Power banks: Key market research findings
- Rising demand from high-end devices
- High storage capacity power banks at low prices
Technavio has released a new market research report on the global power banks market, which is expected to grow at a CAGR of around 22% between 2016 and 2020. The increasing penetration of smartphones coupled with the extensive use of internet services via applications installed on such devices is expected to augment the demand for power banks during the forecast period. APAC leads the global market for power banks, accounting for 43% of the total market share. The presence of large vendors like Xiaomi, OnePlus, and Sony in this region is an important growth-promoting factor as these vendors provide high-quality power banks at low prices.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“To withstand market competition, the vendors are offering quality power banks with high battery charge storage capacity, at relatively lower costs. Increased usage of high-end devices such as smartphones has surged the demand for high capacity power banks. The high powered network operations in smartphones and tablets need frequent recharging, thereby triggering demand for power banks,” says Asif Ghani, Lead Analyst, Hardware & Semiconductor, Technavio Research.
The recent shift toward 4G networks is the key driver for the growth of this market. Due to the advent of 4G networks, most users browse the internet for high-quality digital content through their smartphones and tablets. This increase in the usage of mobile data is expected to augment market growth as power banks play a critical role in ensuring frequent battery recharges in the absence of a power source.
The leading vendors in the global power banks market include Hitachi Maxell, Limefuel, Mipow, Mophie, and Xtorm. This market is highly fragmented owing to the presence of numerous small and large vendors. The vendors in this market compete on the basis of price, quality, reputation, distribution, and promotion to gain maximum traction over their competitors during the forecast period.
A more detailed analysis is available in the Technavio report, Global Power Banks Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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