Power Banks Market Will Increase 25.9% Till 2022

    According to a new market report, because of limitless demand of power banks for gadgets including smartphones, tablets, laptops and other smart gadgets, the power banks market will be growing at a CAGR of 25.9% from 2014 to 2022.
    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. In order to exploit the potential revenue opportunity in emerging economies, leading OEMs are expected to introduce their low cost quality products majorly manufactured in low labor cost regions such as China.

   In the last two years, the power banks with battery capacity 3001 mAh-8000 mAh was the largest segment in terms of revenue; however, the power banks with battery capacity up to 3,000 mAh dominated the global power banks market in terms of unit shipments. Low priced power banks with battery capacity up to 3000 mAh are expected to be the largest segment in terms of volume throughout the forecast period. In terms of revenue generation, the demand for power banks with battery capacity 3001 mAh-8000 mAh was primarily bolstered by the consumers having high end smartphones and possessing two or more gadgets. These power banks can charge high end smartphone with battery capacity of 2200 mAh nearly three times. 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. Low power rating portable power banks are manufactured by most of the vendors, due to which this segment faces rising price pressures, affecting vendor's profit margin in this industry.