Power Bank Market size is Expected to Grow $22.34 Billion by 2027 | Registering a CAGR of 3.4%

Power Bank Market

Power Bank Market

Rise in demand for smartphones across the globe, reduced cost of power banks, and increase in demand of power banks for laptops & wearable devices drives the power bank market growth”
— David Correa

WILMINGTON, DELAWARE , UNITED STATES, September 26, 2023 /EINPresswire.com/ -- Allied Market Research published a report on the Power Bank Market by Battery Type, Power Rating, Distribution Channel, and Price Range: Global Opportunity Analysis and Industry Forecast, 2020-2027. 

The global power bank market size was valued at $17.41 billion in 2019, and is projected to reach $22.34 billion by 2027, registering a CAGR of 3.4% from 2020 to 2027.

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The smartphones have become a crucial part of our day to day life and are equipped with powerful operating systems such as Android, Symbian, and iOS that allow the user to play games, run multimedia player, access video calling and stay connected to external world via high speed internet services, which leads to high consumption of battery in smartphone.

Mobile power bank is a portable battery charging device by which the user can charge mobile devices anywhere and anytime. It is medium-sized electronic device comprising special battery with electronic circuits to control the power flow range. Mobile power banks allows the user to store the electrical energy depending on the capacity (mAh) to charge up small computing devices such as smartphone and tablet.

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Competitive Analysis: 
The competitive environment of the power bank industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, power bank market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Some of the major key players of the power bank industry include:
⦁ Samsung Electronics Co., Ltd.
⦁ Sony Corporation
⦁ Anker
⦁ Huawei Technologies
⦁ Mi
⦁ Intex
⦁ Zagg Inc.
⦁ Panasonic Corporation
⦁ GP Batteries
⦁ Lenovo Group Ltd

The power bank market is currently in its maturity stage and is expected to register substantial growth in the near future, owing to high investment in R&D activities by market players and increase in focus toward Internet of Things (IoT) and wireless connectivity. Other factors that drive the market growth include increase in demand for wireless power banks and emergence of wearable devices.

5G enabled devices are slowly gaining traction in the global market. According to global researches, 5G enabled devices consume 20% more power than 4G enabled devices. This suggests that a 20% increase in battery size is needed for a 5G phone to achieve the same endurance as a 4G variant. Due to the increased power consumption for 5G devices, there is a need for better battery optimization among devices. In addition, consumer relies on secondary power sources such as power banks to keep their devices such as smartphones, laptops, mobile tablets, wearable devices among others, fully charged.

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Key Benefits for Stakeholders:
⦁ This study includes the analytical depiction of the power bank market forecast along with the current trends and future estimations to determine the imminent investment pockets.
⦁ The report presents information regarding the key drivers, restraints, and opportunities in the power bank market.
⦁ The power bank market trends are quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
⦁ Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.   

David Correa
Allied Market Research
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