Power Bank Market Size to Grow $22.34 Billion by 2027 - Latest Research Report

The power bank market is currently in its maturity stage and is expected to register substantial growth in the near future, owing to high investment in R&D activities by market players and increase in focus toward Internet of Things (IoT) and wireless connectivity. Other factors that drive the market growth include increase in demand for wireless power banks and emergence of wearable devices.

The global power bank market size was valued at $17.41 billion in 2019, and is projected to reach $22.34 billion by 2027, registering a CAGR of 3.4% from 2020 to 2027.

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North America is the second largest region, in terms of revenue generation, in the global power bank market. The consumer electronics industry is well-established in North America, which has led to increased adoption of enhanced technologies. In addition, rapid growth in the sales of smart consumer electronic products supplements the market growth. Moreover, increasing adoption toward wireless technologies among consumers and widespread use of power banks for laptops, smart watches, speakers, and other smart devices, drive the power bank market growth.

5G enabled devices are slowly gaining traction in the global market. According to global researches, 5G enabled devices consume 20% more power than 4G enabled devices. This suggests that a 20% increase in battery size is needed for a 5G phone to achieve the same endurance as a 4G variant. Due to the increased power consumption for 5G devices, there is a need for better battery optimization among devices. In addition, consumer relies on secondary power sources such as power banks to keep their devices such as smartphones, laptops, mobile tablets, wearable devices among others, fully charged.

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Furthermore, various mobile phone accessories manufacturers such as Oppo, Samsung, and Mi among others, are expected to offer power banks along with its 5G enabled smartphone to promote battery optimization. For instance, on May 8, 2020, Chinese smartphone maker Xiaomi launched its Mi 10 5G smartphone with Mi Wireless Power Bank 10000mAh. The offer can only be availed when the product is pre-booked.

The key power bank industry leaders profiled in the report include Samsung Electronics Co., Ltd., Sony Corporation, Anker, Huawei Technologies, Mi, Intex, Zagg Inc., Panasonic Corporation, GP Batteries, and Lenovo Group Ltd. These key players adopt several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the power bank market share during the forecast period.

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