Power Bank Market to Garner $44,424 Million, by 2022, Globally-Allied Market Research

Oct 06, 2016, 10:45 ET from Allied Market Research

PORTLAND, Oregon, October 6, 2016 /PRNewswire/ --

A new report published by Allied Market Research titled, World Power Bank Market by Product Type, Battery Type, Power Rating, and Geography: Global Opportunity Analysis and Industry Forecasts, 2014-2022, projects that the power bank market size is expected to reach $44,424 million by 2022, growing at a CAGR of 15.4% from 2016 to 2022. This is attributed to the increase in demand & usage of mobile phone power banks as well as introduction of low-priced & advanced charging power banks. Asia-Pacific is expected to be the largest market during the forecast period.

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Summary of the Power Bank Market Report can be accessed on the website at https://www.alliedmarketresearch.com/power-bank-market

By product type, portable power bank industry holds the highest market share and solar power bank is the fastest-growing sub-segment. Since many countries in LAMEA, including Ghana, Uganda, and others have weak power grids, a rapid increase in the adoption of solar power banks is anticipated.

In the battery-type segment, it is anticipated that lithium ion battery would dominate the battery power bank market compared to the lithium polymer owing to higher energy density and higher cost-to-energy ratio. However, the lithium-polymer batteries are expected to have a faster growth rate than the traditional lithium ion batteries during the forecast period owing to more flexible form factor, lighter weight, and better safety as compared to lithium-ion batteries.

"Asia-Pacific is the most lucrative region for power bank market owing to the increase in manufacturing activities of power banks in countries such as China and Japan. Moreover, Asia-Pacific is a hub of several lithium battery manufacturers," states Sonia Mutreja, Lead Analyst, Semiconductor & Electronics at AMR.

LAMEA is estimated to be the fastest growing region due to an increase in the number of smartphone users coupled with a weak power grid in this region.

Key findings of the study:

  • Portable power banks are expected to exhibit a significant growth in the power bank market due to the increase in adoption of these devices among tourists.
  • Lithium-ion batteries generated more revenue pertaining to its cheaper price as compared to lithium-polymer batteries.
  • Asia-Pacific is projected to exhibit a substantial growth during the forecast period in the power bank market.
  • Many power bank industry players focus on product launch strategy and offer innovative products to improve their power bank market share.

The power bank market comprises dominant players such as Microsoft Corporation, Panasonic Corporation, Sony Corporation, and others that focus on product launch, R&D, and expansion as their key strategies to strengthen their position in the market.

Summary of Similar Reports can be viewed at: https://www.alliedmarketresearch.com/semiconductor-and-electronics/

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SOURCE Allied Market Research