Power Bank Market

Power Bank Market Size (2024 - 2029)

The Power Bank Market size, valued at USD 13.5 Billion in 2023, is anticipated to reach USD 16.18 billion by 2029, with a CAGR of 3.10% during the forecast period from 2024 to 2029.

Smartphones have become an integral part of our daily lives, and they are equipped with powerful operating systems such as Android, Symbian, and iOS, which allow users to play games, run multimedia players, use video calling, and stay connected to the outside world via high-speed internet services, resulting in high battery consumption.

Power banks are portable chargers that can be used to recharge electronic gadgets while travelling. Considering their convenience, power banks are used to charge a variety of devices such as tablets, portable speakers, computers, mobile phones, and cameras.

Recent Developments in Power Bank Market

The Xiaomi Power Bank Pocket Edition Pro, which was released in China in October 2021, is the successor of the Mi Power Bank 3 Pocket Edition. The new model comes in two hues and has a curved shape with a glossy finish (White, Blue). Although it has the same 10,000mAh battery capacity as its predecessor, it supports 33W rapid charging rather than 22.5W. It also only has two USB ports (1 x USB Type-C, 1 x USB Type-A) instead of four (2 x USB Type-A, 1 x USB Type-C, 1 x MicroUSB).

Ambrane, the industry leader in mobile accessories in India, has released its newest Power Bank. With a 27000mAh battery and 12 layers of protection, it can compete with Chinese Xiaomi.

RAVPower, a mobile accessories maker, was removed from Amazon's store in June 2021, along with two other companies from the same parent company, following news of the company's rating manipulation on the Amazon shop. Because of Amazon's conduct, Sunvalley, the parent company of the three brands including RAVPower, reported a 31 per cent drop in revenue and a 12 per cent drop in shares.

SuperBase Pro, Zendure's entry point into the power bank business, has reached the end of its Indiegogo funding campaign. The SuperBase Pro campaign raised almost $1.3 million thanks to the power station's economical pricing, portability, and eye-catching features. Zendure is already taking orders for the power station and a new 200W solar panel through Indiegogo InDemand and Zendure.com.

Power Bank Market Drivers

The power bank market has grown increasingly competitive, thanks to a large number of enterprises and a growing number of new entrants. Corporations are cutting the prices of their power banks to stay competitive and expand their customer base. Furthermore, businesses are enhancing their products and focusing on launching newer technology power banks, lowering the price of old power banks. Furthermore, not only would the price decrease extend the client base, but it would also have an impact on the cost of competing items.

Power Bank Market Restraints

A slew of new players has recently entered the power bank market, providing units in a range of capacities, prices, and aesthetics. Not all power banks, however, are of great quality; some have been known to last fewer than six months. Power banks of poor quality can overheat, shorten a phone's battery life, and, in the worst-case scenario, explode. These are frequently priced low to entice buyers. Only a few businesses use recycled batteries, raising the risk of an explosion. Low-quality power banks, as a result, may stifle market growth.

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Power Bank Market Segmentation

Capacity:

The market is segmented into 3,000 mAh, 3,001 mAh-8,000 mAh, 8001 mAh-20,000 mAh, and above 20,000 mAh.

In 2020, the sector with capacity ranging from 8,001 mAh to 20,000 mAh had a market share of 34.2 per cent, and it is expected to generate the greatest revenue over the forecast period. Extensive digitalisation is fueling the segment's growth. Frequent internet use and the limited battery capacity of smartphones are driving demand for high-capacity power banks.

Battery:

The market is segmented into Lithium-ion (Li-ion) and Lithium polymer (Li-polymer) batteries.

In 2020, the lithium-ion sector had the biggest market share of more than 80.0 per cent. Inexpensive self-discharge, high energy density, and low maintenance are just a few of the benefits of Li-ion batteries. Lithium-ion batteries, on the other hand, are costly to manufacture due to high material costs and complicated preparation methods.

Over the forecast period, the Li-polymer battery segment is predicted to grow at the fastest rate. Because lithium-polymer batteries are lightweight, moldable, and flat in design, they can be used to create compact and sleek power banks. These batteries are also becoming more popular because they are thought to be safer than other batteries.

Energy Source:

The market is segmented into Electric and Solar.

In 2020, the electric sector held the biggest market share. They have advantages such as ease of use, low cost, lightweight, and compactness. From 2022 - 2027, the solar segment is predicted to grow at a CAGR of 19.5%. The growing popularity of solar energy as an ecologically friendly alternative is expected to enhance demand for solar power banks in the future years.

Most consumers own several electronic gadgets, necessitating the need for a portable energy source that can charge many devices at the same time. When users do not have access to an electrical outlet, a power bank ensures that these devices can be charged at any time. Power banks are very useful when travelling or in an emergency. Aside from being energy-efficient, a solar power bank has the added benefit of being able to recharge without using electricity, which is very useful while travelling.

Distribution Channel:

The market is segmented into E-Commerce and Brick & Mortar.

The e-commerce category is expected to develop significantly over the forecast period due to increased internet penetration.

Power Bank Market Regional Analysis

The Asia Pacific region is expected to be the fastest-growing region due to the booming electronics sector in various developing countries such as China and India. The power bank market is predicted to develop at a CAGR of 20.7 per cent over the forecast period of 2020 to 2027. China is the world's largest producer of power banks, and rising demand has created opportunities for industry expansion. Rapid innovation and R&D activities are boosting the Chinese market. Due to an increase in the number of smartphone users and innovative apps, demand for power banks has increased in China.

The North American power bank market is expected to grow at a CAGR of 21% from 2022 - 2027, according to forecasts. North America accounted for the largest the highest share of the global power bank market due to the region's high smartphone ownership. According to GSMA Intelligence, North America has an 80 per cent technology-based cellphone penetration rate, which is much higher than other regions and is expected to climb to 91 per cent by 2026.

By 2026, the European Power Bank market is expected to develop at a CAGR of 23.8 per cent, although the rapid adoption of wireless chargers will represent a challenge to the market. The market for power banks in the Middle East and North Africa was worth $ 144 million in 2017 and is expected to surpass $ 223 million by 2022 - 2027. During the forecast period, the power bank market in the Middle East and North Africa is likely to benefit from socio-economic growth under government plans such as UAE Vision 2021, Saudi Vision 2030, and Kuwait Vision 2035.

Power Bank Market Leader

Anker, a Chinese company with a net worth of $2.2 billion, is the leading shareholder in the global power bank industry.

Power Bank Market Key Players

Asus (Taiwan), ADATA (Taiwan), AMBRANE (India), INTEX (India), Xiaomi (China), AUKEY (China), Lenovo (China), Realme (China), RAVPower (US), Belkin (US), Mophie (US), Poweradd (US), Samsung (South Korea)

Impact of COVID-19 for Power Bank Market

The global growth rate of the Power Bank market has slowed as a result of the recent COVID-19 outbreak. The disruption of production units interrupted the worldwide supply chain, resulting in a drop in market revenue. Furthermore, huge unemployment during the lockdown reduced consumer money, resulting in a global drop in electronics demand. People who work from home, on the other hand, have constant access to energy and hence do not require power banks. Another key aspect that impacted the Power Bank sector was travel restrictions.