With 6.4% CAGR, Power Bank Market Size to Reach US$ 20.4 Billion by 2024-2032

The latest report published by IMARC Group, titled "Power Bank Market Report by Product Type (Portable Power Banks, Solar Power Banks, Battery Cases), Battery Type (Lithium-Ion, Lithium-Polymer), Power Rating (Below 3,000 mAh, 3,001 mAh - 8,000 mAh, 8,001 mAh - 20,000 mAh, Above 20,000 mAh), Application (Smartphones, Tablets, Portable Media Devices, and Others), and Region 2024-2032",  The study provides a detailed analysis of the industry, including the global power bank market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How Big is the Power Bank Market?

The global power bank market size reached US$ 11.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032.

Global Power Bank Market Trends:

The increasing reliance on mobile devices such as smartphones, tablets, and laptops, which require frequent charging, has fueled the demand for portable power solutions. Moreover, the advancement in battery technology, including higher capacity lithium-ion and lithium-polymer batteries, has enabled the production of more efficient and compact power banks. This technological progress has made power banks more appealing to consumers seeking convenience and reliability.

Additionally, the growing trend of outdoor activities and travel has escalated the need for portable charging options, further boosting the market. The rise in power consumption of modern devices, coupled with the need for continuous connectivity, has made power banks an essential accessory for a digitally connected lifestyle.

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Factors Affecting the Growth of the Power Bank Industry:

Technological Advancements:

The growth of the power bank market is significantly influenced by technological advancements. As consumer electronics, especially smartphones and tablets, become increasingly powerful and energy-intensive, the demand for portable charging solutions rises. Innovations in battery technology, such as the development of lithium-polymer batteries, have led to more compact, lightweight, and efficient power banks. Furthermore, advancements in fast-charging technologies enable these devices to charge electronics at a much quicker rate, enhancing user convenience. The integration of smart features like LED indicators, multiple ports, and wireless charging also contributes to the market appeal. As technology continues to evolve, power banks become more adaptable and efficient, catering to a broader range of consumer needs.

Rise in Mobile Usage:

The surge in mobile device usage globally is a primary driver for the power bank market. The increasing dependence on smartphones for communication, entertainment, navigation, and business purposes necessitates longer battery life, which is not always achievable with the device's built-in battery. This reliance has escalated particularly in regions with unstable or limited access to electricity. The power bank serves as a crucial tool for users to keep their devices operational throughout the day. The trend towards extensive use of mobile devices, combined with the growing need for uninterrupted connectivity, positions power banks as essential accessories for modern mobile users.

Consumer Lifestyle Trends:

Changes in consumer lifestyles significantly impact the growth of the power bank market. With the rise of travel, outdoor activities, and a fast-paced lifestyle, there is an increasing need for portable power sources. Consumers who are frequently on-the-go, whether for leisure or business, find power banks indispensable for ensuring their devices remain charged. Additionally, the growing trend of using smart wearables and wireless headphones, which require regular charging, further drives the demand for power banks. This shift towards a more mobile and connected lifestyle necessitates the need for portable charging solutions, thereby fueling the growth of the power bank market.

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Power Bank Market Report Segmentation:

Breakup by Product Type:

Portable Power Banks
Solar Power Banks
Battery Cases

Portable power banks dominate due to their convenience and the growing need for on-the-go charging solutions in an increasingly mobile society.   

Breakup by Battery Type:

Lithium-Ion
Lithium-Polymer

Lithium-ion batteries are prevalent in power banks because of their high energy density, lightweight properties, and longer lifecycle compared to other types.   

Breakup by Power Rating:

Below 3,000 mAh
3,001 mAh - 8,000 mAh
8,001 mAh - 20,000 mAh
Above 20,000 mAh

The 8,001 mAh - 20,000 mAh range represented the largest segment as it strikes a balance between portability and sufficient capacity to charge multiple devices or a single device multiple times.   

Breakup by Application:

Smartphones
Tablets
Portable Media Devices
Others

Smartphones constitute the largest segment for power bank applications, reflecting their ubiquitous presence and high power consumption in daily use.   

Breakup by Region:

Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

Asia Pacific leads in the power bank market due to its large consumer base, rising smartphone penetration, and growing technological adoption.    

Leading Companies Operating in the Global Power Bank Industry:

Beijing Xiaomi Technology Co. Ltd.
Lenovo Group Ltd.
Microsoft Corporation
Panasonic Corporation
Sony Corporation
Adata Technology Co., Ltd.
Asustek Computer Inc.
Ambrane India Pvt. Ltd.
Anker Technology Co. Ltd.
Intex Technologies (India) Ltd.
OnePlus Technology (Shenzhen) Co. Ltd.
UNU Electronics Inc.
Samsung SDI Co. Ltd.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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