Power Bank Market is expected to reach US$ 27,528.90 million by 2030 | The Insight Partners

Rising Power Outage Problems Boost Power Bank Market Growth

According to our latest study on "Power Bank Market Forecast to 2030- COVID-19 Impact and Global Analysis - by Capacity, Battery Type, Indicator, and Application," the power bank market size is expected to reach US$ 27,528.90 million by 2030 from 10,941.67 million in 2022, with an estimated CAGR of 12.6% during the forecast period.

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The List of Companies - Power Bank Market

• ADATA Technology Co., Ltd.
• Ambrane India Pvt Ltd.
• Anker Innovations Technology Co., Ltd
• AUKEY Online
• Vinci Brands LLC
• Intex Technologies.
• Lenevo
• RAV Power
• Xiomi
• ZAGG Inc

People are highly dependent on electricity for powering consumer electronics. Therefore, there is a need for constant and uninterrupted power supply. However, there is a surge in power outages worldwide due to changing weather conditions, storms, and aging power infrastructure. For instance, according to the Times of India, in April 2022, for the first 27 days of April 2022, the supply fell short of demand by 1.88 billion units in India. This resulted in long hours of power outages. According to AP News, in September 2022, there were power outages in various parts of Oman due to electrical grid issues. There is a rise in power outage cases in the US due to extreme weather conditions, storms, and snow in 2021. According to the Climate Central report in September 2022, 83% of power outages in the US between 2000 and 2021 were due to weather conditions such as wildfires and snowstorms. Individuals and businesses seek alternative power sources to keep their smartphones, laptops, tablets, and other electronic devices functioning during blackouts. People want to ensure they have reliable power sources in case of unexpected power failures or during natural disasters. Therefore, the rising power outage issues are fueling the power bank market growth.

The power bank market is segmented based on capacity, battery type, indicator, and application. Based on capacity, the power bank market is segmented into 1000-5000 mAh, 5001-10000 mAh, 10001-15000 mAh, 15001-20000 mAh, and above 20001 mAh. Based on battery type, the power bank market is bifurcated into lithium-ion battery and lithium-polymer battery. Based on indicator, the power bank market is bifurcated into LED lighting and digital display. Based on indicator, the power bank market is categorized into smartphone, tablet, laptop, wearable device, digital camera, and others. By region, the power bank market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

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Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the power bank market. A few recent key power bank market developments are listed below:

• In May 2023, Ambrane launched two new power banks in the Indian market, the Powerlit Ultra and Powerlit Boost. These compact powerbanks are capable of charging phones and laptops on the go. The Ultra model is the company's premium offering, with a larger battery capacity and faster charging speed than the Boost.

• In June 2020, AUKEY unveiled its Basix Pro Wireless Power Bank, demonstrating the company's dedication to meeting the needs of a connected, on-the-go lifestyle. Its slimline design, generous 10000 mAh capacity, and wireless charging capabilities of up to 10 W offer convenience and versatility. Including a flip-out stand further enhances the user experience, enabling hands-free viewing during charging. This innovative power bank was designed keeping in mind tech-savvy individuals seeking a portable, efficient charging solution.

• In May 2021, Lenovo announced the launch of its new sub-brand, Lenovo Go, offering purpose-built PC accessories designed to enhance mobile productivity and cater to the needs of a hybrid workforce. The introduction of the Lenovo Go USB-C Laptop Power Bank and Lenovo Go Wireless Multi-Device Mouse aimed to address power issues and provide seamless input across multiple devices. These accessories provided practical solutions to the challenges faced by remote workers, allowing them to work productively anywhere.

Power Bank Market Regional Analysis:

The North America power bank market size was valued at US$ 2,808.73 million in 2022 and is projected to reach US$ 6,870.18 million by 2030; it is expected to register a CAGR of 12.3% during 2023-2030. The North America power bank market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American power bank market in 2022. The US is one of the countries with significant technological advancements. The accelerated use of mobile phones in the US is contributing to the country's economy. According to GSM Association, smartphone penetration in the US was expected to reach 88% in 2021. ASUS launched Zenfone 10 smartphone in the US in April 2022. Further, in June 2023, Google launched a Pixel tablet with unique features. The presence of key smartphone players is driving the market in the country. The increased demand for smartphones propels the need for power banks. Several players are unveiling power banks to meet the growing demand for power backup solutions. In June 2023, UGREEN launched a new power bank in the US.. Therefore, with the increasing demand for smartphones and other electronic devices, the power bank market in the US is growing significantly.

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