The power bank market is expected to grow at a CAGR of 21.22% between 2017 and 2022 and is likely to be valued at USD 25.16 billion by 2022
The key driving factors for the growth of the market include the increasing usage of electronic devices such as smartphones and tablets, technological advancements, and electric outage in certain countries. However, the major restraining factors for the growth of this market are improvement in the battery capacity of electronic devices and increasing adoption of wireless charging technology in consumer electronic devices.
The market for power banks with a capacity range of 12500-15499 mAh is expected to grow at a high rate between 2017 and 2022. The increased battery capacity of mobile devices and laptops require high capacity power banks to recharge these devices; this is expected to drive the growth of the market.
Smartphones hold the largest size of the power bank market; the market for smartphones is expected to grow at a high rate between 2017 and 2022. The increasing penetration of smartphones, along with the extensive use of Internet services, is draining the battery power of smartphones rapidly. Hence, the demand for power banks to run smartphones for a longer duration is increasing in the market.
The market for power banks in Europe is expected to grow at a high rate between 2017 and 2022. The manufacturers in Europe are continuously seeking for new growth opportunities by focusing on new technological developments in the power bank market. In addition, the presence of a large number of techno savvy consumers with high disposable income contributes to the growth of the power bank market in Europe.
Increasing Usage of Smartphones and Tablets
Decline in Price of Power Banks
Increased Power Consumption of Electronic Devices Due to Advancement in Technology
Electric Outage in Certain Countries Supporting Growth of the Power Bank Market
Improvement in Battery Capacity of Electronic Devices
Poor Quality of Power Banks
Increasing Adoption of Wireless Charging Technology in Consumer Electronic Devices
Development of Solar and Hydrogen Fuel Cell-Based Power Banks