In terms of volume, in 2013, the power banks market witnessed shipments of 334.2 Mn units globally. North America was the largest revenue contributor in 2013, accounting for almost 43% of the global power banks market revenue. Limitless demand of power (charge) from gadgets including smartphones, tablets, laptops and other smart gadgets is primarily fueling the demand for power banks. Introduction of technologically advanced consumer electronic devices along with its decreasing prices in the price sensitive regions is cementing the growth of power banks market.
The power banks market in developed economies such as Western Europe and North America has lately witnessed increase in demand for Lithium-polymer power banks, owing to its features and specifications such as slimness, light weight and safety over Lithium-ion power banks. Asia Pacific is analyzed to be the fastest growing market for power banks in terms of revenue as well as unit shipments during the forecast period.
The growth in this region is primarily attributed to the low cost of power banks in countries such as India, South Korea, China, and Indonesia. Low cost Lithium-ion power banks are expected to drive the demand for power banks in emerging regions such as Asia Pacific, Middle East and Africa, and Latin America during the forecast period.
Increased demand and usage of mobile devices along with increasing broadband and wireless services (3G, 4G) penetration is driving the demand for power banks, globally. Growth in online retailing industry and reduction in prices of power banks is further cementing the growth of power banks market. Leading players in the power banks market are focusing on strengthening its distribution channels and thereby increasing its regional reach.
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Multichannel retailing is a key trend adopted by leading OEMs in the power banks market. In order to exploit the potential revenue opportunity in emerging economies, leading OEMs are expected to introduce their low cost quality products majorly manufactured in low labor cost regions such as China. With the increasing internet penetration and adoption of high speed internet services by smartphone and tablet users, the demand for power banks is anticipated to continue during the forecast period.
In 2013, the power banks with battery capacity 3001 mAh-8000 mAh was the largest segment in terms of revenue; however, the power banks with battery capacity up to 3,000 mAh dominated the global power banks market in terms of unit shipments. Low priced power banks with battery capacity up to 3000 mAh are expected to be the largest segment in terms of volume throughout the forecast period. In terms of revenue generation, the demand for power banks with battery capacity 3001 mAh-8000 mAh was primarily bolstered by the consumers having high end smartphones and possessing two or more gadgets.
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These power banks can charge high end smartphone with battery capacity of 2200 mAh nearly three times. Portable power banks are expected to drive the market for power banks in the emerging regions. Decline in average selling price of power banks is further expected to fuel the market growth further. Low power rating portable power banks are manufactured by most of the vendors, due to which this segment faces rising price pressures, affecting vendor’s profit margin in this industry.
The penetration of power banks in the emerging region such as India, China, Brazil, UAE and South Korea is currently quite low; however, with the exponential growth in the demand of smartphones and tablets, OEMs, resellers and distributors (who have integrated backward to manufacture power banks) are viewing this market as a cash cow. In order to utilize this potential revenue opportunity, leading players are focusing on offering low cost power banks (either/neither complied by safety standards).