According to IMARC Group, the global power bank market size reached US$ 10.7 Billion in 2022. Looking forward, the market is expected to reach US$ 16.3 Billion by 2028, exhibiting a growth rate (CAGR) of 7.22% during 2023-2028.
The report has segmented the market by product type (portable power banks, solar power banks, battery cases), battery type(lithium-ion, lithium-polymer), power rating(below 3,000 mAh, 3,001 mAh – 8,000 mAh, 8,001 mAh – 20,000 mAh, above 20,000 mAh), application( smartphones, tablets, portable media devices, others) and region.
Factors Affecting the Growth of the Power Bank Industry:
The widespread adoption of smartphones and other portable electronic devices represents one of the key factors driving the growth of the market across the globe. In the digital age, smartphones are becoming indispensable tools for communication, work, entertainment, and more. However, the limitations of battery life often necessitate the use of power banks to ensure uninterrupted usage. As the number of smartphone users continues to grow globally, so does the demand for power banks. Additionally, the increasing use of laptops, tablets, wearables, and other portable devices further fuels the need for reliable backup power sources.
The modern lifestyle is characterized by mobility and the need to stay connected while on the move. Whether it’s for travel, outdoor activities, or daily commutes, people require the assurance of having access to power for their devices. Power banks provide a convenient and portable solution for charging devices anytime and anywhere. This need is accentuated in regions with unreliable power infrastructure, where power banks become essential for maintaining communication and productivity during power outages or in remote areas. The demand for power banks is also driven by the increasing popularity of outdoor adventures and travel, where access to power sources may be limited.
Technological innovations in power bank design are playing a significant role in the market growth. Advancements include improvements in battery technology, leading to higher capacity and faster charging capabilities. Lithium-ion and lithium-polymer batteries are becoming common in power banks due to their energy density and reliability. Furthermore, the miniaturization of components and the development of compact, lightweight designs have made power banks more portable and user-friendly. Enhanced safety features, such as overcharge and short-circuit protection, are also boosting consumer confidence in using power banks. Additionally, the integration of fast-charging technologies, wireless charging, and USB-C ports is making power banks compatible with a wide range of devices and has expanded their functionality.
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Power Bank Market Report Segmentation:
The report is organized into distinct sections as follows:
Breakup by Product Type:
Portable power banks are the largest product type segment in the power bank market due to their convenience, ease of use, and the growing need for on-the-go charging solutions for mobile devices among consumers worldwide.
Breakup by Battery Type:
Lithium-ion batteries dominate the power bank market as the largest segment due to their high energy density, longer life span, and lighter weight compared to other battery types, making them ideal for portable charging devices.
Breakup by Power Rating:
The 8,001 mAh – 20,000 mAh segment is the largest in the power bank market because it offers an optimal balance of size, capacity, and charging speed, thus meeting the needs of most users for extended device usage and multiple charges.
Breakup by Application:
Smartphones are the largest application segment in the power bank market due to their ubiquitous use, high energy consumption, and the need for reliable backup power, making power banks essential accessories for smartphone users to stay connected on the go.
Regional Insights:
Asia Pacific is the largest region in the power bank market primarily due to its vast population, widespread smartphone adoption, and the increasing demand for portable charging solutions in emerging economies, thus making it a thriving market for power bank manufacturers.
Global Power Bank Market Trends:
The growing demand for high-capacity power banks with fast-charging capabilities is influencing the growth of the market across the globe. This is primarily attributed to the increasing use of power-hungry devices such as smartphones and laptops which is driving the market growth. The market is also driven by the increasing shift towards more compact and lightweight power banks with improved portability, catering to the need for on-the-go charging solutions.
Moreover, there’s a rising trend in the adoption of wireless charging technology in power banks, offering convenience to users. In addition to this, eco-friendly and sustainable power banks with solar charging capabilities are gaining traction as consumers become more environmentally conscious.
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Leading Companies Operating in the Global Power Bank Industry:
Other Key Points Covered in the Report:
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