Chinese Power Bank Market Expected to Grow 26 Percent
According to a report from TechSci Research, experts anticipate the power bank market in China to grow more than 26 percent from now until 2020. This growth is, in part, due to the increasing number of the nation's smartphone users, as well as an increase in disposable income and Internet access.
China, a nation of 1.36 billion people, is the largest consumer base in the world, with a large population of young people who depend on power banks for charging mobile phones and other electronic devices.
Power bank manufacturers in China are collaborating with more online retailers. China also has seen an increase in sales of laptops, smartphones, tablets and MP3 players, all of which can be charged with a power bank.
TechSci researchers expect 8,000 mAh capacity chargers to be the most popular, mostly due to the low price point compared to the more powerful chargers.
"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 to 50 large-scale manufacturers," said Karan Chechi, research director with TechSchi Research, in a press release. "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."
Most power banks were sold in the eastern region of China in 2014, and the forecast indicated that this trend will continue in the future.