According to a new market report published by Transparency Market Research “Power Banks Market (Portable Power Banks, Battery Cases, Solar Power Banks) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022”, the power banks market was valued at US$ 7.36 Bn in 2013 and is expected to reach US$ 36.15 Bn by 2022, growing at a CAGR of 25.9% from 2014 to 2022.

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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.

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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. 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.

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