2020-25 global mobile power market compound annual growth rate of about 8.1%

According to the latest report released by Markets and Markets, the global mobile electric/power bank market is expected to reach $9 billion in 2020, and this data is expected to increase to $13.
4 billion by 2025, with a compound annual growth rate of 8.
1%
during the period.

According to the report, the growth of this market will be driven
by the integration of advanced technologies in mobile power banks, increasing power consumption of smartphones due to various software applications, declining mobile power prices, and sudden shifts in jobs.

The COVID-19 pandemic swept the globe in 2020, and the resulting surge in demand for laptops stimulated by working from home and distance learning, factors contributed to the increase in the demand for the power bank market in smartphones, tablets, portable media players, wearables, digital cameras, and other applications
.

In terms of battery type, lithium-ion battery mobile power dominated the global market
in 2019.
Lithium-ion batteries have a higher energy density, i.
e.
, they can store more charge at a given size or volume, and are cheaper to manufacture due to lower production costs and lower maintenance requirements compared to lithium-polymer batteries
.
Factors such as high energy capacity, cheap price, lower production and maintenance costs, and higher battery conversion rate are driving the development
of lithium-ion battery-based mobile power sources.

Due to the COVID-19 pandemic, the manufacture and consumption of lithium-ion batteries will decrease more than expected in the short term, as most lithium-ion battery manufacturers are concentrated in China, and the disruption of the supply chain is a factor, and the lithium-ion battery-based power bank market may be negatively
affected in the short term.

In terms of power bank type, products with 2 USB ports dominated the global market
in 2019.
This trend is expected to continue
during the forecast period.
Factors such as charging 2 portable devices at once, light weight, more efficient output, and cheaper price are factors driving the development of power banks with 2 USB ports
.

In terms of market region, Asia Pacific had the largest mobile power market share in 2019, followed by North America and Europe
.
The market in the Asia-Pacific region mainly includes developing economies such as China and India, which have great potential
for mobile power.
The growing demand for portable consumer electronic devices and next-generation electronics in countries such as China, Japan, and South Korea is driving the power bank market
in Asia Pacific.
The mobile power market in the Asia-Pacific region is highly competitive, with both established players and new players entering the market
.
These companies are constantly upgrading their product portfolios
by launching technologically advanced products.