New York, May 30, 2023 (GLOBE NEWSWIRE) -- Power banks Market are expected to generate US$ 13.2 billion in 2023 and US$ 55.6 billion in 2033, representing a 15.5% CAGR. A large variety of power banks are available for purchase these days, ranging from sleek and slim designs to rugged and heavy-duty units. The sleek designs of some of these gadgets make them attractive for those on the go, even resembling small laptops or cameras.
Power banks have made a continuous step forward in the development of technology, and some feature safety features such as short-circuit protection, overcharging protection, and temperature control. Power banks and devices that are being charged are protected by these features. Recent years have seen great advancements in the technology behind power banks, and they are expected to continue to improve in the future. With the advent of portable power banks, portable power banks have become an integral part of modern societal lives. With portable power banks, smartphones, and other devices are always charged.
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Increasing power consumption and device power will also increase the need for larger power banks. Power banks that can charge devices multiple times before needing to be recharged will soon be available in capacities over 20,000mAh and even 30,000mAh. The integration of wireless charging capabilities is another area of focus. Wireless charging is now available on many smartphones, and power banks are set to follow suit. By eliminating cords and cables, charging devices will be even more convenient.
Power banks will also undergo design changes in the future. In addition to being compact and lightweight, power banks are becoming increasingly convenient and portable. Power banks that fold and are flexible are also being researched.
Key Takeaways from Market Study
- The lithium-ion battery type is expected to hold 15.3% of the market by the end of the forecast period.
- The market for 8,001mAh-20,000mAh is expected to grow at a CAGR of 15.4% between 2023 and 2033.
- By 2033, power bank sales in the United States are expected to reach US$ 16.7 billion.
- The Japanese power bank market is expected to grow at a CAGR of 14.8% over the forecast period.
- Over the next few decades, power bank sales will grow by 15.5% CAGR.
- According to the forecast, the Chinese market will be worth US$ 4.8 billion in 2033.
“Product developments and the growing demand for portable power banks are likely to boost demand,” says an analyst at Persistence Market Research.
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Market Segmentation
- By Capacity Range (Up to 3,000 mAh, 3,001 mAh-8,000 mAh, 8,001 mAh-20,000 mAh, Above 20,000 mAh)
- By Battery Type (Lithium-ion, Lithium Polymer)
- By Energy Source (Electric, Solar)
- By Distribution Channel (E-commerce, Brick and Mortar)
Regional Analysis
North America is the largest market for power banks, accounting for a share of over 30% in 2022. The growth of the market in this region is driven by the increasing adoption of smartphones and other portable devices, as well as the growing awareness about the benefits of using power banks. Europe is the second-largest market for power banks, accounting for a share of over 25% in 2022. The growth of the market in this region is driven by the increasing adoption of smartphones and other portable devices, as well as the growing popularity of e-commerce.
Competitive Landscape
New products are developed, companies are acquired or merged, investments are made, and partnerships are formed to expand globally. A highly competitive market will enable the industry to offer various cost-effective power banks. Competitiveness in the market will increase with technological advancements.
Leading companies are Beijing Xiaomi Technology Co., Ltd, Lenovo Group Ltd., Microsoft Corporation, Panasonic Corporation, Sony Corporation, AsusTeK Computer Inc., Anker Technology Co. Limited, Intex Technologies, Ambrane India Private Limited, and Samsung SDI Co., Ltd.
- In May 2023, Xiaomi released the Power Bank 10000mAh Pocket Edition with cable in China. This gadget can simultaneously charge up to three devices at up to 22.5W through USB-C and USB-A ports and its built-in USB-C cable. The gadget also has a low current mode and an LED charging indicator.
- In May 2023, Ambrane launched the Powerlit Ultra and Powerlit Boost, two new high-capacity power banks for MacBooks and Type-C laptops. As part of Ambrane's Stylo Boost power bank series, the Stylo Boost power banks were introduced at the beginning of this year.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the power banks market, covering a global industry analysis of 2018-2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how power banks sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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