According to a new report by Transparency Market Research, the market for power banks is expected to reach $ 36.15 billion by 2022, growing at a CAGR of 25.9% from 2014 to 2022.
The market was valued at $7.36 billion in 2013 and is expected to reach $36.15 billion by 2022, growing at a CAGR of 25.9% from 2014 to 2022. In terms of volume, in 2013, the power banks market witnessed shipments of 334.2 million units globally.
North America was the largest revenue contributor in 2013, accounting for almost 43% of the global power banks market revenue. Limitless demand of power (charge) from gadgets including smartphones, tablets, laptops and other smart gadgets is primarily fueling the demand for power banks.
The power banks market in developed economies such as Western Europe and North America has lately witnessed increase in demand for Lithium-polymer power banks, owing to its features and specifications such as slimness, light weight and safety over Lithium-ion power banks.
Asia Pacific is analyzed to be the fastest growing market for power banks in terms of revenue as well as unit shipments during the forecast period. The growth in this region is primarily attributed to the low cost of power banks in countries such as India, South Korea, China, and Indonesia.
Low cost Lithium-ion power banks are expected to drive the demand for power banks in emerging regions such as Asia Pacific, Middle East and Africa, and Latin America during the forecast period.
Increased demand and usage of mobile devices along with increasing broadband and wireless services (3G, 4G) penetration is driving the demand for power banks, globally. Growth in online retailing industry and reduction in prices of power banks is further cementing the growth of power banks market.
Leading players in the power banks market are focusing on strengthening its distribution channels and thereby increasing its regional reach. Multichannel retailing is a key trend adopted by leading OEMs in the power banks market.
Portable power banks are expected to drive the market for power banks in the emerging regions. Decline in average selling price of power banks is further expected to fuel the market growth further.
