Press release
Power Bank Market Anticipated To Witness Robust Growth, Surpassing $33.1 Billion By 2029
Power Bank Market Share
What Is the Current Power Bank Market Size and Its Estimated Growth Rate?
The power bank industry has experienced a swift expansion in its market size over the past few years. The sector, which is currently valued at $18.59 billion as of 2024, is projected to increase to $20.56 billion by 2025, exhibiting a compound annual growth rate (CAGR) of 10.6%. The impressive growth during the historic period is primarily attributable to the surge in the use of mobile devices and smartphones, increasing demand for portable and emergency backup power supplies, augmenting travel and outdoor activities, application in disaster readiness, and bolstering regulatory standards relating to battery safety.
The power bank market is projected to experience rapid expansion in the coming years, with an estimated worth of $33.1 billion in 2029, reflecting a compound annual growth rate (CAGR) of 12.6%. This expected growth for the forecast period is due to factors such as the appeal of high-capacity, high-speed charging power banks, the increasing use of electric scooters, and bikes requiring charging, custom-made power banks for certain devices, development in solar and wireless charging power banks, and their heightened usage in wearable and IoT devices. Notable trends within this period consist of adherence to power bank safety regulations and standards, utilization of smart and IoT-enabled power banks, environmentally-friendly power bank solutions, bespoke power banks catering to specific user requirements, transparency in sourcing and recycling batteries, and amalgamating power banks into outdoor adventure equipment.
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How Are Emerging Segments Shaping the Power Bank Market Landscape?
The power bank market covered in this report is segmented -
1) By Battery Type: Lithium Ion, Lithium Polymer
2) By Price Range: Low, Medium, High
3) By Application: Smart Phone, Tablet, Digital Camera, Laptop, Other Applications
4) By Distribution Channel: Online, Offline
Subsegments:
1) By Lithium Ion: Cylindrical Lithium-Ion Batteries, Prismatic Lithium-Ion Batteries, Lithium-Ion Battery Packs
2) By Lithium Polymer: Lithium Polymer Battery Packs, Flexible Lithium Polymer Batteries, Lithium Polymer Battery Cells
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Which Growth Factors Are Influencing Power Bank Market Expansion?
The sharp growth in urban populations worldwide has led to an uptick in demand for smartphones and tablets, in turn, increasing the need for power banks to keep these devices charged. For example, the UN Trade and Development released a report in December 2023 indicating that, over the past decade, rapid urbanization in developing economies, especially Asia and Oceania, has seen the urbanization rate climb from 44.0% to 50.6% by 2022. As a result, this substantial growth in urban populations is anticipated to drive revenue growth in the power bank market moving forward.
Who Are the Dominant Players Across Different Power Bank Market Segments?
Major companies operating in the power bank market include Ambrane India Pvt. Ltd., ADATA Technology Co. Ltd., Anker Innovations Technology Co. Ltd., AsusTeK Computer Inc., Griffin Technologies Inc., Intex Technologies india Ltd., Lenovo Group Ltd., Panasonic Corporation., Rav Power And Infra (India) Private Limited, Sony Corporation., Xiamoi Corporation., Aukey Technology Co. Ltd., Dell Technologies Inc., Duracell Inc., Changsha Meng Tuo Electronic Commerce Co. Ltd., iWALK Global Co Ltd., Microsoft Corporation, myCharge, OmniCharge Inc., Syska led lights Pvt Ltd., TP-Link Technologies Co. Ltd., Uimi Technology Pvt. Ltd., OnePlus Technology Co. Ltd., UNU Electronics Inc., Samsung SDI Co Ltd., Belkin International Inc., Zendure Deutschland., Jackery Inc., Shenzhen Value in Action Technology Co.Ltd., Poweradd, Tylt Inc., ROMOSS Technology Co. Ltd, Maxell Holdings Ltd., GP Batteries International Limited, Toshiba Corporation., Huawei Technologies Co. Ltd., ZTE Corporation, LG Electronics Inc., HP Inc., Acer Inc.
What Are the Latest Developing Trends in the Power Bank Market?
A significant novel trend in the power bank market that's gaining momentum is the emergence of wireless power banks. They present promising potential for future development, allowing consumers to power up their electronics wherever, delivering a superior cable-free experience. Offering quick charge times and multi-device compatibility, the user doesn't need to worry about carrying or connecting an extra cable. Brands such as Samsung, Xiaomi, Ambrane, among others, are already stepping into the production of wireless chargers to suit various smartphones. In October 2022, an India-based firm known for high-end smartphone, tablet, and laptop accessories, Stuffcool, launched a 15W wireless charging Powerbank, Made in India, featuring a 20W PD wired output. This latest Stuffcool wireless Powerbank boasts a lightweight, slim build, LED indicator for battery level tracking while charging and discharging, and includes a micro USB port and a USB Type-C charging port.
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Which Geographic Regions Are Expected to Dominate the Power Bank Market in the Coming Years?
Asia-Pacific was the largest region in the power bank market in 2024. The regions covered in the power bank market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power Bank Market?
2. What is the CAGR expected in the Power Bank Market?
3. What Are the Key Innovations Transforming the Power Bank Industry?
4. Which Region Is Leading the Power Bank Market?
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