Market for mobile device power banks growing at over 11% CAGR
According to ResearchAndMarkets.com, the global market for power banks, estimated at US$8.5bn (€8.14bn) in the year 2020, is projected to reach a size of US$16.1bn (€15.41bn) by 2026, growing at a CAGR of 11.1% over the analysis period.
The global market for mobile phone accessories including power banks is growing at a steady rate driven by increasing sales of handheld mobile devices such as smartphones and tablets.
The report, entitled “Power Banks – Global Market Trajectory & Analytics”, explains that the increasing popularity of mobile apps and social media platforms has pushed the time spent by users on mobile phones, creating strong demand for power banks.
Factors supporting growth include increasing affordability of smartphones due to decline in prices, product/technology innovations, diversification of product portfolios, and growing need for mobile phone users to effectively maintain their devices.
Rapid urbanisation, rapid penetration of mobile devices, rising disposable incomes, extensive distribution networks, growing sales of accessories through e-tailers, and burgeoning multi-brand retailers and distributors, particularly in emerging markets such as Asia and Latin America, are significantly driving the demand for smartphones, which in turn is spurring the sales of smartphone accessories.
The power bank market is witnessing the increasing influence of technological advancements and evolving consumer demand for more features. The need to stay competitive is driving vendors of portable electronics devices to incorporate new and more powerful features, while embracing new technology to keep devices streamlined and compact.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Polymer segment has been readjusted to a revised 12.2% CAGR for the next seven-year period. Li-ion batteries remain the most popular option among manufacturers owing to their superior energy density, conversion rates and energy capacity. The lithium-polymer (Li-polymer) battery segment’s growth is driven by engagement of various smart phone manufacturers in production of power banks and higher safety of these batteries than traditional options.
The Power Banks market in the US was estimated at US$2bn (€1.91bn) in the year 2021. China, the world’s second largest economy, is forecast to reach a projected market size of US$3bn (€2.87bn) by the year 2026 trailing a CAGR of 12.8% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.7% and 9.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.2% CAGR. Asia-Pacific continues to be at forefront of market expansion on account of rising population, favorable macroeconomic scenario and growing prevalence of consumer electronic and wearable devices.
Rising demand for portable consumer electronic devices such as smart phones and wearable devices in countries including India, China, South Korea and Japan is creating strong growth prospects for power banks. The trend can be credited to increasing per capita incomes across developing countries and the resulting improving living standards.
Read also: MOBILE ACCESSORIES MARKET SET TO SURPASS €76BN IN 2022
Photo – top of page – Markus Winkler / Unsplash