Burnaby, British Columbia, Canada, October 18, 2015 --(PR.com
)-- According to the recently published TechSci Research report “China Power Banks Market Forecast & Opportunities, 2020,” the power banks market in China is forecast to grow at a CAGR of more than 26% during 2015 – 2020, on account of increasing number of smartphone users, rising disposable income and growing internet penetration. Moreover, power banks manufacturers in China are increasingly collaborating with various online retailers, who are providing these products at tempting offers and discounts to the consumers. In addition, ongoing development of 3G and 4G internet services is also anticipated to boost the demand for power banks in the country during 2015-20.
With a population of over 1.36 billion in 2014, China accounts for the largest consumer base in the world. The young population, which accounts for majority of the country’s workforce, have paucity of time and often rely on power banks for charging their electronic gadgets, such as smartphones, tablets, MP3/MP4 players, etc. Though mobiles constitute the largest power bank applications segment in the country, increasing sales of laptops with high graphics coupled with growing influx of large capacity power banks is boosting the demand for power banks in the laptops segment as well.
In terms of charging capacity, power banks are categorized into below 8,000mAh, 8,000-10,000mAh, 10,000-15,000mAh and above 15,000mAh. Among these power banks categories, power banks below 8,000mAh capacity are anticipated to dominate the country’s power banks market over the next five years, predominantly on account of their low selling price. Region-wise, the eastern region of China dominated the power banks market in 2014, and the region is forecast to maintain its dominance during 2015 – 2020.
“With the industry witnessing increasing consolidation, it is anticipated that approximately 500 power bank manufacturers will remain in the country by the end of 2015, which would include around 40-50 large scale manufacturers. Moreover, introduction of multifunctional power banks offering various features, such as projectors, laser lights, emergency car jump starter function, WIFI/3G router, etc., is anticipated to further boost consumer adoption over the next five years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.