Power Bank Market Grows: 8.40% CAGR
Evolve Business Intelligence has published a research report on the Global Power Bank Market, 2023–2033. The global Power Bank Market is projected to exhibit a CAGR of around 8.40% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Power Bank Market: Sony Corporation, Anker, Huawei Technologies, Mi, Intex, Zagg Inc., Panasonic Corporation, GP Batteries, Lenovo Group Ltd and Samsung Electronics Co. Ltd.
More Information: https://evolvebi.com/report/power-bank-market-analysis/
Market Highlights
The Global Power Bank Market is projected to be valued at USD 21.56 Billion by 2033, recording a CAGR of around 8.40% during the forecast period. The Power Bank Market refers to the global industry involved in the production, distribution, and sale of portable battery chargers, commonly known as power banks. These devices are used to recharge electronic gadgets such as smartphones, tablets, laptops, and other USB-powered devices when access to a power outlet is unavailable.
The Power Bank Market is expected to continue growing due to the increasing reliance on mobile electronics and the demand for convenient charging solutions.
The COVID-19 pandemic had a significant impact on the Power Bank Market. During the early stages of the pandemic, especially during lockdowns, there was a sharp decline in demand for power banks. This was largely due to reduced outdoor activities, travel restrictions, and people spending more time at home, where access to regular charging outlets is readily available. As remote work became the norm, the need for portable charging devices decreased. People were less reliant on power banks since they were primarily working from home, where they could charge their devices directly. With physical stores closed or operating at limited capacity, there was a significant shift towards online shopping. E-commerce platforms saw an increase in power bank sales, compensating for the drop in brick-and-mortar sales. The pandemic heightened awareness of hygiene, leading some manufacturers to introduce power banks with antimicrobial coatings or designs that minimize surface contact. As travel and outdoor activities resume post-pandemic, the demand for power banks is expected to grow, driven by a renewed focus on portable electronics.
Segmental Analysis
The global Power Bank Market has been segmented based on Battery, Power Rating, Sales Channel and End User.
Based on Battery, the Power Bank Market is segmented into Lithium Ion and Lithium Polymer. The Lithium Ion segment is anticipated to dominate the market.
Based on Power Rating, the global Power Bank Market has been divided into the Up to 3,000 mAh, 3,001–8,000 mAh, 8,001–20,000 mAh and Above 20,000 mAh. The 8,001–20,000 mAh segment is anticipated to dominate the market.
Based on sales Channel, the global Power Bank Market has been divided into the Online and Offline. The Online segment is anticipated to dominate the market.
Based on Price Range, the global Power Bank Market has been divided into the Low Range, Mid-Range and Premium Range. The Mid-Range segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/power-bank-market-analysis/
Regional Analysis
The Power Bank Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America, particularly the United States and Canada, has a mature power bank market with a high level of technology adoption. The market is driven by high smartphone penetration, increased use of portable electronics, and the popularity of fast-charging solutions. There is a demand for high-capacity, fast-charging, and multi-functional power banks. Wireless charging and eco-friendly products are also gaining traction. Europe has a well-established power bank market with varying demand across countries. Western Europe, including Germany, France, and the UK, leads in market size due to high disposable income and tech adoption. Europe has stringent regulations regarding electronic waste and safety standards, which impact product design and manufacturing practices. Asia-Pacific is the largest and fastest-growing market for power banks, driven by high smartphone penetration, rapid urbanization, and increasing disposable incomes. China, India, and Japan are key markets in the region. Asia-Pacific is a major manufacturing hub for power banks, particularly China, which hosts many production facilities and contributes to global supply. The market in Latin America is growing, driven by increasing smartphone usage and expanding urban areas. Brazil and Mexico are the largest markets in the region. There is a rising demand for affordable and durable power banks. Features like high capacity and multi-functional designs are gaining popularity as more consumers seek reliable power solutions. The Power Bank Market in the Middle East and Africa is developing, with growth driven by increasing mobile device usage and improving economic conditions. Countries like South Africa, UAE, and Saudi Arabia are key markets.
