Worldwide shipments of power banks are projected to increase at 8.9% CAGR from 2023 to 2033. Currently, the global power bank market enjoys a valuation of US$ 10.5 billion and is forecasted to reach a revenue value of US$ 24.7 billion by the end of 2033.
Increasing smartphone proliferation and rapidly increasing digitization are prime factors that are projected to boost sales of power banks over the next ten years. The constant need to keep digital devices powered at all times is also expected to be an influential prospect affecting market development in the long run.
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Power Bank Market: Key Takeaways
- 8,001 mAh – 20,000 mAh power banks capture leading revenue share, owing to increasing demand for high-performance power backups to recharge multiple electronic gadgets.
- Solar power banks are seeing rapid adoption, given their reduced carbon footprint attribute.
- Benefits of excellent capacity coupled with prolonged service life are adding to revenue pool of power banks equipped with lithium ion (Li-ion) batteries.
- Brick and mortar stores account for nearly half of power bank sales; manufacturers to turn their sights to e-commerce channels in near term.
- East Asia continues to engage market players; China, and Japan represent the region.
Power Bank Market – Key Driving Factors
- Gradual drop in prices of power banks are enabling their broader usage.
- Tech-enabled advancements in power banks will propel market growth.
- Increasing power consumption by smartphones is translating into increasing adoption of power banks
Power Bank Market – Key Restraints
- Complex design procedure of power banks
- Additional costs required to recycle Li-ion batteries
Prime power bank suppliers are launching new portable charging devices to expand their product portfolio and gain a competitive edge over other brands.
- In June 2022, Ambrane, an electronics manufacturer in India announced the launch of its first 50,000 mAh power bank. The Stylo Max Power Bank is capable of charging devices such as laptops, digital cameras, and phones. The product is launched with a 180 days warranty and is available on e-Commerce websites like Amazon and Flipkart in blue and black colors.
- In August 2022, Anker, a leading provider of electronic accessories announced the launch of a new MagSafe power bank ahead of the launch of Apple’s iPhone 14 lineup. The new slim MagSafe power bank is packed with a 5,000 mAh battery and comes in a new refreshed slim design.
- In August 2022, Xiaomi, a Chinese consumer electronics manufacturer launched a new power bank that is capable of 2-way fast charging and comes with USB-C ports. The new power bank has a huge capacity of 20,000 mAh and can charge up to 3 devices simultaneously.
Key Segments of Power Bank Industry Research:
· By Capacity :
- Up to 3,000 mAh
- 3,001 mAh-8,000 mAh
- 8,001 mAh-20,000 mAh
- Above 20,000 mAh
· By Energy Source :
· By Battery Type :
- Lithium Polymer
· By Distribution Channel :
- Brick & Mortar
· By Region :
- North America
- Latin America
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Questionnaire answered in the Market outlook Report of Power Bank include:
- What is the key strategy deployed by large players to maximize Power Bank Market growth?
- What are the main challenges faced by players in the Power Bank market Demand?
- With the advent of technological advancement, how will the Power Bank market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Power Bank market size?
About the Report
This 170-page report provides a comprehensive synopsis of the power bank market, covering current and future growth opportunities, on the basis of capacity (up to 3,000 mAh, 3,001 mAh-8,000 mAh, 8,001 mAh-20,000 mAh, and above 20,000 mAh), energy source (electric, and solar), batter type (lithium-ion, lithium polymer, and petroleum refining), distribution channel (E-commerce, and brick and mortar) and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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