Increasing competition among smartphone manufacturers to reduce dependency on countries such as China for design solutions amid the coronavirus outbreak will give a boost to the power bank market. This will also reduce forex outgo that regions incur and push innovation and mobile performance boundaries in terms of storage, RAM, and connectivity.
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Further, the emergence of advanced wearable accessories such as smart watches, fitness trackers, and health monitors acts as a growth driver for power banks to charge these devices. The global power bank market will continue to present remunerative growth opportunities on the back of an astounding 18% CAGR during the forecast period (2019-2029). Booming digital economies around the world are witnessing multiplying sales of smartphones and smart devices. As these trends gain momentum, power bank manufacturers stand to gather sustained margin growth through 2029.
Key Takeaways of Power Bank Market Study
- On the basis of capacity, 8,001 mAh – 20,000 mAh accounts for the largest market value share of more than ? of the revenue landscape. Increasing demand for high-performance power banks to recharge multiple smart devices is critical in defining growth of this segment.
- Consumer awareness about alternative energy and reduced carbon emission levels is generating demand for solar power banks. The energy source segment exhibits a stellar 19% CAGR during the forecast period.
- Lithium Ion battery type holds a lion’s share of more than 80% of the total market value. Superior capacity coupled with long battery life can be accredited as growth drivers of this segment.
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- Lithium Polymer offers lucrative growth opportunities with a meteoric growth rate of ~19% CAGR through 2029. Consumer demand for convenient power bank size and shape along with fast charging capability is driving the growth of this battery type segment.
- Brick and Mortar stores are set to maintain their supremacy over sales with over ~54% share of global sales. This might show a slight decline in coming quarters owing to nationwide lockdowns but will steady out in the near term. Increasing adoption of power banks in developing economies where physical stores are dominant customer touch points is bolstering growth in this segment.
- E-commerce distribution channels exhibit a sky-rocketing 20% CAGR during the projection period. Digitization of economies across the globe can be accredited the growth of this distribution channel segment.
- East Asia has emerged as the prominent region with over 27% share of the total market value. Countries such as China, and Japan are innovation centres for smart device technologies. Coupled with a tech-savvy population, the region offers profitable future prospects with a 19.3% CAGR between 2019 and 2029.
- Middle east & Africa records the highest growth rate of over 21% CAGR owing to booming digitization of countries and increasing disposable income of millennial consumers.
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“The global power bank market is fairly fragmented due to the low capital investment required to enter the market. Hence, major organizations are targeting consumer trends such as sleek designs, and compact sized power banks to attract and engage customers. Online distribution channels are a popular method of regional penetration for power bank manufacturing organizations.”-Says Fact.MR Analyst
Smartphone Use Amid COVID-19 Social-distancing Measures to Create Future Growth Prospects
Manufacturers are eyeing consumer trends such as live streaming, multiplayer online battle arenas, and other smart apps. The prevalence of these smartphone apps means increased battery consumption which ultimately translates into increase in demand for power banks. Tech-drive advancements in lithium production, and lithium ion battery performance will act as a differentiating factor for market players. Additional features such as DC output ports will attract consumers through 2029. The increasing need for mobility of electronic devices along with surging expectations of device performance presents strong growth prospects for disruptive innovation in power banks.
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Current consumer trends such as social distancing are propelling the use of battery intensive mobile applications. This will translate into remunerative demand for power banks once the COVID-19 pandemic is under control. As of now, the disruption of business operations as a result of rapid transmission of the coronavirus disease negatively impacts the sales of power banks in the first financial quarter of 2020.
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