Knowledge Sourcing Intelligence announces the publication of a new report on “Global Power Bank Market - Forecasts from 2020 to 2025" to their offering.
Power banks are portable chargers that can be used to charge electronic devices. These power banks are available in different battery types and capacities. The major factor driving market growth includes booming travel and tourism industry around the globe.
According to the report, the Global Power bank Market is projected to increase at a CAGR of 13.03% in the coming years.
Booming smartphone adoption is driving the market growth
The key factor that is driving the global power bank market growth is the rapid penetration of smartphones and other digital handheld devices in both developed and developing economies of the world. Furthermore, the expansion of distribution channels and growing acceptance of online sales channels due to the booming penetration of internet especially in the developing economies such as China, India, and Vietnam among others is also a major factor driving the power bank market growth over the course of the next five years. The rapid advancements in technology has led to a constant decline in the prices of power banks throughout the globe, this is also playing a significant role in shaping up the global power bank market growth in the next five years. These power banks offer on the go charging and further enables the users to enjoy all the sorts of conveniences by charging the electronic devices anywhere, thus providing a great benefit to frequent travelers. Thus, healthy growth in the tourism industry around the globe is also a key factor supplementing the demand for power banks in the next five years, thereby driving the market growth in the next five years.
Furthermore, the emerging trend of technology along with the constant increase in the penetration of internet in both developed and developing economies of the world is a major factor that has led to an upsurge in the demand for electronic gadgets, thus further positively influencing the demand for power banks and drive the market growth in the near future. The constant participation of the key market players in the form of R&D for the development and launch of new and advanced products with high-tech features is a key factor that is propelling the opportunities for the market to grow in the near future.
The segmentation of the global power banks market has been done into type, application, and geography. On the basis of type, the segmentation of the market has been done on the basis of Lithium-Ion (Li-Ion) Battery and Lithium Polymer (Li-Polymer) Battery. By application, the segmentation of the market has been done into digital camera, laptop, portable media device, smartphones, tablets, wearable device, and others. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Geographically, market in the Asia Pacific region is expected to witness a promising growth over the coming years on account of a decent increase in the urban population in the developing countries of the region such as India and China among others. Also, the changing lifestyle of the people living in these countries is also contributing towards the increased demand for convenience goods and services, thereby supplementing the market growth throughout the forecast period.
The major players covered as part of the report are ADATA Technology Co., Huawei Device Co., Ltd., Lenovo, Sony Corporation, Syska, and Philips among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/power-bank-market
This report has segmented the global power bank market on the basis following terms: