A power bank is a portable device that can supply power from its built-in battery through a USB port. Power banks are popular for charging USB charged devices and can be used as a power supply for numerous USB devices such as small fans and lights. Generally, they recharge with a USB power supply. Furthermore, a power bank includes a control circuit that regulates charging of the battery. It also converts battery voltage to 5.0 volts for the USB port. There are different types of portable battery packs including a lithium-ion battery, lithium-polymer, nickel-metal, nickel-cadmium, etc.
The Global Portable Battery Pack (Power Banks) Market was valued for US$ 986.9 Mn in 2021 is expected to exhibit a CAGR of 8.3% during the forecast period.
Recent Developments:
- Key players are involved in product development, in order to expand the product portfolio. For instance, in October 2021, Anker Technology Co. Limited, an electronics and accessory manufacturer, introduced its new MagSafe compatible accessories. There ought to be a battery pack, a car charger, and 3 desktop chargers in the new product line.
- Key players are involved in product development, in order to expand the product portfolio. For instance, in June 2020, Xiaomi, a designer and manufacturer of consumer electronics has introduced MI power bank 2I with 10,000mAh.
Restraint:
- Advent of smartphones with larger battery capacity is expected to hamper the global portable battery pack (power banks) market growth over the forecast period
- Constant threat of piracy is expected to restrain growth of the global portable battery pack (power banks) market during the forecast period
Portable Battery Pack (Power Banks) Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 986.9 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 8.3% | 2030 Value Projection: | US$ 1985.5 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Anker Technology Co. Limited, Braven LC, BYD Company Limited, Cheero USA, Inc., Energizer Holdings, Inc., mophie, Inc., Panasonic Corporation., Simplo Technology Co. Ltd., Sony Corporation, Xiaomi. | ||
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| Restraints & Challenges: |
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Global Portable Battery Pack (Power Banks) Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has affected the Global portable battery pack (power banks) market significantly. The lockdown was imposed across the globe as a precautionary measure by governments. This led to temporary suspension of all businesses in the electronics sector. Portable Battery Pack (Power Banks) is widely used to charge cell phones, tablets, speakers, and even laptops. They can either be larger with a higher capacity or smaller with the potential to fit in pockets. However, the pandemic caused financial problems for portable battery packs (power banks) and had an impact on their supply chain and R&D. So it had an immediate effect on the sales of portable battery packs (power banks). And hence, during the epidemic, the global portable battery pack (power banks) industry grew slowly.
Asia Pacific held a dominant position in the global Portable Battery Pack (Power Banks) market in 2021
Statistics:
Asia Pacific region dominated the global portable battery pack (power banks) market in 2021, accounting for a 64.7% share in terms of value, followed by Europe, and North America, respectively.
Figure 1: Global Portable Battery Pack (Power Banks) Market Share (%), By Region, 2021
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Asia Pacific Portable Battery Pack (Power Banks) Market is expected to witness a CAGR of 8.3% over the forecast period.
Asia Pacific Portable Battery Pack (Power Banks) Market is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is owing to increasing demand for Portable Battery Pack (Power Banks).
Figure 2: Global Portable Battery Pack (Power Banks) Market (US$ Mn) Analysis and Forecast, 2017 - 2030
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The Global Portable Battery Pack (Power Banks) market was valued at US$ 986.9 Mn in 2021 and is expected to reach US$ 1985.5 Mn by 2030, growing at a CAGR of 8.3%% between 2022 and 2030.
Major players operating in the Global Portable Battery Pack (Power Banks) market include Anker Technology Co. Limited, Braven LC, BYD Company Limited, Cheero USA, Inc., Energizer Holdings, Inc., mophie, Inc., Panasonic Corporation., Simplo Technology Co. Ltd., Sony Corporation, Xiaomi.
