Power Bank Market

The global Power Bank Market is valued at USD 11.37 Billion in 2023 and is projected to reach a value of USD 23.11 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 8.2% between 2024 and 2032.

Key highlights of Power Bank Market

• Asia Pacific dominated the market in 2023, obtaining the largest revenue share of 48.9%
• The North America region will witness remarkable growth with a CAGR during the forecast period
• In 2023, Lithium-Ion (Li-Ion) Battery dominated the market with significant market share of 81.2%
• Smart Phone dominated the market with largest market share in 2023
• The increasing popularity of power banks with additional features, such as wireless charging, multi-device charging, and digital displays, enhances their appeal and usability, driving market expansion

Regional Overview

Asia Pacific Dominated Sales with a 48.9% share in 2023. The region's high population density, rapid urbanization, and growing reliance on consumer electronics particularly smartphones and tablets all contribute to Asia Pacific's supremacy. This increased need is a result of both greater power consumption and technical improvements that cause electronic devices to consume more power, underscoring the need for power banks.

The main factor driving the expansion of the Power Bank market in the Asia-Pacific region is the increase in user base using electronic devices. Government programs designed to assist the smartphone and electronics manufacturing industry, as well as continuous technological developments that lower the cost of lithium-ion batteries, all support this growth. For instance, India's draft National Policy on Electronics (NPE) proposed by the IT ministry, set ambitious targets, envisioning the establishment of a USD 400 billion electronics manufacturing industry by 2025, with mobile phone devices accounting for a significant portion of the production.

Countries such as China, Japan, South Korea, and India have emerged as key markets in Asia Pacific market driven by their technically adequate population and robust manufacturing capabilities. Moreover, the rise of e-commerce platforms and mobile payment systems in Asia Pacific has facilitated the seamless distribution and sale of power banks, further fueling market growth in the region.

Battery Type Overview

The Lithium-Ion (Li-Ion) Battery segment dominated the market with the largest share of 81.2% in 2023. The Power Bank market, segmented by the Battery Type, is bifurcated into Lithium-Ion (Li-Ion) Battery and Lithium Polymer (Li-Polymer) Battery. Li-Ion batteries offers benefits such as their high energy density, lightweight design, and extended cycle life. These batteries are perfect for powering portable electronics like laptops, tablets, and smartphones since they offer reliable and efficient power storage solutions. Furthermore, improvements in safety features and charging efficiency safety features, about by developments in Li-Ion battery technology have increased the batteries' appeal to customers. The Li-Ion battery segment continues to have a substantial market share due to its popularity among consumers and power bank manufacturers alike.

Application Overview

In 2023, a significant revenue was generated by Smart Phone. The Power Bank market, segmented by the Application, is divided into Smart Phone, Tablet, Laptop, Portable Media Device, Wearable Device, Digital Camera, Others. The increasing use of smartphones in modern life for communication, entertainment, and work purposes, the demand for reliable power sources to keep these devices charged on the go has surged. Power banks have become indispensable accessories for smartphone users, ensuring uninterrupted connectivity and productivity, especially in situations where access to traditional power outlets is limited. As a result, the smartphone application segment continues to dominate driven by the increasing smartphone penetration rates globally and the growing reliance on mobile devices for various daily activities.

Key Trends

• The integration of fast charging technologies such as Quick Charge and Power Delivery (PD) has become a key trend in the market. These technologies enable much quicker charging times for both the power bank and the devices connected to it, making them highly attractive to busy consumers who need to recharge their devices rapidly.
• The convenience of wireless charging is driving its integration into power banks. These power banks eliminate the need for cables, allowing users to charge their devices simply by placing them on the power bank. This trend caters to the increasing number of devices supporting wireless charging standards like Qi, offering a hassle-free and modern charging experience.
• Inclusion of digital displays in power banks is becoming a popular feature, providing real-time information about battery status, charging speed, and remaining capacity. The trend towards digital displays reflects the demand for transparency and precision in monitoring battery life, making power banks more user-friendly and informative.
• Power banks equipped with multiple output ports are becoming increasingly popular, allowing users to charge several devices simultaneously. This trend highlights the demand for convenience and the ability to maintain connectivity across multiple platforms.

Premium Insights

The Power Bank market is significantly due to the increasing dependence on mobile devices such as smartphones, tablets, and laptops. As these devices become integral to daily life, ensuring they remain charged and operational has become a necessity. This dependence is particularly pronounced among professionals, students, and travelers who require constant connectivity and mobility. The rise of remote work and online education has further amplified this need, as individuals rely on their devices for communication, productivity, and entertainment. Consequently, the demand for reliable, portable power sources that can keep these devices running has surged, propelling the growth of the market. Another significant driver is the advancement in battery technology and the growing consumer preference for higher capacity and fast-charging power banks. Innovations such as lithium-polymer and solid-state batteries have allowed manufacturers to produce power banks with higher energy density and improved safety features. The integration of fast-charging technologies like Quick Charge and Power Delivery (PD) enables users to recharge their devices more quickly, catering to the fast-paced lifestyle of modern consumers.

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Market Dynamics

The declining price of power banks is a significant driver in the market, making these portable charging solutions more accessible to a broader range of consumers

power banks are being provided by manufacturers at more and more competitive price points as a result of improvements in battery technology and manufacturing processes that reduce production expenses. Price-conscious consumers are more likely to use power banks as a result of this trend, especially in emerging countries and among groups that are concerned about their finances. The need for these necessary mobile accessories is further fueled by power banks' affordability, which promotes repeat purchases and multi-device ownership.

The development of solar and hydrogen fuel cell-based power banks presents a significant opportunity for innovation and market expansion

Renewable energy sources are used by solar-powered power banks to recharge, providing a sustainable and environmentally beneficial alternative for conventional battery-powered ones. Similar to this, power banks based on hydrogen fuel cells use sustainable energy technologies to offer longer runtimes and quick charging times. Rising power bank solutions address issues about energy sustainability and carbon footprint, attractive to consumers who care about the environment. In addition, the incorporation of solar and hydrogen fuel cell technology broadens the range of products available in the industry, thereby satisfying specialized markets and promoting uniqueness despite heightened competition

Competitive Landscape

The competitive landscape of the Power Bank market is characterized by intense rivalry among a diverse range of players, from established tech giants to emerging start-ups. Major companies like Anker Innovations, Xiaomi Corporation, Samsung Electronics, and Sony Corporation lead the market with their extensive product portfolios, strong brand recognition, and continuous innovation. These companies leverage advanced technologies, such as fast charging and wireless capabilities, to differentiate their products and capture market share. Additionally, numerous smaller firms and new entrants are increasingly focusing on niche markets, offering customized, high-capacity, and eco-friendly power banks to cater to specific consumer needs. This competition drives ongoing advancements and price competitiveness, benefiting consumers with a wider array of choices and innovative features.

The key players in the global Power Bank market include - Panasonic Corporation, Samsung SDI Co. Ltd., Sony Corporation, Ambrane India Private Ltd., Anker Technology Co. Ltd., Intex Technologies, Lenovo Group Ltd., Microsoft Corporation, ASUSTeK Computer Inc., Beijing Xiaomi Technology Co., Ltd. among others.

Recent Market Developments

Ambrane Unveils Stylo Boost Power Bank with 40000mAH Capacity and 60W Ultrafast Charging

• In January 2023, Ambrane, a prominent consumer electronics brand, unveiled its latest offering, the Stylo Boost Power Bank. Boasting a remarkable 40000mAH battery capacity and an ultrafast charging capability of 60W, this power bank is equipped to charge smartphones and laptops efficiently.

UBON Introduces PB-X35 Transparent Power Bank with 22.5W Peak Output and Dual Charging Ports

• In February 2023 saw the introduction of UBON's PB-X35 Transparent Power Bank in India, distinguished by its unique transparent design. This power bank delivers a peak power output of 22.5 watts, facilitating rapid charging for phones. It features twin input charging connectors and a 2.0A output charging port, enabling simultaneous charging of two devices. With built-in safety measures including overheating protection, short circuit protection, and overcharge protection, users can trust in the safety of their devices and the power bank itself.

BBK Group Partners with Indian Manufacturers for Local Production of Oppo, Vivo, and Realme Smartphones

• In February 2024, the BBK Group announced a strategic collaboration with Indian manufacturers Dixon Technologies and Karbonn Group to produce Oppo, Vivo, and Realme smartphones. This initiative, driven in part by government pressure to engage local partners and capitalize on production-linked incentives (PLI), underscores a significant move towards localization in smartphone manufacturing.

Xiaomi Launches Ultra-Thin Power Bank with 5000mAH Capacity and 20W Output

• In January 2024 marked the launch of Xiaomi's Ultra-Thin Power Bank, featuring a sleek 10mm thickness and a 5000mAH capacity. With a single USB Type-C port and a bundled USB Type-C to Type-C cable, this power bank supports a maximum output of 20W and an input of 18W, catering to the demands of modern device users.

The global Power Bank market can be categorized as Battery Type, USB Port, Indicator, Capacity, Price Range, Application and Region.