Power Bank Market Size Report & Overview 2023–2030

[Research Report] The power bank market size is expected to reach US$ 27,528.90 million by 2030 from US$ 10,941.67 million in 2022, with an estimated CAGR of 12.6% during the forecast period.

Analyst Perspective:

The rise of remote work and an increasingly mobile workforce have fueled the demand for power banks. Professionals who work outside traditional office environments or frequently travel rely on power banks to ensure their devices remain powered throughout the day. Power banks offer a portable and reliable charging solution, allowing users to work, communicate, and entertain themselves while on the move. The demand for power banks is driven by the increasing reliance on portable electronic devices, smartphone penetration, limited access to power outlets, emergency preparedness needs, gaming and entertainment requirements, larger battery capacities, and the recognition of their convenience and portability. As technology advances and power requirements continue to evolve, the demand for power banks is expected to keep growing.

Power Bank Market Analysis:

The power bank market has experienced significant growth and evolution in recent years. Power banks, also known as portable chargers, are external battery packs that allow people to charge their electronic devices on the go. The power bank market has grown substantially due to the increasing reliance on portable electronic devices such as smartphones, tablets, and laptops. The power bank market is highly competitive and comprises established companies and new entrants. Prominent players in the market include Anker Innovations, Xiaomi Corporation, Samsung Electronics Co. Ltd., RavPower, AUKEY, and Mophie. These companies offer a wide range of power bank models with varying capacities, sizes, and features. For instance, in June 2023, a tech accessories brand, juice, launched a limited-edition version of its most popular Power Bank with a 10,000 mAh battery. These power banks are designed to provide a quick power boost and high-capacity charges, allowing people to charge their phones or tablets easily.

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Power Bank Market Driver:

Increasing Penetration of Smartphones and Other Electronic Devices to Drive Power Bank Market

Mobile devices have become an integral part of today's life. Portable devices such as tablets, laptops, and smartphones and wearable technologies, including smartwatches, offer many communication features, such as voice/video calls and texts. In addition, smartphone applications are now common, supporting various activities such as tracking health and fitness-related information, obtaining directions, shopping, and banking. However, with all this use comes one major problem: battery life. To keep these devices charged on the go, consumers need a reliable and convenient charging solution, i.e., power banks. The demand for power banks is increasing due to the rise in the adoption of smartphones globally. According to GSMA, the adoption rate of smartphones in Asia Pacific was 74% of the total population in 2021, projected to be 84% of the total population in 2025. Europe's smartphone adoption was at 79% of the total population in 2021, projected to be 83% in 2025. North America's smartphone adoption was 82% of the total population in 2021, projected to be 85% in 2025. With the increasing penetration of smartphones and other electronics, various companies are launching power banks with different capacities. For instance, in August 2021, the mobile accessories brand "Ambrane" expanded its power bank lineup by launching three devices: Stylo 10K, Stylo 20K, and Stylo Pro. These power banks come with a USB Type-C port and come equipped with quick charge 3.0. Therefore, the increasing penetration of smartphones and other electronic devices such as tablets, laptops, and wearables is driving the power bank market growth.

Power Bank Market Segmental Analysis:

Based on battery type, the power bank market is bifurcated into lithium-ion battery and lithium-polymer battery. In 2022, the lithium-ion battery segment held a larger market share. Lithium-ion (Li-ion) batteries are a widely used type of rechargeable battery known for their high energy density and long cycle life. These batteries employ lithium ions moving between the positive and negative electrodes during charge and discharge cycles, allowing efficient energy storage and release. One of the key factors driving the popularity of Li-ion batteries is their high energy density, which allows for a compact size and lightweight design. This makes them ideal for portable devices such as power banks. All these factors are contributing to the power bank market growth for the lithium-ion battery segment.

Power Bank Market Regional Analysis:

The North America power bank market size was valued at US$ 2,808.73 million in 2022 and is projected to reach US$ 6,870.18 million by 2030; it is expected to register a CAGR of 12.3% during 2023–2030. The North America power bank market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American power bank market in 2022. The US is one of the countries with significant technological advancements. The accelerated use of mobile phones in the US is contributing to the country's economy. According to GSM Association, smartphone penetration in the US was expected to reach 88% in 2021. ASUS launched Zenfone 10 smartphone in the US in April 2022. Further, in June 2023, Google launched a Pixel tablet with unique features. The presence of key smartphone players is driving the market in the country. The increased demand for smartphones propels the need for power banks. Several players are unveiling power banks to meet the growing demand for power backup solutions. In June 2023, UGREEN launched a new power bank in the US.. Therefore, with the increasing demand for smartphones and other electronic devices, the power bank market in the US is growing significantly.

Power Bank Market Key Player Analysis:

The power bank market consists of players such as 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.

Power Bank Market Regional Insights

The regional trends and factors influencing the Power Bank Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Power Bank Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Power Bank Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Power Bank Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Power Bank Market are:

1. ADATA Technology Co., Ltd.
2. Ambrane India Pvt Ltd.
3. Anker Innovations Technology Co., Ltd
4. AUKEY Online
5. Vinci Brands LLC

Disclaimer: The companies listed above are not ranked in any particular order.

Recent Developments:

 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the power bank market. A few recent key power bank market developments are listed below:

• In May 2023, Ambrane launched two new power banks in the Indian market, the Powerlit Ultra and Powerlit Boost. These compact powerbanks are capable of charging phones and laptops on the go. The Ultra model is the company's premium offering, with a larger battery capacity and faster charging speed than the Boost.
• 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.