Global Power Bank Market Report and Forecast 2024-2032

Global Power Bank Market Outlook

The global power bank market size reached approximately USD 15.7 billion in 2023. The market is projected to grow at a CAGR of 6.70% between 2024 and 2032, reaching a value of around USD 28.1 billion by 2032.

Key Takeaways

• A power bank with a capacity of 10,000mAh is typically capable of charging a smartphone up to three times.

• Consumers and manufacturers alike are showing a growing preference for power banks made with eco-friendly materials.

• Significant advancements in battery technology, particularly in lithium-ion (Li-ion) and lithium-polymer (Li-Po) batteries, are shaping the market.

A power bank is a portable rechargeable battery that can be used to charge other devices when conventional wall plugs are not accessible. Power banks range from slim pocket sizes to large high-capacity power banks. They can be used to charge smartphones, tablets, Bluetooth devices, cameras, portable speakers, and other devices.

The growing adoption of mobile devices such as Bluetooth earplugs, tablets, smartphones, and cameras, among others, that need regular charging is supporting the power bank market growth. Power banks enjoy significant popularity as portable, compact, and easy-to-carry rechargeable devices to meet constant charging needs.

Moreover, flourishing smartphone penetration in developing economies has also fuelled the demand for power banks. Trends like remote work and the increasing demand for constant connection, communication, navigation, and entertainment are positively influencing the global power bank market development. The portability of power banks facilitates on-the-go travellers, professionals, and people living in areas with frequent power outages.

Key Trends and Developments

Wireless charging integration; eco-friendly and sustainable solutions; safety and reliability improvements; and the development of new technologies are the major trends impacting the power bank market expansion

March 19th, 2024

Samsung Electronics launched two new power banks in South Korea, the PD Power Bank with a 20,000mAh capacity and the PD Wireless Charging Power Bank with a 10,000mAh capacity.

March 16th, 2024

Unix, a prominent mobile accessories brand, announced the launch of its newest product, the UX-1531 wireless power bank.

February 5th, 2024

Ambrane announced the launch of the AeroSync Quad, a versatile 4-in-1 gadget that combines wireless charging, a power bank, and a phone stand into one device.

December 6th, 2023

Urbn introduced the world's smallest Power Bank, the Urbn Nano, featuring an impressive battery capacity of both 20,000 mAh and 10,000 mAh.

Wireless charging integration

With the adoption of wireless charging in smartphones and other portable devices, power banks are increasingly incorporating wireless charging capabilities.

Eco-friendly and sustainable solutions

Consumers are becoming more environmentally conscious and are seeking power banks made with sustainable materials, recyclable components, and eco-friendly production processes.

Safety and reliability improvements

Manufacturers in the power bank market are focusing on enhancing safety features to prevent issues such as overheating, overcharging, and short circuits.

Development of new technologies

Technologies like lightweight and advanced lithium batteries that can support fast charging is one of the crucial market trends.

Power Bank Market Trends

The evolution towards lightweight, advanced lithium batteries supporting fast charging represents a significant trend within the market. Advances in lithium battery technology, including lithium-ion (Li-ion) and lithium-polymer (Li-Po), have led to the development of batteries that are not only more efficient in terms of energy density but also capable of supporting faster charging speeds. Key players are also developing innovative power banks with 30,000 mAh battery capacity, power banks with triple charging ports, and power banks that support 24W fast charging. Besides, design innovations like matte finish and rugged and curved texture are further aiding the market development.

Market players in the power bank market are readily launching innovative power banks with enhanced capabilities. For instance, Samsung Electronics introduced two innovative power bank models in the South Korean market in March 2024. PD power bank is designed to cater to the needs of users who require extensive power supply on the go, whereas PD wireless charging power bank is designed for users who value the ease of charging their devices wirelessly.

Market Segmentation

“Power Bank Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Unit of USB Port

• 1 USB Port

• 2 USB Ports

• More Than 2 USB Ports

Market Breakup by Battery Type

• Lithium-Ion

• Lithium Polymer

Market Breakup by Capacity Range

• Less Than 3,000 mAh

• 3,001 mAh-8,000 mAh

• 8,001 mAh-20,000 mAh

• Above 20,000 mAh

Market Breakup by Price Range

• Low

• Medium

• Premium

Market Breakup by Application

• Smartphone and Tablets

• Cameras

• Laptops

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Lithium ion segment accounts for a major power bank market share due to its cost-effectiveness and high energy density

Lithium ion power banks are expected to be in high demand in the forecast period. Lithium-ion power banks have excellent energy density and are comparatively cheaper to manufacture than other types of batteries and also offer high charging capacities at the lowest prices. There is a growing trend towards portable and renewable energy solutions, and Li-ion power banks fit perfectly into this category as they are convenient for outdoor activities, travel, and in situations where access to the main power grid is limited or unavailable. Li-ion batteries are more energy-efficient and have a lower environmental impact compared to other types of batteries. This aligns with the growing consumer awareness and preference for eco-friendly and sustainable products, further propelling the demand for Li-ion power banks.

Meanwhile, lithium-polymer battery technology provides fast charging and is more robust than lithium-ion. Due to their safety, versatility, and lightweight properties, the usage of lithium-polymer batteries in power banks is anticipated to surge in the forecast period. Technological advancements and improvements in manufacturing processes have made Li-Po batteries more cost-effective and reliable and as production costs continue to decrease, Li-Po power banks become more accessible to a broader market, driving up demand.

Smartphones and tablets maintain their dominance in the market as they are an essential device for communication, work and entertainment

Smartphones and tablets occupy a significant share of the power bank market. In today's digital age, smartphones and tablets have become ubiquitous, serving as essential tools for communication, entertainment, work, and daily tasks. The widespread adoption of these devices across all demographics globally means there is a vast user base reliant on them, driving the need for power banks to ensure these devices remain operational throughout the day without access to a fixed power source. Modern smartphones and tablets are equipped with powerful processors, high-resolution screens, and a multitude of features that consume significant amounts of battery power. Activities such as gaming, video streaming, GPS navigation, and using social media can drain device batteries quickly, necessitating frequent recharges and boosting the demand for power banks.

Laptops are anticipated to witness sizeable growth in the power bank market in the forecast period. Laptops generally require more power to charge than smartphones or tablets, necessitating power banks with higher capacity and output. This demand for more robust power solutions drives innovation and growth in the market dedicated to laptop charging, leading to the development of high-capacity, high-output power banks.

Competitive Landscape

The market players are launching novel products to gain a competitive edge in the power bank market

Sony Group Corporation, founded in 1946, is a Japanese electronics corporation headquartered in Tokyo, Japan. The Group comprises entities such as Sony Corporation, Sony Semiconductor Solutions, and Sony Entertainment, among others.

Huawei Technologies Co., Ltd., founded in 1987, is a Chinese multinational that has emerged as a leader in information and communication technology which designs, develops, manufactures, and sells telecommunication devices.

Koninklijke Philips NV, headquartered in Amsterdam, the Netherlands was founded in 1891.Commonly known as Philips, the company has remained one of the largest electronics companies and also focuses on health technology.

Xiaomi Corporation is a multinational electronics company founded in April 2010 and headquartered in Beijing, China. It has established strong presence in the global market and is known for its smartphones.

Other major players in the power bank market include Samsung Electronics Co. Ltd., Panasonic Holdings Corporation, Lenovo Group Limited, ASUSTEK Computer Inc, Realme Chongqing Mobile Telecommunications Corp., Ltd., and Anker Innovations Technology Co., Ltd., among others.

Power Bank Market Analysis by Region

The Asia Pacific holds one of the largest market shares due to the growing adoption of smartphones by its increasing population base. This region also houses a strong demand for portable electronic devices such as speakers, cameras, and earphones, boosting the requirement for power banks. Governments of developing countries like India in the region are launching policies like the National Policy on Electronics to promote the manufacturing of electronic devices and components, including power banks. Moreover, rising disposable incomes, growing urban population, and healthy economic growth of countries like India and China are expected to aid market expansion in the coming years.

The power bank market in North America is expected to grow at a sizeable rate. With a large and mobile workforce, along with a strong culture of travel and outdoor activities, North Americans often find themselves away from reliable power sources. Power banks provide a convenient solution for charging devices on the go, whether it's during commutes, at work, or while exploring the great outdoors.

Key Highlights of the Report

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Power Bank Market Report Snapshots

Power Bank Market Size

Power Bank Market Trends

Power Bank Companies

Power Bank Market Regional Analysis