Rising Use of Handheld Electronic Devices to Drive Global Power Banks Market
Power Banks Market
Increasing use of on-the-go electronic devices drives the outrageous demand for external batteries, enabling the power banks market to grow at a whopping 25.9% CAGR from 2014 to 2022, states a new market study from Transparency Market Research (TMR). The report, titled “Power Banks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, states that the global power banks market, valued at US$7.36 billion in 2013, is expected to be valued at US$36.15 billion by 2022.By volume, in 2013, 334.2 million unit power banks were shipped. In the same year, North America contributed the largest revenue, accounting for almost 43% of the market, adds the report.
Browse the full Power Banks Market Report at http://www.transparencymarketresearch.com/power-banks-market.html
Widespread and growing use of electronics such as smartphones, laptops, tablets, and other devices has led to increasing demand for external battery sources. This is one of the main reasons cited for the growing demand for power banks. Consistent advancement in broadband technology, with the availability of 3G and 4G wireless services, is fostering demand for electronics, which in turn is benefitting the power banks market.In addition, consistent technological advancements in consumer electronics combined with decreasing prices in price-sensitive regions is augmenting growth of the power banks market.
Growth of the e-commerce sector is regarded as a significant factor for the expansion of the power banks market. Leading companies in the market are focusing on strengthening their distribution channels to reach out to remote locations. To leverage the opportunities available in the power banks market, OEMs are developing low-cost products manufactured mainly in regions that have low labor costs and adopting multichannel retailing to reach out to a large number of consumers.According to the report, of late, lithium-polymer power banks have witnessed substantial demand in the developed economies of North America and Western Europe of late. This is mainly due to their features such as light weight, slimness, and safety in comparison to lithium-ion power banks.However, Asia Pacific is expected to exhibit the fastest growth in the power banks market due to low prices of power banks in South Korea, Indonesia, India, and China.
Power Banks Market