Power Banks Market with its Huge Demand, Breaks all The Records. Find out How?
Power bank is a portable or compact source of charging (with in-built battery) that charges digital gadgets such as smartphones, laptops, tablets, phablets, and Mp3 player. Social mobile applications enabled by internet, and other services such as video streaming consumes high power and in turn swiftly drains the battery of gadgets. Growing use of smartphone for various application has fostered the adoption of power banks, and with increasing number of smartphone, the traction in the adoption of power banks is anticipated to continue over the forecast period.
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The global power banks market is classified on the basis of product type as phone charging case (battery case), portable power banks (excluding solar power banks) and solar power banks. In 2013, portable power banks segment dominated the global power banks market in the terms of revenue and unit shipments. With increasing functionality and convenience offered by these power banks over other types, this segment is expected to retain its dominance throughout the forecast period. On the basis of power rating, the market is segmented as: power banks up to 3,000mAh, 3,001 – 8,000mAh, 8,001 – 20,000mAh and above 20,000mAh. In 2013, power banks segment with power rating of 3,001 – 8,000mAh dominated the global power banks market in terms of revenue. The growth was mainly driven by the adoption of these power banks in the matured economies such as Western Europe and North America. Large number of consumer base in these regions with two or more gadgets mostly prefer to have a cost effective power banks which can charge two smart gadgets simultaneously. Power banks market is also segmented based on the type of battery (it consists) as Li-ion and Li-polymer power banks. In 2013, Li-ion power banks accounted for major share accounting almost 86% of the global power banks market in terms of unit shipments.
Increasing smartphone and tablet penetration is driving the adoption of power banks globally. High speed mobile internet networks consumes more power and drains battery. This in turn has propelled the need of power for smartphones and tablets. Emerging regions such as China and India are expected to have significant revenue opportunity during the forecast period. The growths is primarily attributed to increasing penetration of smartphone and high speed mobile internet in these regions. In addition, increasing competition among regional and global players is expected to observe decrease in the average selling prices for power banks over the forecast period. This is expected to witness increase in the adoption of power banks in the price sensitive region; however adversely impacting the profitability of major players. Innovation is differentiating factor among various products (power banks) in the market. Introduction of safety standards in the power banks is boosting the adoption of innovative and quality power banks. Vendors are providing customized power banks with enhanced aesthetics to obtain competitive edge. Competitive pressure to offer quality products at low price is one of the significant challenges for vendors in this market. Moreover, advancements in the smartphones such as solar panel fixed over smartphone screens which charges smartphones when exposed to direct sunlight is expected to impact the procurement of power banks market in the long run.
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The power banks market is highly fragmented with many regional and global players in the market. In order to sustain in the competitive environment, vendors are offering low cost uncertified power banks in price sensitive regions such as Middle-East and Africa (MEA) and Asia Pacific. Low or no awareness about the safety standards associated with the power banks is propelling the demand for uncertified power banks in these regions. Currently, North America dominates the global power banks market in terms of revenue; however, increasing smartphones penetration in Asia Pacific is expected to bolster the growth of power banks market in Asia Pacific during the forecast period.