphones worldwide reached 1.2 billion units in 2014 from 1.1 billion units in 2013. In this, around 45% of smartphones units were shipped to China in 2014. Moreover, growing trend of mobile shopping, e-banking, and bring your own device (BYOD) is accelerating the demand for smartphones worldwide is expected to propel growth of the global portable battery pack (power banks) market during the forecast period.
Rising research and development activities can present lucrative growth opportunities
Major companies in the market are focused on research and development activities, in order to expand product portfolio and gain a competitive edge in the market. For instance, in April 2016, Anker Technology launched 434Wh battery ‘Anker PowerHouse’, in order to focus on providing solutions for charging various electronic devices. This device can charge a range of devices such as smartphones, laptops, tablets, and mini-fridge. Moreover, in June 2014, Braven LC launched BRV-BANK, which is a Bluetooth-enabled rugged power bank, in order to enhance its product portfolio and to cater to increasing demand for rugged power banks in North America.
Portable Battery Pack (Power Banks) Market - Impact of Coronavirus (Covid-19) Pandemic
Many governments around the globe such as India, Spain and Italy have imposed nationwide lockdown to prevent the spread of COVID-19 disease. For instance, India have imposed lockdown from 25 March to 1 May until the further notice. Lockdown resulted in the shortage of the workers at the manufacturing facilities. Due to the manpower shortage the manufacturing facilities are struggling to move the cargoes. Moreover, there is also shortage of transportation facilities such as Trucks and Trains. Owing to above mentioned factors, the COVID-19 pandemic is expected to restrain the market growth during the year 2020.
Complex design process is expected to hinder the global portable battery pack (power banks) market growth over the forecast period
Designing a portable battery pack is a complex process since it includes disassembly, discharging, mechanical, pyro-metallurgical, and hydrometallurgical processes. Moreover, extracting the cost of lithium is around 5 times more than mining lithium. Thus, it incurs into the additional cost of power banks. Hence, these factors are expected to hinder the global portable battery pack (power banks) market growth in the near future.
North America is expected to witness significant growth in the global portable battery pack (power banks) market during the forecast period. This is owing to growing adoption of smartphones and tablets across the region. Furthermore, rising disposable income is expected to boost the regional market growth over the forecast period.
Europe is expected to register a lucrative growth rate in the global portable battery pack (power banks) market over the forecast period. This is owing to extensive research and development activities in battery production and increasing demand for smart wearable electronic products across the region. Furthermore, increasing internet penetration and growth of the smartphone is expected to accelerate the regional market growth rate over the forecast period.
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.