Wilmington, Delaware, United States, May 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global power bank market stood at US$ 10.7 billion in 2022 and the global market is projected to reach US$ 18.5 billion by 2031. The global industry is anticipated to expand at a CAGR of 6.3% between 2023 and 2031.
The market value of power bank is increasing due to proliferation of mobile devices. The demand for power banks has grown significantly, with the increasing adoption of smartphones, tablets, and other mobile devices.
Consumers are increasingly relying on these devices for their daily activities, including communication, entertainment, and work-related tasks. Power banks provide a convenient solution for users to charge their devices on the go, without the need for a wall socket.
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Growing popularity of wearable devices is another significant factor contributing to the market growth. The rise of wearable technology such as smartwatches and fitness trackers has also contributed to the growth of the power bank market. The devices require frequent charging and often have limited battery life. Power banks provide a convenient solution for users to charge their wearable devices on the go.
The market prospects have been driven by factors such as increasing demand for wireless power banks over the analysis period. The demand for wireless power banks has been on the rise due to the convenience they offer.
Wireless power banks eliminate the need for cables and allow users to charge their devices simply by placing them on the charging pad, which has led to increased adoption of wireless power banks among consumers.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 10.7 Bn | |
| Estimated Value | USD 18.5 Bn | |
| Growth Rate - CAGR | 6.3% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | Product Type, Capacity, Battery Type, Port Type, Category, Application, Charging Source, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Anker Technology Co. Limited, Apacer Technologies, Inc., Goal Zero Corporation, LLC, GP Batteries International Ltd, IEC Technology, Ltd., Maxell Holdings, Mophie, Inc., Panasonic Corporation., Samsung Electronics Co., Ltd., Sony Corporation | |
Key Findings of the Market Report
- By product, portable power banks segment is likely to be most preferred, expected to expand at a significant share, attributed to rising popularity of travel and outdoor activities, and the increasing availability of lightweight and compact portable power banks.
- Based on category, the personal segment holds a significant market share, due to increasing adoption of mobile devices such as smartphones, tablets, and laptops among individuals for personal use.
- By application, smartphones segment is expected to boost the market growth, attributed to the factors including the increasing usage of smartphones and other mobile devices, coupled with the growing need for uninterrupted connectivity.
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Global Power Bank Market: Growth Drivers
- The global Power Bank market is projected to expand at a steady pace from 2023 to 2031, due to the increasing adoption of eCommerce platforms such as Amazon, Flipkart, among others.
- Another factor that is projected to augment the market growth includes the increasing popularity of wearable devices such as smartwatches and fitness trackers.
- Additionally, emergence of smart cities, growing number of smartphone users, as well as rising demand for renewable energy, are major factors that are anticipated to fuel the market prospects in the near future.
Global Power Bank Market: Regional Landscape
- North America is expected to dominate the Power Bank market during the forecast period, attributed to increasing awareness of environmental sustainability.
- The regional market is witnessing an increase, due to the factors such as rising trend of outdoor activities such as travel, hiking, and camping.
- According to North American Camping Report (2022), in 2021, camping accounted for 40% of all leisure trips, with 53% of travelers including camping in some or all of their travel.
- Increasing demand for portable devices such as laptops, tablets and cameras, is anticipated to escalate the growth of the regional market over the analysis period.
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Global Power Bank Market: Key Players
Some of the key market players in the global Power Bank market are:
- Anker Technology Co. Limited
- Apacer Technologies, Inc.
- Goal Zero Corporation, LLC
- GP Batteries International Ltd
- IEC Technology, Ltd.
- Maxell Holdings
- Mophie, Inc.
- Panasonic Corporation.
- Samsung Electronics Co., Ltd.
- Sony Corporation
Competitive Landscape
Prominent players in the Power Bank industry are taking advantage of the rapidly increasing demand for Power Bank. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2022, Mophie launched the Powerstation Go Rugged with Air Compressor, a power bank that not only has a 15,000mAh battery but also includes a built-in air compressor for inflating tires and other inflatable objects.
- In the same year, Belkin unveiled its new Boost Charge Pro 2-in-1 Wireless Charger Stand with MagSafe, which includes a 10,000mAh power bank that can be detached and used as a portable charger.
- In 2021, Anker introduced the PowerCore III 10K Wireless, a 10,000mAh wireless charging power bank that can charge up to three devices at once.
Global Power Bank Market: Segmentation
Product Type
- Portable Power Banks
- Solar Power Banks
Capacity
- Up to 5,000 mAh
- 5,001 mAh-12,000 mAh
- 12,001 mAh-20,000 mAh
- Above 20,000 mAh
Battery Type
- Lithium Ion
- Lithium Polymer
Port Type
- Standard
- Type C
- DC Power Jack
Category
- Personal
- Shared
Application
- Smartphones
- Tablets / Laptops
- Cameras
- Others (PCs, Portable Speakers etc.)
Charging Source
- Electric
- Solar
- Hybrid
Distribution Channel
- Online
- E-commerce websites
- Company owned websites
- Offline
- Hypermarkets / Supermarkets
- Specialty Stores
- Others (Retail stores etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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