Power Banks Market Size to Be Valued at USD 20.6 Bn by 2032 - Persistence Market Research

The global power banks market is experiencing robust growth, driven by increasing smartphone penetration and the rising need for portable charging solutions. As the number of connected devices grows, so does the reliance on power banks to ensure uninterrupted usage. The market is projected to grow from US$ 12.4 billion in 2025 to US$ 20.6 billion by 2032, at a healthy CAGR of 7.4%. This growth is largely attributed to the increasing popularity of high-capacity and multi-functional power banks.

Among the product segments, power banks with 8,001 to 20,000 mAh capacity are projected to dominate, capturing around 69% of the market by 2025. North America is set to lead the global market, with an expected CAGR of 18.5% through 2025. This is due to a high adoption rate of smartphones, hybrid work models, and a tech-savvy consumer base demanding advanced portable charging solutions.

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➤ Key Highlights from the Report

➤ Smartphone penetration in low-electricity regions is increasing demand for power banks.

➤ Hiking and trekking enthusiasts are fueling demand for durable, high-capacity power banks.

➤ Wireless charging adoption is boosting sales among premium smartphone users.

➤ North America expected to see 18.5% CAGR through 2025 due to hybrid work culture.

➤ Online distribution is projected to account for 53% of sales by 2025.

➤ 8,001 to 20,000 mAh power banks to lead with 69% market share in 2025.

Market Segmentation

The power banks market is segmented based on capacity, charging technology, and energy source. In terms of capacity, the 8,001 to 20,000 mAh segment is the most prominent, catering to users needing multiple charges per cycle for devices like smartphones and tablets. The above 20,000 mAh segment is gaining traction among gamers, digital nomads, and business travelers who require fast, extended charging solutions.

When segmented by energy source, solar power banks are emerging as a high-growth segment. With a CAGR of 17.1% through 2032, they are preferred by users in regions with unreliable electricity and among eco-conscious consumers. Innovations in this segment offer off-grid charging solutions ideal for remote areas and outdoor adventures.

Regional Insights

In North America, especially the U.S., high smartphone usage and a culture of outdoor and hybrid lifestyles are driving the need for portable power solutions. The region is anticipated to hold 26% of the market by 2025. With 130 million smartphone shipments in 2023, the demand for backup power options is evident.

Meanwhile, South Asia and Oceania are witnessing rapid smartphone adoption and a surge in affordable power banks. Countries like India are leading this demand due to their growing middle class and increasing digital connectivity, making the region a hotspot for budget-friendly, high-capacity power banks.

Market Drivers

Rising Smartphone Penetration and Screen Time

The global rise in smartphone usage, surpassing 6.8 billion users in 2024, has created an immense demand for portable charging options. Consumers now spend 4 to 6 hours per day on their devices, engaging in streaming, social media, and remote work. This increased usage strains device batteries, necessitating reliable backup power sources like power banks.

Popularity of Outdoor Activities

Adventurous lifestyles and a boom in outdoor activities are further fueling the market. With over 58 million Americans participating in hiking and trekking in 2023, portable power banks have become essential for charging navigation tools, cameras, and smart wearables. Solar-powered and rugged models are especially sought after in this segment.

Market Restraints

Low Energy Efficiency in Wireless Charging Models

Although wireless power banks offer convenience, they typically suffer from 30% energy loss during charging, leading to higher electricity consumption and greater environmental impact. The U.S. Department of Energy highlights this inefficiency as a key concern. These limitations can reduce adoption, especially among environmentally-conscious consumers.

Market Opportunities

Rise of Wearables and IoT Devices

The booming market for wearables such as smartwatches, fitness bands, and health trackers is creating new growth avenues. These devices have limited battery life and require frequent charging. Portable power banks, especially those with USB-C ports and AI-powered energy management, are positioned to meet these emerging needs effectively.

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Competitive Landscape

The global power banks market is moderately fragmented, with top players accounting for nearly 20% of total market share. Most major companies are innovating in terms of design, energy efficiency, and multi-functional features to stay competitive. Chinese manufacturers dominate the landscape, but companies in South Asia and the U.S. are gaining ground through sustainable product offerings and better user-centric designs.

✦ Anker Innovations
✦ Xiaomi Corporation
✦ Samsung Electronics
✦ Ambrane India Pvt. Ltd.
✦ Aukey Technology
✦ RavPower
✦ Belkin International
✦ Realme
✦ Sony Corporation
✦ Lenovo Group Ltd.

Frequently Asked Questions (FAQs)

➤ How Big is the Power Banks Market in 2025?

➤ What is the Projected Growth Rate of the Power Banks Market?

➤ Who are the Key Players in the Global Market for Power Banks?

➤ What is the Market Forecast for Power Banks for 2032?

➤ Which Region is Estimated to Dominate the Power Banks Industry through the Forecast Period?

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