Mobile phones users are said to be the largest consumer for battery power packs. The expanding mobile phones consumers across the globe will significantly attribute to the battery power pack industry in the coming times. Also, the changing lifestyle mainly in urban areas is likely to attribute to the product growth.
In 2016, Pokemon Go application created huge buzz across the world. People were 24*7 involved, this stimulated the market for smartphones as well as power banks significantly. The rage was so high that people started purchasing power banks as it is the only source of charging the phones outdoor. According to a report, this had doubled the sales of power banks lucratively.
The global battery power pack market is currently valued at US$ 6.3 of billion and is likely to undergo a significant growth of over US$ 13 billion during the forecast period of 2016-2024.
Renowned Players to Offer Power Banks
The demand for power battery packs with the higher capacity will expand robustly in the coming years. The power bank manufacturers across the globe are focusing on intensifying the product portfolio and will deliver power banks with superior capacity. It has been estimated that manufacturers will sell power banks with over 10000 mAh capacity by the end of the predictable period.
Lithium (li-ion) power banks are believed to dominate the market further. These type of power banks are highly efficient in transmitting and charging power. This will globally boost the demand for li-ion power battery packs in the coming times.
According to recent report, approximately two-third of overall power bank profits accumulated between during the predictable period will be highly contributed by smartphones and mobile phones. Top most smartphone manufacturers are now providing power bank products. Tablets are said to remain the second leading products for the usage of power battery packs.
Battery Power Packs in Asia Pacific to grow lucratively
Emerging regions such as Latin America and Asia Pacific are facing high preference of consumers towards the purchase of mobile accessories. This has been considerably propelled by rising disposable income in the region, eventually attributing to the growth of mobile phones. Also, expanding adoption of smartphones in China, Brazil, and Indonesia is fueling the growth of power banks lucratively. Countries like Indonesia and China are witnessing migration from rural to urban areas, considerably driving the usage of smartphones. APEJ registered for the highest CAGR for the mobile phones segment.
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Asia Pacific market was estimated around US$ 2,000 million in the year2015. The region is likely to experience productive demand for battery power pack owing to rising adoption of smartphone in the region. Europe, on the other hand, will display sluggish growth for mobile phone sector. This owes to less awareness along with minimum adoption of power banks. It will grow steadily at the CAGR of around 7.9% only. The Middle East & Africa (MEA) is said to witness the slowest growth with the CAGR of 7.4%, the market was valued at US$ 200 million in the year 2015 and is anticipated to surpass US$ 500 million by the end of the predictable period.