According to a new market report published by Transparency Market Research titled “Power Bank Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027,” the global power bank market is expected to reach a value of US$ 15,994.6 Mn by 2027. The market is estimated to expand at a CAGR of 6.5% during the forecast period from 2019 to 2027. Based on volume in units, the market stood at around 376.7 million units in 2018. In terms of region, Asia Pacific acquired greater share in the power bank market in 2018.
Asia Pacific is one of the biggest manufacturing hubs of electronic devices such as Bluetooth speakers, smartphones, iPads, etc. Manufacturers such as Mi-Corporation manufacture several devices such as smartphones and wireless earphones along with the power banks. Presence of such players in the region who provide cost effective products help consumers to demand power banks. India and China are the two prominent countries in the region with huge population. Growth in smartphones has fueled the growth in demand for power banks.
Rise in demand for easy and convenient charging options has helped global manufacturers to innovate with the product and to make lightweight and high charging capacity power banks. The development of smart devices has helped in driving demand for power banks. Innovations by manufacturers have also led to increased demand for the product. However, smartphones having high capacity batteries and efficient chipset in the device is the restraint which can affect the demand for power banks.
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Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments