The global power bank market size was valued at USD 13.48 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030. The growth of this market can be attributed to the increase in the adoption of smartphones and other electronic devices, the growing power consumption of mobile devices due to technological advancements, the increasing affordability of power banks, and the extension in the reach of online retail platforms for end-users. One of the prominent drivers of the market is the growing use of smartphones and tablets. The number of smartphones in emerging markets, such as China, Brazil, and India, has increased owing to the reduced costs of mobile technologies.
The increase in the number of smartphones can be attributed to the changing lifestyle of consumers. This is likely to remain an important driving factor for the global market. In addition, power banks allow users to recharge their devices like tablets, smartphones, and other media devices with USB capability. Although the technology is developing rapidly for tablets and smartphones, their batteries are still left out with a limited capacity, which has augmented a high demand for power banks. The number of applications on smartphones is increasing, from shopping sites to ordering food online, however, their low-capacity batteries prove insufficient.
The limited capacity of smartphone batteries requires high battery power sources, which is expected to boost the market growth. With the development and innovation of more electronic devices, the demand for power banks is also increasing. Significant companies are introducing triple port-designed power banks to charge multiple devices. For instance, in July 2021, Xiaomi India introduced the Mi HyperSonic power bank. The new Xiaomi device has three USB Type-A and one USB Type-C connector, making it a triple port design. The power bank can fast-charge any device, including laptops or smartphones.
In addition to fast charging, it has a low-power charging mode for gadgets like fitness bands, Bluetooth headsets, smartwatches, and other low-power output devices. The increase in power consumption of electronic devices can be attributed to technological advancements and the rapid growth of online retail platforms. The growing use of the internet and inadequate battery capacity of smartphones and other portable consumer electronic products are anticipated to continue to be the driving factors for power bank market growth. The increasing adoption and use of smartphones over the past years, due to changing lifestyles, has further led to a surge in product sales and will remain a key growth-driving factor.
Moreover, as people become more aware of the importance of renewable energy, there has been a growing interest in portable power banks that use renewable energy sources, such as solar power. This trend is likely to continue as more consumers seek out eco-friendly power solutions. The popularity of outdoor activities and travel has also contributed to the growth of the market. As more people spend time outdoors, they need portable power sources to keep their devices charged. Overall, the market is expected to continue to grow in the coming years as more consumers rely on portable devices and seek out convenient and efficient power solutions.
The affordable product prices have further driven the market growth. The increasing domestic production & assembly of power banks and the entry of new vendors have decreased prices. Moreover, high competition among the manufacturers is leading to competitive product pricing. Power banks demand a lower capital investment for setting up a manufacturing facility and are fast-moving consumer electronics. The competition among manufacturers is anticipated to intensify over the forecast period. The global market is dominated by several players operating in international as well as national-level markets.
The 8,001 mAh-20,000 mAh segment accounted for a market share of 35.0% in 2022 and is expected to generate the highest revenue over the forecast period. The 8,001 mAh-20,000 mAh capacity range segment is known as High-capacity power banks. The demand for these high-capacity power banks is increasing as more consumers seek to charge their devices multiple times without having to recharge the power bank itself. Extensive digitization is the major factor driving segment growth. Due to the heavy usage of the internet, insufficient battery capacity of smartphones and other mobile consumer electronic products would remain a key driving factor for the growth market.
The penetration of smartphones has led to an increase in data consumption. Smartphones have transformed into high energy-consuming devices, which constantly drain the power of a battery owing to the usage of multiple apps for internet browsing, sending emails, personal entertainment, messaging, gaming, and other activities. As the current battery technologies failed to match up with the increasingly capable smartphones, handset manufacturers got back to the drawing boards and made the mobile consumer electronics economical to energy hence downsizing the hardware, so that there remains more space for a big battery. The 8,001 mAh-20,000 mAh segment is expected to witness significant growth over the forecast period owing to the ability of these power banks to charge a device multiple times.
The electric segment accounted for the largest revenue share of 72.8% in 2022. They offer benefits, such as easy availability, low cost & weight, and compactness, and are suitable for charging moveable electronic devices. These features are contributing to the growth in demand. The solar segment is expected to grow at a CAGR of 9.3% from 2023 to 2030. With the increasing popularity of solar panels and other renewable energy sources, there is a growing trend toward power banks that can be charged using renewable energy. Some power banks are designed to be charged using a built-in solar panel, while others can be charged using a separate solar panel or wind turbine. Moreover, the growing popularity of solar energy as an environmentally friendly alternative is projected to boost the market during the forecast years.
Most of the users possess multiple electronic devices, hence they need a portable energy source, which simultaneously can recharge multiple devices. This is attributed to creating sustainable demand for the industrial power bank. Industrial power banks are designed as a portable energy storage system that allows companies to seamlessly continue operations using “instant-on” backup power for their industrial devices.
The Lithium-ion (Li-ion) battery segment held the largest revenue share of 80.4% in 2022. Li-ion batteries offer numerous advantages, such as relatively low self-discharging, high energy density, and low maintenance. The energy density of lithium-ion batteries has been steadily increasing over the years, allowing for smaller and lighter power banks with higher capacities. Moreover, as charging time is a key consideration for many consumers, fast-charging technology has become increasingly popular in the market. Some power banks now support fast charging protocols, such as Qualcomm Quick Charge or USB Power Delivery, which can significantly reduce charging times.
However, Li-ion batteries are expensive to produce, due to the high material costs and complex preparation processes involved in it. The Lithium polymer (Li-polymer) battery segment is expected to grow at a CAGR of10.3% from 2023 to 2030. Li-polymer batteries are flat-shaped, lightweight, and moldable. These features enable electronic device producers to manufacture compact and sleek electronic products. Li-polymer batteries are widely preferred, have a flexible form factor, and are safe as compared to other batteries. Low-cost smartphone manufacturers (such as Xiaomi) are also manufacturing power banks, which is estimated to be one of the major factors supporting the market growth.
The e-commerce segment dominated the market with a revenue share of 52.9% in 2022. The e-commerce channel segment is also expected to witness substantial growth over the forecast period owing to the growing penetration of the internet. The segment is expected to witness the highest growth in the Asia Pacific region over the forecast periodowing to growing urbanization. India, China, and other Southeast Asian countries are witnessing robust industrial development and widespread urbanization. High internet penetration and digitization in different verticals are further expected to further propel market growth in these countries.
Companies, such as Alibaba and Flipkart, offered retail platforms for users to gain access to a wide range of products.The physical stores provide benefits, such as personalized customer service, offers, exclusive deals, and value-added services, such as device repair, and also provide engaging in-store experiences, which increases customer satisfaction. However, traditional retail stores have faced challenges in recent years due to the growth of e-commerce. The online retail channel is growing exponentially worldwide.
Multi-brand and multi-category retailers are driving the growth of the e-commerce channel segment. Earlier, e-commerce was associated mainly with electronic gadgets, apparel, and appliances. However, it is now becoming more popular across various sectors and industries. Moreover, the rapid growth of the existing online marketplace would be a driving factor for the growth of the power bank industry along with other consumer electronic products market.
The Asia Pacific region dominated the market with a revenue share of 50.6% in 2022. The growing population, large-scale digitization, availability of affordable power banks, and penetration of e-commerce in the electronics industry are driving their use in this region. The Asia Pacific regional market is expected to witness a significant gain in revenue share over the forecast period owing to the growing number of users of electronic devices and the high demand for e-commerce across various industries. The Covid-19 pandemic had an adverse impact on the market in the Asia Pacific region. Due to the pandemic, China's output of consumer electronics is dropping. However, regular product introductions by major companies could accelerate sales.
For instance, in June 2020, despite the Covid-19 scenario, Xiaomi released a 30K mAh power bank with fast charge technology. Furthermore, a significant market share in the North American and European regions, the Asia Pacific, and Middle Eastern & African regions are yet to experience a proliferation in online retailing and depend mostly on hypermarkets and direct selling. The Asia Pacific regional market is expected to witness the fastest growth rate over the forecast period owing to extensive urbanization and a rapidly growing industrial sector. The developing economies of the APAC region, such as China, India, South Korea, and other Southeast Asian countries, are turning into major global manufacturing hubs.
The key players, such as Beijing Xiaomi Technology Co., Ltd.; Microsoft Corporation; and Sony Corporation, are concentrating on undertaking strategies, such as new product launches, to deliver improved devices to their customers and extend their business worldwide. For instance, in May 2022, Zendure, a U.S.-based power bank manufacturing company introduced SuperMini GO, a wireless power bank with magnetic docking that is compatible with MagSafe. The gadget provides up to 15W of wireless power while wirelessly charging Qi-compatible mobile devices, such as phones and tablets. It also magnetically attaches to MagSafe items for a secure connection. Some of the prominent players in the global power bank market include:
Ambrane India Private Ltd.
Anker Technology Co. Ltd.
ASUSTeK Computer Inc.
Beijing Xiaomi Technology Co., Ltd.
Lenovo Group Ltd.
Samsung SDI Co., Ltd.
Market size value in 2023
USD 17.78 billion
Revenue forecast in 2030
USD 31.06 billion
CAGR of 8.3% from 2023 to 2030
Base year for estimation
2017 - 2021
2023 - 2030
Market revenue in USD billion, and CAGR from 2023 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Capacity range, energy source, battery type, distribution channel, region
North America; Europe; Asia Pacific; Latin America; MEA
U.S.; Canada; UK; Germany; France; China; India; Japan; Brazil; South Korea; Australia; Mexico; KSA; UAE; South Africa
Key companies profiled
Ambrane India Pvt. Ltd.; Anker Technology Co. Ltd.; ASUSTeK Computer Inc.; Beijing Xiaomi Technology Co., Ltd.; Intex Technologies; Lenovo Group Ltd.; Microsoft Corp.; Panasonic Corp.; Samsung SDI Co., Ltd.; Sony Corp.
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This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this report, Grand View Research has segmented the global power bank market report based on capacity range, energy source, battery type, distribution channel, and region:
Capacity Range Outlook (Revenue, USD Billion, 2017 - 2030)
Up to 3,000 mAh
3,001 mAh-8,000 mAh
8,001 mAh-20,000 mAh
Above 20,000 mAh
Energy Source Outlook (Revenue, USD Billion, 2017 - 2030)
Battery Type Outlook (Revenue, USD Billion, 2017 - 2030)
Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2030)
Brick and Mortar
Regional Outlook (Revenue, USD Billion, 2017 - 2030)
Middle East & Africa (MEA)
b. The global power bank market is expected to grow at a compound annual growth rate of 8.3% from 2023 to 2030 to reach USD 31.06 billion by 2030.
b. Asia Pacific dominated the power bank market with a share of 50.6% in 2022. This is attributable to the penetration of e-commerce in the electronics industry.
b. Some key players operating in the power bank market include Beijing Xiaomi Technology Co. Ltd.; Lenovo Group Ltd.; Microsoft Corporation; Panasonic Corporation; Sony Corporation; AsusTeK Computer Inc.; Anker Technology Co.
b. Key factors that are driving the market growth include urging adoption of smartphones and other electronic devices, and the rapid growth of online retail platforms to reach the end-users.
b. The global power bank market size was estimated at USD 13.48 billion in 2022 and is expected to reach USD 17.78 billion in 2023.
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