Power Bank Market Analysis and Global Forecast 2023-2033

Power Bank Market Overview

The Power Bank Market Size is expected to reach USD 21.56 Billion by 2033. The Power Bank Market industry size accounted for USD 12.54 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 8.40% from 2023 to 2033. 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.

Global Power Bank Market Synopsis

COVID-19 Impact Analysis

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.

Power Bank Market Dynamics

The major factors that have impacted the growth of Power Bank Market are as follows:

Drivers:

Ø  Technological Advancements

Innovations in fast charging technology have made power banks more efficient, reducing the time needed to charge devices and attracting more users. The integration of wireless charging technology in power banks has become a key driver, offering added convenience and eliminating the need for cables. The development of solar-powered power banks, which can charge themselves using sunlight, appeals to environmentally conscious consumers and those in remote areas without access to electricity. The widespread use of smartphones globally is a significant driver. As more people rely on their mobile devices for communication, work, entertainment, and online shopping, the demand for portable charging solutions like power banks continues to rise.

Restraint:

• Perception of Battery Safety Concerns

Lithium-ion and lithium-polymer batteries, commonly used in power banks, have been associated with safety risks such as overheating, fires, and even explosions. High-profile incidents can lead to consumer skepticism and stricter regulations, which may slow market growth. Inconsistent quality control, especially in low-cost, unbranded, or counterfeit power banks, can result in defective products that pose safety risks, further undermining consumer confidence.

Opportunity:

⮚     Development of Eco-Friendly Power Banks

There is a growing demand for eco-friendly products. Power bank manufacturers can explore the use of sustainable and recyclable materials to create environmentally responsible products. This could include biodegradable casings or batteries made from more sustainable resources. Solar-powered power banks present a significant opportunity, especially in regions with abundant sunlight and limited access to electricity. These devices offer a sustainable alternative to traditional charging methods, appealing to environmentally conscious consumers. The demand for fast-charging solutions is rising, especially as more devices support fast charging. Power banks that can quickly recharge devices or even fast-charge themselves could see increased demand, particularly among users who need quick power top-ups while on the go.

Power Bank Market Segment Overview

By Battery

Based on Battery, the market is segmented based on Lithium Ion and Lithium Polymer. The lithium-ion segment dominant the market. Lithium-ion (Li-Ion) batteries are commonly used in power banks due to their high energy density and relatively low cost. These batteries can store a large amount of power without being excessively bulky, making them a popular choice for high-capacity power banks.

By Power Rating

Based on Power Rating, the market segment has been divided into Up to 3,000 mAh, 3,001–8,000 mAh, 8,001–20,000 mAh and Above 20,000 mAh. 8,001 mAh – 20,000 mAh represented the largest segment. Power banks in between 8,001 mAh – 20,000 mAh range are designed for heavy users who need to charge multiple devices or require multiple charges for a single device throughout the day. These are particularly useful for long journeys, camping trips, or situations where people do not have access to an electrical outlet for an extended period.

By Sales Channel

Based on Sales Channel, the market segment has been divided into Online and Offline. The Online segment dominant the market. Online platforms offer a vast array of power bank models, brands, and price ranges, giving consumers more options than typically available in physical stores. Consumers can easily purchase power banks from international brands that might not be available in local brick-and-mortar stores. The online segment allows consumers to shop for power banks at any time, offering convenience and flexibility, particularly appealing to tech-savvy and busy individuals.

By Price Range

Based on Price Range, the market segment has been divided into Low Range, Mid-Range and Premium Range. The Mid-Range segment dominant the market. Mid-range power banks often include a solid set of features such as multiple USB ports, LED indicators for battery level, and safety features like overcharge and short circuit protection. Many mid-range models are designed to be durable, with features like rugged casings, water resistance, and compact designs that make them suitable for everyday use.

Global Power Bank Market Regional Analysis

Based on region, the global Power Bank Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Power Bank Market followed by the Asia-Pacific and Europe regions.

Power Bank North America Market

North America holds a dominant position in the Power Bank Market. North America, including the United States and Canada, has a mature market with high adoption rates of mobile technology and portable devices. There is high interest in advanced features such as fast charging and wireless charging drives demand. High travel and outdoor activity rates increase the need for portable power solutions and the market is highly competitive with numerous established brands, leading to price pressures.

Power Bank Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Power Bank Market industry. The Asia-Pacific region is the largest market for power banks due to the high penetration of smartphones and the growing number of tech-savvy consumers. A massive number of mobile device users drives demand for power banks. China is a major manufacturing center for power banks, contributing to lower production costs and widespread availability and rapid urbanization and increasing disposable incomes in emerging economies contribute to market expansion.

Competitive Landscape

The global Power Bank Market is highly competitive, with numerous players offering a wide range of software Solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• Sony Corporation
• Anker
• Huawei Technologies
• Mi
• Intex
• Zagg Inc.
• Panasonic Corporation
• GP Batteries
• Lenovo Group Ltd
• Samsung Electronics Co. Ltd.

Key Development

In May 2022, Zendure, a power bank manufacturing company based in the United States, unveiled the SuperMini GO, a wireless power bank featuring magnetic docking that is designed to be compatible with MagSafe technology. This innovative device offers the capability to deliver up to 15W of wireless power, allowing users to conveniently charge Qi-compatible mobile devices such as smartphones and tablets without the need for cables.

Scope of the Report

Global Power Bank Market, by Battery

• Lithium Ion
• Lithium Polymer

Global Power Bank Market, by Power Rating

• Up to 3,000 mAh
• 3,001–8,000 mAh
• 8,001–20,000 mAh
• Above 20,000 mAh

Global Power Bank Market, by Sales Channel

• Online
• Offline

Global Power Bank Market, by Price Range

• Low Range
• Mid-Range
• Premium Range

Global Power Bank Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: USD 21.56 Billion
CAGR (2023-2033)	8.40%
Base year	2022
Forecast Period	2023-2033
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Battery, Power Rating, Sales Channel, Price Range
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	Sony Corporation, Anker, Huawei Technologies, Mi, Intex, Zagg Inc., Panasonic Corporation, GP Batteries, Lenovo Group Ltd and Samsung Electronics Co. Ltd.
Key Market Opportunities	·       Development of Eco-Friendly Power Banks ·       Adoption of Fast Charging Technology
Key Market Drivers	·       Technological Advancements ·       Increasing Mobile Device Usage

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Power Bank Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Power Bank Market historical market size for the year 2021, and forecast from 2023 to 2033
• Power Bank Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Power Bank Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.