Power bank is a portable or compact source of charging (with in-built
battery) that charges digital gadgets such as smartphones, laptops,
tablets, phablets, and Mp3 player. Social mobile applications enabled
by internet, and other services such as video streaming consumes high
power and in turn swiftly drains the battery of gadgets. Growing use
of smartphone for various application has fostered the adoption of
power banks, and with increasing number of smartphone, the traction
in the adoption of power banks is anticipated to continue over the
forecast period.
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The global power banks market is classified on the basis of product
type as phone charging case (battery case), portable power banks
(excluding solar power banks) and solar power banks. In 2013,
portable power banks segment dominated the global power banks market
in the terms of revenue and unit shipments. With increasing
functionality and convenience offered by these power banks over other
types, this segment is expected to retain its dominance throughout
the forecast period. On the basis of power rating, the market is
segmented as: power banks up to 3,000mAh, 3,001 – 8,000mAh, 8,001 –
20,000mAh and above 20,000mAh. In 2013, power banks segment with
power rating of 3,001 – 8,000mAh dominated the global power banks
market in terms of revenue. The growth was mainly driven by the
adoption of these power banks in the matured economies such as
Western Europe and North America. Large number of consumer base in
these regions with two or more gadgets mostly prefer to have a cost
effective power banks which can charge two smart gadgets
simultaneously. Power banks market is also segmented based on the
type of battery (it consists) as Li-ion and Li-polymer power banks.
In 2013, Li-ion power banks accounted for major share accounting
almost 86% of the global power banks market in terms of unit
shipments.
Increasing smartphone and tablet penetration is driving the adoption
of power banks globally. High speed mobile internet networks consumes
more power and drains battery. This in turn has propelled the need of
power for smartphones and tablets. Emerging regions such as China and
India are expected to have significant revenue opportunity during the
forecast period. The growths is primarily attributed to increasing
penetration of smartphone and high speed mobile internet in these
regions. In addition, increasing competition among regional and
global players is expected to observe decrease in the average selling
prices for power banks over the forecast period. This is expected to
witness increase in the adoption of power banks in the price
sensitive region; however adversely impacting the profitability of
major players. Innovation is differentiating factor among various
products (power banks) in the market. Introduction of safety
standards in the power banks is boosting the adoption of innovative
and quality power banks. Vendors are providing customized power banks
with enhanced aesthetics to obtain competitive edge. Competitive
pressure to offer quality products at low price is one of the
significant challenges for vendors in this market. Moreover,
advancements in the smartphones such as solar panel fixed over
smartphone screens which charges smartphones when exposed to direct
sunlight is expected to impact the procurement of power banks market
in the long run.
The power banks market is highly fragmented with many regional and
global players in the market. In order to sustain in the competitive
environment, vendors are offering low cost uncertified power banks in
price sensitive regions such as Middle-East and Africa (MEA) and Asia
Pacific. Low or no awareness about the safety standards associated
with the power banks is propelling the demand for uncertified power
banks in these regions. Currently, North America dominates the global
power banks market in terms of revenue; however, increasing
smartphones penetration in Asia Pacific is expected to bolster the
growth of power banks market in Asia Pacific during the forecast
period.
Major players in the power banks market include Mophie, Inc., MiPow
Limited, Hitachi Maxell, Ltd., Xtorm BV, Limefuel LLC, EassyAcc.com,
Inc., Panasonic Corporation, Sony Corporation, Samsung Electronics
Co. Ltd., Apacer Technologies, Inc., Anker and GP Batteries
International Ltd among others. Product innovation, strengthening
distribution channel, leveraging eCommerce platforms to drive sales,
and certifying products are few of the strategies adopted by leading
players in the power banks market.
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