DUBLIN, Nov. 8, 2019 /PRNewswire/ — The “Power Bank Market by Capacity (1,000-5,000 mAh, 5,001-10,000 mAh, 10,001-15,000 mAh, 15,001-20,000 mAh, Above 20,001 mAh), Units of USB Port, Indicator, Battery Type, Application (Smartphone, Tablet, Wearable Device), and Region – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The Global Power Bank Market Size is Expected to Grow at a CAGR of 10.8% from 2019 to 2024, Reaching USD 17.9 Billion by 2024 from USD 9.5 Billion in 2018.
Growing adoption of wearable devices is propelling the growth of the power bank market
Most wearable devices are wireless and require power to operate at all times; batteries in these devices are not likely to last long with its increasing functionalities. Hence, wearable devices can be conveniently recharged on-the-go using a power bank, thereby enabling devices to last longer. Wearable devices, such as smartwatches, fitness bands, and smart glasses, are gaining rapid attention from end-users, and power banks are anticipated to have a growing demand in this application.
Power bank market to be driven by lithium-ion during the forecast period
The lithium-ion battery segment is expected to hold a significant share of the power bank industry during the forecast period. Currently, lithium-ion batteries are the most used batteries by the manufacturers. Lithium-ion batteries have a high energy density, high conversion rate, and high energy capacity, as well…