Power Bank Market Size, Share & Trends Analysis Report By Capacity Range, By Distribution Channel, By Battery Type, By Energy Source, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global power bank market size was valued at USD 6.8 billion in 2019 and is anticipated to exhibit a compound annual growth rate (CAGR) of 18.4% from 2020 to 2027. The growth of this market can be attributed to the increase in the adoption of smartphones and other electronic devices, the rising power consumption of electronic devices due to advancements in mobile technologies, affordability of power banks, and 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 India, China, and Brazil has significantly increased owing to the reducing costs of mobile technologies. The increase in popularity of smartphones among consumers can be attributed to the changing lifestyle of consumers. This is likely to remain an important driving factor for the global power bank market. 

Power banks enable users to recharge devices such as smartphones, tablets, and other media devices with USB capability. Even with rapid advancements in technology, tablets and smartphones still have batteries with a limited capacity, subsequently driving the demand for power banks. The number of applications on a smartphone and the frequency with which they are used for a range of activities, from social media browsing to shopping and ordering food online, depletes the battery. Owing to the limited capacity of smartphone batteries, high battery power sources are required, which further drives the demand for power banks.

The increase in power consumption of electronic devices can be attributed to advancements in technology and the rapid growth of online retail platforms. Increasing the 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 the growth in sales of power banks.

Furthermore, affordable prices of power banks drive market growth. The increasing domestic production and assembly of power banks and the entry of new vendors have led to a reduction in prices. Moreover, high competition among manufacturers leads to the competitive pricing of power banks. Power banks are fast-moving consumer electronics and demand a lower capital investment for setting up a manufacturing facility. The competition among manufacturers is anticipated to continue to be high over the forecast period. The global market is dominated by several players operating in international- and national-level markets.

Power Bank Market Trends

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 in sales of power bank market on a global level. The increasing usage of the smartphones had resulted in a surge in the sales of power banks. Smartphones have a limited battery capacity because of its features likes 3G/4G, Bluetooth, touchscreen, Wi-Fi, etc.

Apart from the calling and standby mode, all these features consume the battery power. Data consumption had increased with the penetration of smartphones in the market. With the usage of multiple apps for internet browsing, emails, personal entertainment, messaging, gaming, etc. smartphones had transformed into energy-hungry devices which continuously drain the battery.

Most of the users possess multiple electronic devices, so they need a portable energy source that simultaneously can recharge multiple devices. 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. But alone these factors won’t fulfill the today’s energy demand for smartphones; an entire new industry had emerged, offering products like the power banks to wireless chargers to keep up with the growing mobile consumer electronics industry.

Power banks are essential mobile accessory for now. Also, the increasing demand for power banks have triggered a drop in their prices. Rise in the demand and strong competition in the market is resulting in the decreasing cost of ownership of power banks in the worldwide market. Moreover, rising domestic production & assembly and the entry of new vendors have added to the decline in the prices of power banks. Growing economies, higher consumer purchasing power, and improved living standards are major pillars for rising electronics market. As the electronic devices come with a low battery capacity, demand for the power bank spurs up, while shooting up the market growth for the power bank globally.

Capacity Range Insights

Based on capacity range, the market has been segmented into 3,000 mAh, 3,001 mAh-8,000 mAh, 8001 mAh-20,000 mAh, and above 20,000 mAh. The 8,001 mAh-20,000 mAh segment accounted for a market share of 34.2% in 2019 and is expected to generate the highest revenue through the forecast period. Extensive digitization is the major factor driving the segment growth. Frequent use of the internet and insufficient battery capacity of smartphones are the key factors driving the demand for high capacity range power banks.

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. Current battery technologies are not keeping pace with innovation in consumer electronics.  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.

Battery Type Insights

The battery type segment has been further categorized into lithium-ion (Li-ion) and lithium polymer (Li-polymer) batteries. The lithium-ion segment held the largest market share of over 80.0% in 2019. Li-ion batteries offer numerous advantages such as lower self-discharge, high energy density, and low maintenance. However, lithium-ion batteries are expensive to produce owing to high material costs and the complex preparation processes involved.

On the other hand, the Li-polymer battery segment is expected to register the highest CAGR over the forecast period. Li-polymer batteries are lightweight, moldable, and are flat in shape and hence enable the production of compact and sleek power banks. These batteries are also increasingly preferred as they are considered safer as compared to other batteries. Several smartphone manufacturers also manufacture power banks (such as Xiaomi), which is one of the key factors driving the segment growth. Key players of the global power bank market are China Bak Battery Inc.; Hitachi Maxell; OnePlus; and Panasonic Corporation.

Energy Source Insights

The energy source segment has been further categorized into electric and solar. The electric segment accounted for the largest market share in 2019. They offer benefits such as easy availability, low cost, lightweight, and compactness. The solar segment is expected to register a CAGR of 19.5% from 2020 to 2027. The demand for solar power banks is projected to increase in the coming years owing to the growing popularity of solar energy as an environmentally friendly alternative.

Most users possess multiple electronic devices and hence need a portable energy source that can simultaneously recharge multiple devices. A power bank helps ensure that these devices can be charged at a moment’s notice when consumers do not have access to an electrical plug point. Power banks are especially useful while traveling and for emergencies. A solar power bank provides the added benefit of its ability to recharge without electricity, which, aside from being energy-efficient, is especially advantageous while traveling.  

Distribution Channel Insights

Based on the distribution channel, the market has been segmented into e-commerce and brick and mortar. The e-commerce segment is expected to witness substantial growth over the forecast period owing to the increasing penetration of the internet. The segment is expected to register the highest CAGR in the Asia Pacific region owing to widespread urbanization. India, China, and other Southeast Asian countries are also witnessing robust industrial development. High internet penetration and digitization in different verticals are further expected to propel the market growth in these countries. E-commerce companies such as Alibaba and Flipkart offer retail platforms for users to gain access to a wide range of products.

The online retail channel is growing exponentially worldwide. Multi-brand and multi-category retailers are driving the growth of the e-commerce channel. E-commerce was formerly associated mainly with electronic gadgets, apparel, and appliances. However, it is now becoming more popular across various sectors and industries. While online retailing has captured a significant market share in the North American and European regions, the Asia Pacific and Middle Eastern and African regions are yet to experience a proliferation in online retailing as they largely depend on hypermarkets and direct selling. The rapid growth of the existing online marketplace plays a significant role in driving the demand for power banks owing to factors such as a wide variety of choices and price range, as well as the availability of offers and discounts.  

Regional Insights

The Asia Pacific region dominated the global market in 2019. Growing population, large-scale digitization, availability of affordable power banks, and penetration of e-commerce in the electronics industry drive the adoption of power banks in the region. The Asia Pacific 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 subsequent rise in demand for power banks.

The Asia Pacific regional market is expected to register the highest CAGR over the forecast period owing to extensive urbanization and the rapidly growing industrial sector. Furthermore, developing economies of the APAC region, such as China, India, South Korea, and other Southeast Asian countries, are turning into major global manufacturing hubs.

In Beijing, shared power bank devices can be seen in shopping malls and train stations. The shared power bank market covers three main areas. The first kind, represented by Laidian Technology, enables users to rent power banks in one place and return them elsewhere. They are mostly available in major public venues like train stations, airports and hospitals. In Beijing, shared power bank devices can be seen in shopping malls and train stations.

The online retail channel is growing exponentially worldwide. Multi-brand and multi-category retailers are driving the growth of the online distribution 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. While online retailing has captured 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.

Key Companies & Market Share Insights

Key players in the market include Beijing Xiaomi Technology Co. Ltd.; Lenovo Group Ltd.; Microsoft Corporation; Panasonic Corporation; Sony Corporation; AsusTeK Computer Inc.; Anker Technology Co.; Intex Technologies; and Ambrane India Private Limited. Players such as Beijing Xiaomi Technology Co., Ltd.; Microsoft Corporation; and Sony Corporation focus on strategies such as new product launches to deliver improved devices to their customers and expand their business worldwide. For instance, in November 2017, Xiaomi launched Mi Power Bank 2i Range, which includes 2,000 mAh Mi Power Bank 2 and 10,000 mAh Mi Power Bank 2.

Companies also focus on partnerships with domestic players to expand their foothold in developing countries. For instance, in June 2018, Microsoft Corporation (U.S.) signed a partnership deal with InMobi (India) to power a new cloud-based enterprise (Microsoft Azure) platform. This partnership enabled Microsoft Corp and InMobi to have a technology collaboration and combine their marketing strategies.

Power Bank Market Report Scope

Global Power Bank Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2027. For the purpose of this study, Grand View Research has segmented the global power bank market report based on capacity range, distribution channel, battery type, energy source, and region:

• Capacity Range Outlook (Revenue, USD Billion, 2017 - 2027)

  • 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 - 2027)

  • Electric

  • Solar

• Battery Type Outlook (Revenue, USD Billion, 2017 - 2027)

  • Lithium-ion

  • Lithium Polymer

• Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2027)

  • E-commerce

  • Brick and Mortar

• Regional Outlook (Revenue, USD Billion, 2017 - 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East & Africa (MEA)