NEW YORK, Dec. 3, 2021 /PRNewswire/ -- Persistence Market Research's updated analysis on the global portable battery pack (power banks) market indicates that the industry is anticipated to surge at a CAGR of 10.7% through 2031. This would elevate market valuation to US$ 29 Bn by 2031.
Use of electronic devices in this digital age has grown beyond any other product in the 21st century. The most prominent change in the consumer electronics industry came with the launch of smartphones, which completely revolutionized the portable battery pack industry. Mobile devices has been the most prominent segment in the portable battery pack marketplace, and are expected to have a dominant outlook throughout the forecast period.
Advancements in battery technologies, high demand for portable battery packs, rising scope of applications across multiple industry verticals, and growing consumer electronics sales are some of the major factors influencing the portable battery pack market potential.
Prime manufacturers of portable battery packs are investing in increasing the accuracy of their products and are adopting various organic and inorganic strategies to maximize their revenue potential across the world.
- In January 2019, Elecjet, a small firm developing battery technologies and products, announced the launch of its new fast-charging capable power bank. The battery pack is unique to its technology and employs a graphene enhancement technique to make charging more fast and efficient. Elecjet Apollo Traveller with a capacity of 5000 mAh with extremely fast charging times was a one-of-its-kind power bank at the time of its launch.
- In September 2021, Xiaomi, a renowned name in consumer electronics, announced the launch of its new power bank. Xiaomi Mi Hypersonic, a 50W power bank, went live for sales in India in October, at an affordable price tag.
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Key Takeaways from Market Study
- The portable battery pack market is expected to progress at an astronomical CAGR of around 10.7% over the decade.
- The market in Asia Pacific is expected to evolve at the highest CAGR and hold a dominant share in the global market.
- By 2031, the market is slated to attain an estimated net worth of US$ 29 Bn.
- The mobile phones segment is expected to account for a dominant market share in terms of value as well as revenue.
- Increasing use of smart devices, rising number of battery-powered devices, advancements in battery technology, rising disposable income, and rapid urbanization and digitization across various geographies are some of the major factors driving demand for portable battery packs.
"Demand and supply from Asia Pacific is expected to play a significant role in shaping the global portable battery pack industry," says a Persistence Market Research analyst.
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The global market for portable battery packs has been identified as a fairly fragmented space due to the presence of a high number of participants.
Some of the key market players included in the report are BYD Company Limited, Energizer Holdings Inc., mophie Inc., Simplo Technology Co. Ltd., Sony Corporation, Panasonic Corporation, Anker Technology Co. Limited, CHEERO USA INC., and Braven LC – INCIPIO Technologies Inc.
These are identified as key manufacturers of portable battery packs. These market participants are engaged in expansion activities and are also investing in the development of new products with faster changing and other technological advancements.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global portable battery pack market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides an in-depth analysis of the market through different segments, namely, measurement point type, application, distribution channel, and region. The report also provides supply and demand trends along with an overview of the parent market.
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