Power Bank Market Report 2023-2028, Industry Growth Opportunity, and Forecast

According to IMARC Group, the global power bank market size reached US$ 10.7 Billion in 2022. Looking forward, the market is expected to reach US$ 16.3 Billion by 2028, exhibiting a growth rate (CAGR) of 7.22% during 2023-2028.

Factors Affecting the Growth of the Power Bank Industry:

• Increasing Dependency on Electronic Devices:

The global power bank market is experiencing significant growth, largely driven by the escalating reliance on electronic gadgets such as smartphones, tablets, and laptops. As these devices are integral to daily life and business operations, their constant use necessitates frequent charging, often exceeding the battery life of the device. This trend is compelling consumers to invest in portable power solutions like power banks to ensure uninterrupted connectivity and productivity. Furthermore, the increasing adoption of smart wearables, which require regular charging, is further propelling the demand for power banks. This reliance on electronic devices is not showing signs of abating, suggesting a continued upward trajectory for the power bank market.

• Advancements in Battery Technology:

The power bank market is undergoing significant expansion, largely propelled by continuous advancements in battery technology. Modern power banks are becoming more efficient, compact, and capable of delivering faster charging speeds due to improvements in lithium-ion and lithium-polymer batteries. These advancements are not only enhancing the performance of power banks but also making them more appealing to a broader consumer base. Additionally, innovations such as solar-powered and wireless charging power banks are emerging, catering to the growing demand for eco-friendly and convenient charging solutions. This evolution in battery technology is crucial in driving consumer interest and expanding the market reach of power banks.

• Growing Travel and Outdoor Activities:

The power bank market is seeing robust growth, influenced significantly by the increase in travel and outdoor activities. As people engage more in activities like camping, hiking, and long-distance travel, the need for portable charging options becomes imperative. Power banks offer a reliable solution for travelers and outdoor enthusiasts to keep their devices charged in areas where access to electricity is limited or unavailable. Moreover, the trend towards adventure tourism and the growing popularity of social media, where travelers share their experiences, further necessitates the continuous use of electronic devices, thus fueling the demand for power banks.

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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.

Key Market Segmentation:

The report is organized into distinct sections as follows:

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. 

Regional Insights:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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

Global Power Bank Market Trends:   

The escalating reliance on mobile devices, such as smartphones and tablets, is continuously boosting the demand for portable charging solutions. As these devices become integral to daily life, the need for extended battery life, especially during travel or in areas with limited access to power outlets, is accentuating the importance of power banks.

Additionally, advancements in battery technology are enabling more compact and efficient power banks, making them more appealing to consumers. The integration of features like fast charging and solar charging is further enhancing their functionality, appealing to a tech-savvy and environmentally conscious user base. This evolution in technology and user needs is propelling the power bank market forward.

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Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges,