Pune, India, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Power Bank Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Capacity, Battery Type, Indicator, and Application," the power bank market size is expected to reach US$ 27.52 billion by 2030 from US$ 10.94 billion in 2022, with an estimated CAGR of 12.6% during 2023–2030. The increasing penetration of smartphones and other electronic devices such as tablets, laptops, and wearables. The growth of the global market is being driven by the increasing frequency of power outages.
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Wireless Charging Power Banks to Fuel Power Bank Market Growth During Forecast Period:
Wireless charging power banks offer the convenience of wirelessly charging compatible devices, eliminating the need for cables and adaptors. They provide a convenient solution for wireless charging-enabled devices on the go. The adoption of wireless charging technology has expanded across various device categories, including smartphones, smartwatches, and wireless earbuds. As more devices incorporate wireless charging capabilities, the demand for compatible power banks naturally increases. Wireless charging power banks enable users to charge multiple devices simultaneously, making them versatile and appealing to a broader range of consumers. Further, wireless charging power banks often incorporate advanced safety features, such as temperature control, over-current protection, and short-circuit prevention, ensuring the safety of both the power bank and the connected devices. As advancements continue, wireless charging power banks are becoming more efficient, delivering faster and more reliable charging capabilities. As wireless charging becomes increasingly popular, the power bank market is witnessing intense competition among manufacturers. Many companies are introducing wireless charging power banks as part of their product offerings to stay competitive and cater to consumer demands. For instance, in October 2022, Stuffcool launched a 10,000 mAh power bank with 15 W wireless charging support. Increasing innovation, development of new features, enhanced designs, and improved performance in wireless charging power banks are driving the power bank market growth.
Global Power Bank Market: Industry Overview
The power bank market is segmented based on capacity, battery type, indicator, and application. Based on capacity, the power bank market is segmented into 1000–5000 mAh, 5001–10000 mAh, 10001–15000 mAh, 15001–20000 mAh, and above 20001 mAh. Based on battery type, the power bank market is bifurcated into lithium-ion battery and lithium-polymer battery. Based on indicator, the power bank market is bifurcated into LED lighting and digital display. Based on indicator, the power bank market is categorized into smartphone, tablet, laptop, wearable device, digital camera, and others. By region, the power bank market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The global power bank market is segmented into five major regions: North America, Europe, APAC, MEA, and SAM. In 2022, Asia Pacific led the global power bank market with a substantial revenue share, followed by North America and Europe. APAC has a massive consumer market, including countries such as India, China, Japan, South Korea, and Australia. The region is known for its technological advancements and manufacturing capabilities. Many electronic manufacturers are based in the region, which has resulted in a wide variety of products being available to consumers. Major technology companies and research institutions in countries such as Japan and South Korea have contributed to innovation and development in the consumer electronic sector. In May 2023, Huawei launched new smartwatches, such as Watch Ultimate, Watch D, Watch Buds, and FreeBuds 5 earbuds. APAC has a high production rate of smartphones. Various companies in APAC are launching new smartphones with new features for customers. For example, in December 2022, brands such as Realme, Xiaomi, iQOO, and Moto unveiled new smartphones. There is a rising health awareness trend in APAC. Consumers are becoming more conscious of their well-being and are adopting wearable devices and smartphones to monitor their physical activity, track vital signs, and manage their overall health. Fitness trackers and smartwatches with health-monitoring features have gained popularity among consumers. All such factors contribute to the growth of the power bank market size in Asia Pacific.
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Global Power Bank Market: Competitive Landscape and Key Developments
Lenovo; Xiaomi; Anker Innovations Technology Co., Ltd; ADATA Technology Co., Ltd.; AUKEY Online, Ambrane India Pvt Ltd.; Vinci Brands LLC; Intex Technologies.; RAVPower; and ZAGG Inc are among the leading market players profiled in the power bank market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
In June 2020, AUKEY unveiled its Basix Pro Wireless Power Bank, demonstrating the company's dedication to meeting the needs of a connected, on-the-go lifestyle. Its slimline design, generous 10000 mAh capacity, and wireless charging capabilities of up to 10 W offer convenience and versatility. Including a flip-out stand further enhances the user experience, enabling hands-free viewing during charging. This innovative power bank was designed keeping in mind tech-savvy individuals seeking a portable, efficient charging solution.
In May 2021, Lenovo announced the launch of its new sub-brand, Lenovo Go, offering purpose-built PC accessories designed to enhance mobile productivity and cater to the needs of a hybrid workforce. The introduction of the Lenovo Go USB-C Laptop Power Bank and Lenovo Go Wireless Multi-Device Mouse aimed to address power issues and provide seamless input across multiple devices. These accessories provided practical solutions to the challenges faced by remote workers, allowing them to work productively anywhere.
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