Portland, OR, May 06, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global power bank market garnered $16.34 billion in 2017, and is expected to generate $19.40 billion by 2025, growing at a CAGR of 2.03% from 2018 to 2025. The research provides a detailed analysis of the key winning strategies, changing market dynamics, market size & projections, key segments, and competitive landscape.
Upsurge in penetration of digital products including smartphones, notepads, iPads, headphones, and Bluetooth speakers that contain rechargeable batteries facilitates the growth in the market. Moreover, advent of new technologies in consumer electronics including artificial intelligence (AI), wireless technologies, and IoT services along with surge in penetration of internet services driving the usage of gadgets boosts the market growth. However, surge in utilization of wireless charging and improvement in battery capacities of electronic devices hinder the market growth. On the other hand, usage of hydrogen cells and solar cells in power banks along with huge distribution network create opportunities in the industry.
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Lithium ion segment to offer lucrative opportunities
Based on battery types, the lithium ion segment accounted for nearly three-fourths of the total share in 2017 and is expected to maintain its dominance through 2025. Moreover, this segment would register the highest CAGR of 2.33% from 2018 to 2025. This is attributed to the wide adoption of lithium-ion batteries in consumer electronics for its high-energy density and huge battery life. Moreover, its economical nature in comparison to lithium-polymer. The research also analyzes the lithium polymer segment.
Online segment to be a lucrative segment during the forecast period
The online segment held the largest share, accounting for more than two-thirds of the market share in 2017 and is expected to maintain its dominance during the forecast period. Moreover, this segment would register the largest CAGR of 2.49% from 2018 to 2025. This is attributed to online platforms being cost-efficient and offer various electronics products as required by consumers. The offline segment is expected to grow steadily through 2025.
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Asia-Pacific to become the fastest growing region
Asia-Pacific would grow at the highest CAGR of 2.9% during the forecast period, owing to surge in number of users of smartphone along with new product launches of tablets. In addition, portable media devices including camera and laptops have been trending in various nations of Asia-Pacific. LAMEA accounted for nearly half of the market share in 2017 and will maintain its dominant position throughout 2025. This is attributed to considerable increase in smartphone adoption in the Middle East region along with inclination of usage of mobile phone accessories products. Moreover, surge in tech-savvy youth population looking for premium and designed products would increase the demand.
Leading market players
The key market players explored in the research include Samsung Electronics Co., Ltd., Anker, Sony Corporation, Xiaomi Corporation, Huawei Technologies, Zagg Inc., Intex, Xtrom, GP Batteries, and Lenovo Group Ltd.
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