Global Power Bank Market to Reach $22.34 Billion by 2027: Allied Market Research

Increase in demand for smartphones and reduced cost of power banks drive the growth of the global power bank market. The market across Asia-Pacific is projected to portray the highest CAGR of 4.2% during the forecast period. The market across Asia-Pacific is projected to portray the highest CAGR of 4.2% during the forecast period.

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Portland, OR, May 17, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global power bank market accounted for $17.41 billion in 2019, and is estimated to reach $22.34 billion by 2027, growing at a CAGR of 3.4% from 2020 to 2027.

Increase in demand for smartphones, rise in demand for power banks for laptops and wearable devices, and reduced cost of power banks drive the growth of the global power bank market. However, wireless charging in smartphones and surge in preference toward rental power banks among users hinder the market growth. On the contrary, use of solar cells and hydrogen cells in power banks, strong distribution network, and emerging trends toward wireless power banks are expected to open lucrative opportunities for the market players in the future.

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Covid-19 scenario:

  • The Covid-19 pandemic created uncertainty in the stock market due to a disrupted supply chain, falling business confidence, and rise in panic among the customers. This has affected the production process in the semiconductor and electronics industries.
  • The electronics manufacturing hubs were temporarily shut down to curb the spread of the virus, which created shortage of materials, components, and finished goods.
  • Lack of business continuity negatively affected revenue, shareholder returns, and growth. This also created disruptions in the compound semiconductor industry.

The global power bank market is segmented on the basis of battery type, power rating, distribution channel, price range, and region.

Based on battery type, the lithium-ion segment held the largest share in 2019, accounting for nearly three-fourths of the market. Moreover, the segment is estimated to register the highest CAGR of 3.7% during the forecast period.

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On the basis of distribution channel, the online segment held the lion’s share in 2019, contributing to more than two-thirds of the market. Moreover, the segment would manifest the highest CAGR of 3.6% during the forecast period.

The global power bank market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to portray the highest CAGR of 4.2% during the forecast period. Moreover, the region held the largest share in 2019, contributing to nearly half of the total revenue of the market.

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The global power bank market includes an in-depth analysis of the prime market players such as Sony Corporation, Samsung Electronics Co., Ltd., Huawei Technologies, Anker, Intex, Mi, Panasonic Corporation, Zagg Inc., Lenovo Group Ltd., and GP Batteries.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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