Power Bank Market Trends: Growing Demand and Forecast 2024-2031

Market Overview :

A power bank is an additional portable battery that uses circuitry to control any power in and power out. The device charges different electronic devices such as smartphones, portable speakers, cameras, and tablets. Lithium-Ion and Lithium-Polymer batteries are most commonly used for power banks owing to their superior energy density. They can charge up using a USB charger when power is available and then charge battery-powered items like mobile phones and a host of other devices that normally use a USB charger.

As the need has increased, the charge level that can be stored in power banks has increased. One of the key things to be charged by them is smartphones, and the battery capacity has improved dramatically in recent years to provide longer charging times. Older power banks had capacities of maybe 1000 mA hours, where massive capacities of 25000 mA hours can be provided as some of the latest available ones. The current that they can supply is also high. They can also deliver 2.5A, allowing them to provide several electronic devices with a quick charge.

Market Trends :

The global power bank market is driven by adopting electronic devices and power consumption of these devices due to easy affordability and growing continuous technological advancements. Rising internet and smartphone consumption is another factor driving the growing market of power banks in recent times.Increasing adoption of different electronic devices and power consumption of these devices due to easy affordability and growing continuous technological advancements.

The rise in electronic devices' power consumption can be due to advances in technology and the rapid growth of online shopping platforms. The number of internet users worldwide rose from just 413 million in 2000 to more than 3.4 billion in 2016. That barrier of one billion was reached in 2005. In last five years, an average of 640,000 people has gone online for the first time every day. Thus it is anticipated that rising internet consumption and insufficient battery capacity of smartphones and other portable consumer electronic products will continue to be driving factors for the growth of power bank sales.

Furthermore, the affordable prices of power banks are another booster for industry growth in recent times. The rising domestic production and assembly of power banks and new suppliers' introduction have led to lower prices. In addition, strong producer competition leads to the aggressive pricing of power banks. Thus the fast-moving consumer electronics and demand for lower capital investment for setting up a manufacturing facility create huge opportunities for the power banks to accelerate their growth even further in the forecast period.

For instance, in March 2020, Xiaomi came up with a masterpiece, a 10,000 mAh wireless power bank in the Indian market, which supports up to 10W fast wireless charging. The device also supports two-way fast charging and 18W wired charging at a much cheaper cost than its major competitors.

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Market Segmentation :

The global power bank market is segmented based on battery type, capacity range, type, forms, application and region.

Lower self-discharge, more electrical charge storage, high energy density, and low maintenance coupled with a high market share of lithium-ion batteries are building the segment's recent market.

The global battery range market is bifurcated into lithium-ion batteries and lithium polymer batteries in power banks. Out of the two battery types, lithium-ion batteries dominated the power bank market and shared over 80% of the global market revenue in 2019. Li-ion batteries have many benefits, such as lower self-discharge, electrical charge storage, high energy density and low maintenance. However, due to high manufacturing costs and the complex preparation processes involved, lithium-ion batteries are costly to manufacture.

Lithium polymer batteries, on the other side, are growing with growing technological advancements. These batteries are lightweight, moldable, and are flat in shape, allowing compact and sleek power banks to be made. These batteries are also increasingly favored because, compared to other batteries, they are considered safer. Many key players, such as Hitachi Maxell, OnePlus, Panasonic Corporation, and Xiaomi, promote lithium polymer batteries over lithium-ion, thus adding opportunities for the growing market segment in the forecast period.

Geographical Share :

Increasing consumers' base of smartphones and increased penetration of e-commerce, mobile gaming, and smart devices connected with mobiles contributes significantly to the growth of the power banks market in Asia-Pacific.

Booming digital economies in countries such as China, South Korea, and Japan drive power banks' sales. Increasing consumers' base focusing on their smartphones for almost anything, particularly now during the prevailing pandemic in these countries, is the prime factor driving the market of Asia-Pacific in recent times. This reduces the life of the battery and raises the need for energy banks. Increasing penetration of e-commerce, mobile gaming, and smart devices connected with mobiles contributes significantly to the growth of East Asia's power banks market. The presence of key players such as Lenovo, AUKEY, Xiaomi and Anker Innovations in the regions is creating a larger customer target base and competition globally, thus increasing the region's global market.

North American countries hold the second position of power bank due to increased connectivity of multiple devices such as home appliances, security systems, and intelligent accessories.

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Competitive Landscape

The power bank market is highly consolidated with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Anker Innovations, Xiaomi, AUKEY, RAVPower, ADATA, Lenovo, INTEX, AMBRANE, Panasonic Corporation, Sony Corporation and among others.

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