Power Bank Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.59 Billion |
| Market Size (2029) | USD 20.35 Billion |
| CAGR (2024 - 2029) | 8.40 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Power Bank Market Analysis
The Power Bank Market size is estimated at USD 13.59 billion in 2024, and is expected to reach USD 20.35 billion by 2029, growing at a CAGR of 8.40% during the forecast period (2024-2029).
Major factors driving the role of power banks are the increasing adoption of smartphones and other mobile devices, along with the growing trend of remote work and e-learning. Moreover, the growing popularity of outdoor activities and travel has also contributed to the growth of the power bank market.
- Screen time has become part of the fabric of everyday life for most. According to Comparitech's latest available data, people average 6 hours 58 minutes of screen time per day globally, while the average screen time in the United States is 7 hours 4 minutes per day which is 7 minutes more than the global average. Thus, for a phone or laptop to stay on standby, its needs to be ensured that it is powered on at all times, and a portable power bank is considered a handier option than ever.
- Power banks can be bulky or take too much time to charge a smartphone. So, vendors are constantly innovating to reduce the size and weight and, at the same time, also increase their capacity to charge quickly. In October 2022, Stuffcool launched a new 15W wireless charging power bank with a 20W PD wired output. The new Stuffcool wireless power bank is lightweight and has a slim design, with an LED indicator to show the battery percentage while charging and discharging, a micro USB port, and a USB Type-C charging port.
- The increasing adoption of power banks that can offer high-speed charging is expected to drive market growth for power banks with a capacity range of 10,000mAh - 20000mAh. Companies are also trying to provide fast charging through all their charging ports to leverage their competitive advantage.
- The e-commerce industry transformed the way business is done across the world. For instance, according to the recent stats published by IBEF, the overall e-commerce market is also expected to reach USD 350 billion by 2030. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. Suc increasing e-commerce figures from emerging economies will further boost the growth of the power bank market over the forecast period.
- Many players have entered the power bank market in recent years and are providing power banks of various capacities, prices, and designs. However, not all power banks are of superior quality, as they tend to last even less than six months. Low-quality power banks not only charge the device improperly but could also damage it, thereby restricting market growth.
- As a result of COVID-19, the previously expected growth of power banks across applications is likely to decline as the pandemic restricts the supply chain and adoption due to the severe disruptions to businesses and the global economy. The epidemic has resulted in limited production leading to a sharp decline in business inputs.
Power Bank Market Trends
Wireless Charging is Expected to Drive the Market Growth
- The fastest emerging trend in the future of the workplace is turning out to be the concept of 'work from anywhere.' Workplaces are getting on board with innovative technology-enabled wireless charging and are integrating this into their existing technology to provide an excellent touchless experience for employees. They are also using the resulting data to optimize the safety and efficiency of their areas.
- Amid the rise of Qi, some power bank manufacturers have started making non-compliant or counterfeit products with misleading labels like 'Qi compatible' or 'Qi-enabled,' often with illegally-used Qi logos. Different consumers surveyed by technology associations across the globe agreed that Qi-Certified offers distinct advantages in a wireless charging power bank product to ensure safety, compatibility, and reliability.
- The shift to de-densifying real estate to allow for social distancing, coupled with dynamic work patterns, naturally leads to looking at hotelling shared desks. However, shared resources don't come without safety challenges, and any process needs a simple way for employees to identify available desks by cleaning schedules and a social distancing policy. This will further boost the demand for wireless power banks in the post-COVID-19 pandemic scenario.
- The rising implementation of 5G will result in an increased power drawn by the devices in order to provide for the added speed and bandwidth. Wireless charging power banks will become increasingly popular in such a case as they combine the convenience of having additional power when away from main chargers so that mobile devices like smartphones can be charged when on the move.
- Wireless charging power banks require more electronic components within them and provide more functionality than a standard power bank. As such, they tend to be more expensive than the simpler, more traditional wired power banks.
Asia-Pacific to Witness Highest Growth
- The growth of the Asia-Pacific power bank market is boosted by the increasing use of consumer electronic devices, especially smartphones and tablets, increased power consumption of electronic devices owing to technological advancements, and electric outage.
- Moreover, rising disposable income, growing urban population, and increasing penetration of smartphones and tablets in rural regions are some of the significant factors that are expected to fuel the adoption of power banks in Asia-Pacific over the forecast period.
- An increase in the user base of electronic devices is mainly stimulating the growth of the power bank market in the Asia Pacific countries. This is backed by growing government initiatives to aid the smartphone and electronic manufacturing sector and technological advancements leading to a reduction in lithium-ion battery costs.
- For instance, in the recent past, India's draft National Policy on Electronics (NPE) released by the IT ministry has set an ambitious target of creating a USD 400 billion electronics manufacturing industry by 2025, with the mobile phone devices segment accounting for three-fourths of the production.
Power Bank Industry Overview
The Power Bank Market is fragmented due to the presence of many vendors globally offering power banks. The market does not provide major lucrative opportunities for new market entrants. Also, the existing players are launching new technology-integrated products offering features different from the competitors in the market. Further, the vendors plan to expand their power banks' usage to various end-user verticals.
- January 2023 - Consumer electronics brand Ambrane has announced the launch of Stylo Boost Power Bank with a 40000mAH battery capacity, a 60W ultrafast charging capacity, and the capability of charging smartphones and laptops.
- February 2023 - UBON launched a new PB-X35 Transparent Power Bank in India that stands out from other power banks in the market due to its unique transparent aesthetic. It facilitates a peak power output of 22.5 watts, allowing phones to get charged quickly and also features twin input charging connectors and a 2.0A output charging port, allowing to charge two devices simultaneously. To ensure the safety of the charger and the devices, the power bank has overheating protection, short circuit protection, and overcharge protection.
Power Bank Market Leaders
-
Xiaomi Corporation
-
Lenovo Group Limited
-
BBK Electronics (Realme)
-
Panasonic Corporation
-
Koninklijke Philips NV
*Disclaimer: Major Players sorted in no particular order
Power Bank Market News
- Februray 2024 - BBK Group, has anoounced the production of its Oppo, Vivo and Realme smartphones in partnership with Indian manufacturers Dixon Technologies and Karbonn Group, said people with knowledge of the matter. This is partly owing to pressure from the government to get local partners and benefit from the production-linked incentive (PLI)
- January 2024 - Xiaomi Ultra-Thin Power Bank launched with 10mm thickness and 5,000mAH capacity, The power bank has a single USB Type-C port and ships with a USB Type-C to Type-C cable. It supports a maximum of 20W output and 18W input.
Power Bank Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
- 4.2 Industry Value Chain Analysis
-
4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitutes
- 4.3.5 Intensity of Competitive Rivalry
- 4.4 Impact of COVID-19 on the Global Power Bank Market
5. MARKET DYNAMICS
-
5.1 Market Drivers
- 5.1.1 Rapidly Increasing Demand for Portable Devices
- 5.1.2 Increasing E-commerce Sales Across the World
-
5.2 Market Restraints
- 5.2.1 Launch of Poor Quality Power Banks
-
5.3 Market Opportunities
- 5.3.1 Development of Solar and Hydrogen Fuel Cell-based Power Banks
6. ANALYSIS ON POWERBANK BATTERY TYPE
- 6.1 Lithium-ion Battery
- 6.2 Lithium-Polymer Battery
7. MARKET SEGMENTATION
-
7.1 By Capacity Range
- 7.1.1 500-5999mAh
- 7.1.2 6000-9999mAh
- 7.1.3 10,000mAh -13000mAh
- 7.1.4 > 13000mAh
-
7.2 By Charging Mode
- 7.2.1 Wired
- 7.2.2 Wireless
-
7.3 By Application
- 7.3.1 Smartphone and Tablets
- 7.3.2 Cameras
- 7.3.3 Laptops
- 7.3.4 Other Applications (Smart band, Wireless Headsets)
-
7.4 By Geography
- 7.4.1 North America
- 7.4.2 Europe
- 7.4.3 Asia Pacific
- 7.4.4 Latin America
- 7.4.5 Middle East and Africa
8. COMPETITIVE LANDSCAPE
-
8.1 Company Profiles
- 8.1.1 Xiaomi Corporation
- 8.1.2 Lenovo Group Limited
- 8.1.3 BBK Electronics (Realme)
- 8.1.4 Panasonic Corporation
- 8.1.5 Koninklijke Philips NV
- 8.1.6 Sony Corporation
- 8.1.7 ADATA Technology Co. Ltd
- 8.1.8 Ambrane India Pvt. Ltd.
- 8.1.9 Intex Technologies (India) Ltd
- 8.1.10 Syska Mobile Accessories
- 8.1.11 Huawei Technologies Limited
- *List Not Exhaustive
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
** Subject To AvailablityPower Bank Industry Segmentation
A power bank is a gadget that acts as a power reservoir for charging mobile devices such as smartphones, tablets, and others. The increase in the adoption of mobile and connected devices has augmented the demand for power banks to ensure the incessant use of these devices with sufficient power backup.
The power bank market is segmented by capacity range (500-5999mAh, 6000-9999mAh, 10,000mAh-13000mAh, and 13000mAh), charging mode (wired and wireless), application (smartphones and tablets, cameras, and laptops), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The market size and forecasts are provided in terms of value (USD) for all the above segments.
| By Capacity Range | 500-5999mAh |
| 6000-9999mAh | |
| 10,000mAh -13000mAh | |
| > 13000mAh | |
| By Charging Mode | Wired |
| Wireless | |
| By Application | Smartphone and Tablets |
| Cameras | |
| Laptops | |
| Other Applications (Smart band, Wireless Headsets) | |
| By Geography | North America |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Power Bank Market Research FAQs
How big is the Power Bank Market?
The Power Bank Market size is expected to reach USD 13.59 billion in 2024 and grow at a CAGR of 8.40% to reach USD 20.35 billion by 2029.
What is the current Power Bank Market size?
In 2024, the Power Bank Market size is expected to reach USD 13.59 billion.
Who are the key players in Power Bank Market?
Xiaomi Corporation, Lenovo Group Limited, BBK Electronics (Realme), Panasonic Corporation and Koninklijke Philips NV are the major companies operating in the Power Bank Market.
Which is the fastest growing region in Power Bank Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Bank Market?
In 2024, the North America accounts for the largest market share in Power Bank Market.
What years does this Power Bank Market cover, and what was the market size in 2023?
In 2023, the Power Bank Market size was estimated at USD 12.45 billion. The report covers the Power Bank Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Power Bank Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key drivers for the Power Bank Market?
The major factors driving the Power Bank Market are: a) Growing demand for portable charging solutions b) Proliferation of smartphones c) Increasing outdoor activities among consumers
What are the future trends in the Power Bank Market?
Future trends in the Power Bank Market are: a) Development of solar and wireless power banks b) Compact designs with higher capacity c) Smart features like fast charging and multi-device compatibility
Powerbank Industry Report
The global power bank market is experiencing significant growth, driven by the increasing adoption of smartphones, tablets, and other portable devices that require substantial battery power. This market growth is a result of consumers' heavy reliance on gadgets for various activities, leading to a high demand for high-capacity power banks capable of multiple charges. The industry analysis highlights that innovations by power bank manufacturers are meeting these needs with features like fast charging and compact designs.
The e-commerce sector is at the forefront of market segmentation, leveraging internet penetration to provide consumer convenience and access to a wide range of products. Additionally, there is a noticeable shift towards eco-friendly power banks that utilize renewable energy sources such as solar power, aligning with the growing environmental awareness and the needs of outdoor activities.
The Asia-Pacific region dominates the market due to its vast population and rapid digitalization, which intensifies the demand for electronic devices and power banks. The market overview indicates that the competitive landscape is highly dynamic, with numerous power bank companies striving for market dominance, fostering a highly competitive environment.
For those interested in detailed industry information, Mordor Intelligence™ offers comprehensive market reports, including market analysis and forecasts on market share, size, and revenue growth. These market reports provide valuable insights into the current market trends, market value, and future outlook of the power bank industry. The industry research also covers market leaders, market predictions, and the overall market review, making it an indispensable resource for understanding the industry's growth rate and market forecast.
In summary, the global power bank market is on an upward trajectory, driven by technological advancements and consumer demand. The industry outlook is promising, with continuous innovation and a focus on sustainability paving the way for future growth. For a more detailed market report, including industry statistics and market data, the report pdf from Mordor Intelligence™ is available for download. This report example offers a thorough analysis of the market trends and industry sales, providing a clear picture of the industry's current state and future prospects.
