Power Banks Market to Grow at 7.4% CAGR, Hitting US$ 20.6 Bn by 2032, Finds Persistence Market Research

The global power banks market has seen exponential growth over the last few years, driven by the increasing demand for portable energy solutions, particularly for smartphones, laptops, and other personal devices. As the number of connected gadgets continues to rise and people's reliance on them grows, the need for on-the-go charging options has become essential. The global market for power banks is projected to grow from US$ 12.4 billion in 2025 to US$ 20.6 billion by 2032, reflecting a steady growth rate of 7.4% during this period. This article will delve deep into the key trends, drivers, restraints, and opportunities shaping the power banks industry, as well as provide insights into market segmentation and regional developments.

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Overview of the Power Banks Market

The power banks market has experienced rapid expansion as portable devices like smartphones, laptops, and tablets have become indispensable for both personal and professional use. This reliance on battery-powered gadgets has created a significant demand for portable charging solutions. Power banks, which offer a convenient way to charge devices on the go, have become essential for a wide range of users, from tech-savvy individuals to outdoor enthusiasts and travelers.

As of 2025, the market size stands at US$ 12.4 billion and is expected to grow at a CAGR of 7.4% through 2032. The leading drivers of this growth include the increased penetration of smartphones, longer screen times, and the rise of outdoor activities like hiking and trekking, which require reliable portable energy sources. In particular, high-capacity power banks (20,000mAh and above) are gaining popularity as users seek extended power backup for multiple devices.

North America is expected to remain the leading
geographical region for the power banks market, driven by the high penetration of smartphones, especially in the U.S. where smartphone adoption is around 89%. The region is also witnessing a growing demand for portable charging solutions, fueled by the rise of hybrid work models and outdoor activities. Additionally, South Asia and Oceania are projected to grow rapidly, thanks to rising smartphone adoption and increasing demand for affordable charging solutions.

Key Highlights from the Report

➤ The power banks market is expected to grow from US$ 12.4 billion in 2025 to US$ 20.6 billion by 2032.
➤ The market is projected to grow at a moderate CAGR of 7.4% from 2025 to 2032.
➤ The adoption of solar-powered power banks is expected to grow rapidly, driven by eco-friendly and off-grid charging solutions.
➤ The 8,001 to 20,000mAh segment will account for the largest market share of 69% in 2025.
➤ North America is projected to witness the highest growth rate (CAGR of 18.5%) during the forecast period.
➤ The online distribution channel is anticipated to account for 53% of the market share in 2025.

Market Segmentation

The power banks market can be broadly segmented based on product type, end-user, and energy source. Within the product category, power banks with capacities ranging from 8,001mAh to 20,000mAh are expected to dominate, capturing 69% of the market share in 2025. These power banks offer a balance between portability and capacity, making them suitable for both personal and professional use. Additionally, the segment for high-capacity power banks (20,000mAh and above) is projected to grow at a significant rate, fueled by the increasing dependence on high-powered devices like laptops, gaming consoles, and cameras.

In terms of energy sources, the solar-powered power banks segment is expected to see the highest growth. These products are particularly attractive in regions with unreliable electricity access or in outdoor environments where traditional power sources are unavailable. Solar power banks are gaining popularity due to their sustainability and low cost, especially in developing markets in Southeast Asia, Sub-Saharan Africa, and Latin America.

From an end-user perspective, the power banks market is seeing robust demand from consumers in outdoor activities such as hiking, trekking, and camping, as well as from business travelers and remote workers who rely heavily on portable devices. Additionally, the online sales channel is expected to dominate the distribution space, accounting for 53% of market share in 2025, thanks to the rise of e-commerce platforms and the convenience they offer.

Regional Insights

North America

North America remains the dominant region in the power banks market, especially in the United States, where smartphone penetration is one of the highest in the world, nearing 89%. The U.S. alone is responsible for a significant share of global smartphone shipments, with over 130 million units shipped in 2023. This massive consumer base translates to a high demand for supplementary charging solutions, including power banks. Furthermore, the increasing popularity of outdoor activities and the rise of hybrid work models have further augmented the need for portable power sources. North America's retail infrastructure and the widespread availability of premium power bank brands make it a key market for growth.

South Asia and Oceania

In contrast, South Asia and Oceania are expected to experience significant growth in the coming years. The rise of affordable smartphones, coupled with increased demand for affordable power banks, is propelling the market forward. As smartphone penetration continues to rise in countries like India, Indonesia, and the Philippines, the demand for reliable and low-cost charging solutions is increasing. Additionally, the growth of the middle class in these regions is boosting the demand for premium power banks with features such as fast charging, wireless capabilities, and high capacity.

Market Drivers

Increasing Smartphone Usage and Screen Time

The rise in smartphone usage globally has been one of the most significant drivers of the power banks market. As of 2024, there are over 6.8 billion smartphone users worldwide, and the average screen time per user has steadily increased. According to recent studies, users now spend an average of 4-6 hours daily on their smartphones, engaging in activities like social media browsing, streaming, and gaming. This surge in smartphone usage has heightened the need for power banks to ensure uninterrupted device performance, thus driving the market forward.

Growing Popularity of Outdoor Activities

Another key driver is the rising interest in outdoor activities, particularly hiking, trekking, and camping. These activities require reliable charging solutions for smartphones, GPS devices, and cameras. High-capacity power banks, particularly those with solar capabilities, are especially popular among adventure enthusiasts who need portable energy sources while outdoors. The growing trend of adventure tourism and outdoor exploration is expected to further accelerate the demand for power banks.

Market Restraints

Energy Efficiency Challenges of Wireless Power Banks

While wireless power banks have emerged as a popular trend, they face criticism for their lower energy efficiency compared to traditional wired models. Wireless charging can result in up to 30% energy loss during transmission, which increases both electricity consumption and greenhouse gas emissions. This inefficiency has raised environmental concerns, particularly among eco-conscious consumers. Furthermore, less efficient systems contribute to higher electricity costs, making them less attractive for some users.

High Manufacturing Costs for Solar Power Banks

While solar power banks are gaining popularity, particularly in regions with unreliable electricity access, they remain relatively expensive to produce. Although the price of solar panels has decreased in recent years, the cost of manufacturing solar power banks still remains a barrier to widespread adoption. Consumers in emerging markets may find the higher prices of these products a challenge, especially when compared to traditional, non-solar power banks.

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Market Opportunities

Growing Adoption of Wearable Devices

The increasing adoption of wearable devices such as smartwatches, fitness trackers, and health monitors presents significant opportunities for the power banks market. Wearables often have limited battery capacity, making them ideal candidates for portable charging solutions. Additionally, the rise of IoT (Internet of Things) devices, such as smart home gadgets and outdoor sensors, will further fuel demand for power banks. Specialized power banks with features like wireless charging, multi-device compatibility, and fast-charging capabilities are increasingly in demand, and the market is expected to grow significantly in this area.

Technological Advancements and Innovations

Technological advancements, such as the integration of USB-C Power Delivery (PD) and Qualcomm® Quick Charge, are also driving the growth of the power banks market. These technologies enable faster and more efficient charging, making power banks more attractive to consumers who need quick solutions for their charging needs.

Frequently Asked Questions (FAQs)

➤ How Big is the Power Banks Market?
➤ Who are the Key Players in the Global Power Banks Market?
➤ What is the Projected Growth Rate of the Power Banks Market?
➤ What is the Market Forecast for Power Banks by 2032?
➤ Which Region is Estimated to Dominate the Power Banks Market During the Forecast Period?

Company Insights

✦ Anker Technology Co. Ltd.
✦ Xiaomi Corporation
✦ Samsung SDI Co., Ltd.
✦ RAVPower (by Sunvalley)
✦ AUKEY
✦ Ambrane India Private Ltd.
✦ ASUSTeK Computer Inc.
✦ Lenovo Group Ltd.
✦ Sony
✦ Otterbox
✦ Mophie
✦ Philips
✦ GoalZero
✦ Baseus

Conclusion

The global power banks market is poised for sustained growth, driven by the proliferation of smartphones, rising screen time, and the growing demand for portable energy solutions across personal and professional spheres. With the market forecast to expand from US$ 12.4 billion in 2025 to US$ 20.6 billion by 2032, opportunities abound for manufacturers and stakeholders who can innovate and address evolving consumer needs.

While challenges like the higher cost of solar power banks and efficiency issues in wireless models remain, these obstacles also present avenues for technological advancement and differentiation. Emerging trends, such as the adoption of solar-powered solutions and the surge in wearable devices, signal a dynamic market with ample potential.

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