Power Bank Market: Global Size, Share, Trends, Growth and Forecast Outlook 2022-2032

Power Bank Market: Overview and Definition

The global power bank market is projected to reach USD 7.5 billion in 2021 to USD 19.7 billion by 2032, at a CAGR of 21.5% during the forecast period 2022-2032. The power bank is an electronic portable battery charging device by which the user can charge their electronic devices such as, laptops, mobile phones, tablets, digital cameras and others anywhere at any time. It is a portable device and offers a more convenient option as compared to another wired plug-in charger. The power bank uses an electric power grid or solar energy to charge these devices.

A power bank is a portable device that stores electrical energy and can be used to charge electronic devices such as smartphones, tablets, and laptops when a power source is not readily available. The power bank market has grown rapidly in recent years due to the increasing dependence on electronic devices and the need for constant access to power.

There are different types of power banks available, including lithium-ion, nickel-metal hydride, and lithium-polymer power banks. The most common type is lithium-ion power banks, which offer high energy density, long battery life, and a relatively low cost.

The power bank market is highly competitive, with a large number of manufacturers and brands offering products in various capacities and price ranges. Some of the major players in the market include Anker, Xiaomi, RavPower, and Aukey.

Power Bank Market: Key Drivers

The following are some of the major drivers of the power bank market:

Increasing dependence on electronic devices: With the growing use of smartphones, tablets, and laptops, the demand for power banks has increased as people need a reliable and convenient way to charge their devices on the go.

Need for constant access to power: As people rely more on their electronic devices for work, entertainment, and communication, the need for constant access to power has become more important. Power banks provide a solution to this need by allowing users to charge their devices when a power source is not readily available.

Growing popularity of outdoor activities: The popularity of outdoor activities such as camping, hiking, and traveling has increased the demand for power banks as people need a way to charge their devices while away from a power source.

Technological advancements: The power bank market has been driven by technological advancements in battery technology, which has resulted in the development of high-capacity power banks that are smaller and more portable.

Growing disposable income: As disposable incomes increase, people are willing to spend more on technology and accessories, including power banks, which has contributed to the growth of the market.

Growing awareness about the benefits of power banks: As more people become aware of the benefits of power banks, such as the ability to charge multiple devices at once and the convenience of portability, the demand for these devices has increased.

In this advanced technological era, the world is moving towards the portable connectivity devices which are boosting the market of power bank. The growth of this market is propelled by the increasing usage of electronic devices such as smartphones and tablets, with powerful Operating systems such as Android, Symbian, iOS that allow the user to run multimedia player, access video calling and stay connected to the external world via high-speed internet services which leads high consumption of battery in smartphone. These are the major influencing factor for the growth of power bank in the market as the user can charge their mobile devices anywhere at any time. Moreover, the benefits offered by the power bank such as easy accessibility, low prices, lightweight, compact size, and suitability for charging any portable electronic devices are foster the growth of the power bank market.

Power Bank Market: Challenges

The following are some of the major challenges faced by the power bank market:

Competition from alternative solutions: The market for power banks is becoming increasingly competitive, with alternative solutions such as wireless charging pads and built-in batteries in devices becoming more popular. This has led to price pressure and reduced profit margins for power bank manufacturers.

Battery safety concerns: There have been reports of power banks overheating or catching fire, which has led to safety concerns among consumers. This has led to increased scrutiny by government regulatory agencies and has impacted the market negatively.

Limited battery life: Power banks have a limited battery life, which means they need to be recharged after a certain period of time. This is a drawback compared to other charging solutions, such as wireless charging pads, which do not require a battery.

Increasing environmental concerns: The production of power banks involves the use of toxic materials and chemicals, which has led to increased environmental concerns. Manufacturers are under pressure to develop more sustainable and environmentally friendly products, which can increase costs.

Difficulty in product differentiation: With so many power banks available in the market, it is difficult for manufacturers to differentiate their products and stand out from the competition. This has led to price wars and reduced profit margins for manufacturers.

Intellectual property issues: There have been instances of intellectual property disputes between power bank manufacturers, which has resulted in costly legal battles and has impacted the market negatively. This has also reduced innovation and investment in the market.

Power Bank Market: Segmentation

The research offers a comprehensive analysis of power bank market with respect to following sub-markets:

By Applications

- Mobile Phones
- Tablets
- Digital Cameras
- Others

By Capacity

- Pocket Sized Power Bank
- Compact Power Bank
- High Capacity Power Bank
- Others

By Distribution Channel

- Online store
- Offline store
- Supermarket/Hypermarket
- Retail Stores
- Other Offline Stores

By Battery Type

- Lithium Ion Batteries
- Lithium Polymer Batteries

By Price Range

- High
- Medium
- low

By USB Output

- Single Ports
- Dual Ports
- More than two Ports

By Energy Source

- Electric
- Solar

By Geography

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

Power Bank Market: Regional Synopsis

The power bank market is divided into several regions, including North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Each region has its own unique market conditions and growth drivers, as well as challenges that impact the market.

North America: The power bank market in North America is driven by the high adoption of technology and the need for constant access to power. The region has a large number of technology-savvy consumers who are willing to spend on high-quality and innovative products. However, the market is also facing challenges such as increased competition and concerns over battery safety.

Europe: The power bank market in Europe is driven by the high use of electronic devices and the need for convenient charging solutions. The region has a large number of tech-savvy consumers who are willing to spend on innovative products. However, the market is also facing challenges such as increasing competition and the emergence of alternative solutions.

Asia-Pacific: The Asia-Pacific region is the largest market for power banks, driven by the growing demand from countries such as China, India, and Japan. The region has a large and growing middle class, and a growing demand for high-quality and innovative products. However, the market is also facing challenges such as increased competition and concerns over battery safety.

Middle East and Africa: The power bank market in the Middle East and Africa is growing, driven by the increasing use of electronic devices and the need for constant access to power. The region has a large and growing middle class, and a growing demand for high-quality and innovative products. However, the market is also facing challenges such as limited infrastructure and a lack of technology awareness.

Latin America: The power bank market in Latin America is growing, driven by the increasing use of electronic devices and the need for constant access to power. The region has a large and growing middle class, and a growing demand for high-quality and innovative products. However, the market is also facing challenges such as limited infrastructure and a lack of technology awareness.

Power Bank Market: Key Players

- Anker Technology
- Zagg Incorporation
- MilPow Limited
- RAVPOWER
- Griffin Technology
- Adata Technology
- Belkin International Incorporation
- Incipio LLC
- Xiaomi Corporation
- Intex Technology

Power Bank Market: Recent Developments

The following are some of the recent developments in the power bank market:

Increased focus on sustainability: In response to growing environmental concerns, manufacturers are increasingly focusing on developing more sustainable and environmentally friendly power banks. This includes the use of recycled materials and the development of more efficient production processes.

Technological advancements: There have been significant advancements in battery technology, which has led to the development of high-capacity power banks that are smaller and more portable. This has increased the convenience of using power banks and has boosted the market growth.

Growing popularity of wireless charging: The popularity of wireless charging has grown in recent years, with more and more devices supporting this technology. This has led to the development of wireless charging power banks, which have become increasingly popular due to their convenience and ease of use.

Increased competition: The power bank market has become increasingly competitive in recent years, with more and more manufacturers entering the market. This has led to price wars and reduced profit margins for manufacturers, who are now looking for ways to differentiate their products and stand out from the competition.

Growing demand for high-capacity power banks: The demand for high-capacity power banks has increased in recent years, as people need a reliable and convenient way to charge their devices when a power source is not readily available. This has led to the development of high-capacity power banks that can charge multiple devices at once.

Growing focus on safety: In response to battery safety concerns, manufacturers are increasingly focusing on developing power banks that are safe to use and that meet the standards set by regulatory agencies. This has helped to increase consumer confidence in power banks and has boosted the market growth.