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:
- Technological Advancements:
One of the primary factors driving the power bank market is the rapid progression of technology. As the power requirement of smartphones and other portable devices is continuously increasing, due to enhanced features and functionalities, the demand for power banks is on the rise. Innovations in battery technology, including the development of higher-capacity lithium-ion and lithium-polymer batteries, have resulted in the production of more efficient and compact power banks. Furthermore, advancements in charging technology, such as fast charging and wireless charging capabilities, have made power banks more convenient and appealing to consumers.
- Increased Mobility and Connectivity Requirements:
The contemporary lifestyle, characterized by increased mobility and the constant need for connectivity, is significantly amplifying the demand for power banks. The proliferation of mobile devices, including smartphones, tablets, laptops, and wearable devices, has created an ongoing necessity for on-the-go charging solutions. Consumers, particularly those who frequently travel or work remotely, depend on power banks to ensure their devices remain operational throughout the day. This dependence has grown with the rise of remote work and increased consumption of digital content on mobile devices.
- Market Expansion and Consumer Awareness:
The power bank market is also expanding due to the growth of global markets and increased awareness among consumers. Emerging economies, where mobile device penetration is rapidly increasing, present significant opportunities for market growth. Moreover, as consumers become more cognizant of the advantages and availability of power banks, their demand is increasing. Marketing and promotional efforts by manufacturers, coupled with the availability of a wide range of products tailored to different needs and price ranges, have further contributed to heightened consumer awareness and the expansion of the market.
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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 the market due to their convenience and the growing need for on-the-go charging solutions
Breakup by Battery Type:
- Lithium-Ion
- Lithium-Polymer
Lithium-ion batteries are most widely used in power banks on account 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 increase in mobile device usage and the continuous need for staying connected are fueling the demand for innovative power bank solutions. Consumers are looking for charging options that are both efficient and compact, aligning with their active lifestyles. The emphasis on practical yet stylish power bank designs is a significant driver of market growth.
Additionally, the convenience of online shopping and the wide selection of power banks available are enhancing the overall shopping experience for consumers. The growing awareness of the importance of staying powered while on the move is driving the adoption of power banks. A variety of capacities and designs cater to different consumer needs, thereby propelling the global 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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