The Key Ingredients behind the Success story of Portable Power Bank market

The Key Ingredients behind the Success story of Portable Power Bank market
The global power bank market size was valued at $ 16,338.1 million in 2017 and is expected to reach $ 19,404.2 million by 2025, registering a CAGR of 2.0% from 2019 to 2025.

With the rise of smart phones, the price of the power bank starts to decline. Therefore it the demand of the power bank started to gain demand. Most of the Smart phones not able to provide the full battery backup even modern smart phones need to charge by evening; this is because of the heavy graphics and more RAM. Modern smart phones are highly advanced with the latest chips and powerful processor which heat the phone quickly, which as a result the battery in the phone starts to drain much quicker.

In 2011 power bank was first displayed in Las Vegas International Consumer Electronics Show. From 2011 to 2019, the smart phones market has turned the technology in phones. Modern phones consist of high capacity in memory, high resolution, much higher RAM, and many other advanced features.

The power bank comes in two batteries variant:

• Li-ion battery

• Lithium Polymer

By the time when the latest smart phones continuously knocked on the door in the market, the consumer bought hand on hand. But again the same problems peoples face is the battery backup. In 2012 power bank came to market in the US, and it was like a new life for phones and for the consumers who were frustrated with their phone battery up.

Many electronic giants stepped in manufacturing power bank because they understood that power bank market would continuously be growing in the coming years, and they were right. As per the US report out of 4 people, 1 person keep power bank along with them. Many reputed brands like Imazing stepped into manufacturing power bank. The brand consistently developed high quality along with portable design, which is easy to carry.

Based on power rating, it is divided into up to 3,000mAh, 3,0018,000mAh, 8,00120,000mAh, and above 20,000mAh. According to the price range, it is divided into low, mid-range, and premium range. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Power bank sales are categorized into two categories:

• Online

• Offline

Online sales have shown its growth over the past few years because with the rise of online platforms, for consumers, it has been an easy act to compare the best power bank and buy. But it does not mean offline sales are nowhere still there is a vast majority of the offline market.

Upcoming Threats

Few phones come with Qualcomm fast charger 3.0, or some come with VOOC charger which charges your phones in 20 minutes. It may hamper the sales of power bank; although still there will be a huge majority of people who will still be using power banks. Latest technologies are not full-proof, thus this not guarantee success.