Power Bank Market Size is Projected to Reach USD 28.51 billion by 2032, Growing at a CAGR of 3.92%: Straits Research

Power Bank Market Size, Share & Trends Analysis Report By Capacity Range (1,000–5,000 mAh, 5,001–10,000 mAh, 10,001–15,000 mAh, 15,001–20,000 mAh, Above 20,001 mAh), By Distribution Channel (E-commerce, Brick and mortar), By Battery Type (Lithium-ion (Li-ion), Lithium polymer (Li-polymer)), By Energy Source (Electric, Solar), By Unit of USB Port (1 USB Port, 2 USB Ports, More than 2 USB Ports), By Application (Smart Phone, Tablet, Laptop, Portable Media Device, Wearable Device, Digital Camera, Others), By Price range (Low, Medium, Premium) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

| Source: Straits Research Private Limited - Garner Insights Straits Research Private Limited - Garner Insights

New York, United States , Aug. 20, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global power bank market size was valued at USD 19.56 billion in 2023. It is expected to reach USD 28.51 billion by 2032, growing at a CAGR of 3.92% during the forecast period (2024-2032).

A power bank is a portable battery with an energy storage circuit that can be charged from an external source and discharged when the user needs power. These devices are currently fashionable across the globe as a result of the increased adoption of digital products. The demand for them among tech-savvy consumers is also fueled by their distinctive qualities, such as portability, versatility, fast charging, and low price. A power bank is the best option to prevent the device from turning off in the event of a prolonged power outage or an erratic electricity supply.

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Market DynamicsRising Demand for Smartphones Drives the Global Market
The rapid expansion of the internet and the pervasive use of social networking sites in China, India, and Indonesia contribute to accelerating smartphone adoption. The prevalence of online banking and shopping has also increased consumer demand for smartphones, which has boosted the power banks’ market. Due to increased internet usage, rapid connectivity, and the installation of power-hungry apps, mobile phone batteries deplete quickly. The global power bank market is expected to grow due to the rising use of power banks to extend the battery life of smartphones.

Growing Use of Hydrogen and Solar Cells Creates Tremendous Opportunities
Solar and hydrogen cell technology will eliminate the need for electric power in power banks. These cells further the green energy movement by encouraging the use of renewable energy sources. Solar and hydrogen cells are expected to transform and expand the power bank's functionality from a backup/plug-in charger to an entirely new independent energy source to attract new clients and user groups. As a result, it is predicted that incorporating solar and hydrogen cells into power banks will create lucrative market expansion opportunities.

Regional Analysis
Asia-Pacific is the most significant global power bank market shareholder and is expected to grow at a CAGR of 4.3% during the forecast period. It is the most lucrative market for power bank technologies because of the availability of high-end enhanced technologies, growing demand for smart electronics, and the expansion of the manufacturing industries. In addition, several beneficial non-profit organizations promote the manufacturing of electronic devices, which helps the market grow. The numerous initiatives these organizations take to create an infrastructure that uses cutting-edge technologies drive the growth of the power bank market in the area. The use of power banks has significantly increased in the Asia-Pacific region. As a result, Xiaomi decided to offer power banks in addition to its range of smartphones.

North America is expected to grow at a CAGR of 2.4% during the forecast period. North America, a promising continent for the power bank market, has seen the most significant contribution from the U.S. to market growth. The early adoption of new technology and the prevalence of numerous U.S.-based businesses make investigating newer applications more accessible. Businesses in the highly fragmented market have used merger and acquisition strategies to increase their market share. Power bank technology is used in numerous mobile phones, laptops, speakers, and other portable electronic devices. The primary factor affecting the power bank market is the increasing number of people using smartphones and tablets globally. In addition, the market is expected to benefit greatly from technological advancements like hydrogen and solar cells in power banks.

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Key Highlights

  • The global power bank market size was valued at USD 19.56 Billion in 2023. It is expected to reach USD 28.51 Billion by 2032, growing at a CAGR of 3.92% during the forecast period (2024-2032).
  • Based on battery time, the global power bank market is bifurcated into lithium ion and polymer. The lithium-ion segment is the highest contributor to the market and is expected to grow at a CAGR of 3.8% during the forecast period.
  • Based on power rating, the global power bank market is bifurcated into up to 3,000 mAh, 3,001–8,000 mAh, 8,001–20,000 mAh, and above 20,000 mAh. The 8,001–20,000 mAh segment owns the highest market share and is expected to grow at a CAGR of 3.6% during the forecast period.
  • Based on distribution channels, the global power bank market is bifurcated into online and offline. The online segment owns the highest market share and is expected to grow at a CAGR of 3.7% during the forecast period.
  • Based on price range, the global power bank market is bifurcated into low range, mid-range range, and premium range. The mid-range range segment is the highest contributor to the market and is expected to grow at a CAGR of 3.8% during the forecast period.
  • Asia-Pacific is the most significant global power bank market shareholder and is expected to grow at a CAGR of 4.3% during the forecast period.

Competitive Players

  1. ADATA (Taiwan)
  2. Anker Innovations (China)
  3. AUKEY (China)
  4. Xiaomi (China)
  5. RAVPower (US)
  6. GRIFFIN (US)
  7. Lenovo (China)
  8. mophie (US)
  9. AMBRANE (India)
  10. INTEX (India)
  11. myCharge (US)
  12. Omnicharge (US)
  13. UIMI (India)
  14. uNu Electronics Inc. (US)
  15. Zendure (US)
  16. ROMOSS (China).

Recent Developments

  • ADATA released the T5000C power bank in May 2020. It has a 5,000 mAh power capacity and a gorgeously carved flower design for a spring-inspired aesthetic and delightful tactile sensation.
  • The 10,000 mAh wireless power bank from Xiaomi, which enables up to 10W rapid wireless charging, was introduced in India in March 2020. Both two-way rapid charging and 18W wired charging are supported by the power bank.
  • The Mi Power Bank 3 Pro, Xiaomi's most recent power bank, was introduced in China in January 2019. The USP of the power bank is that it enables two-way 45 W rapid charging through the USB Type-C connector and has nine levels of circuit chip protection in addition to low power compatibility for smart wearables.

Market Segmentation

  1. By Capacity Range
    1. 1,000–5,000 mAh
    2. 5,001–10,000 mAh
    3. 10,001–15,000 mAh
    4. 15,001–20,000 mAh
    5. Above 20,001 mAh
  2. By Distribution Channel
    1. E-commerce
    2. Brick and mortar
  3. By Battery Type
    1. Lithium-ion (Li-ion)
    2. Lithium polymer (Li-polymer)
  4. By Energy Source
    1. Electric
    2. Solar
  5. By Unit of USB Port
    1. 1 USB Port
    2. 2 USB Ports
    3. More than 2 USB Ports
  6. By Application
    1. Smart Phone
    2. Tablet
    3. Laptop
    4. Portable Media Device
    5. Wearable Device
    6. Digital Camera
    7. Others 
  7. By Price range
    1. Low
    2. Medium
    3. Premium
  8. By Region
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East and Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/power-bank-market/segmentation

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