The Global Power Bank Market size is expected to reach $22.8 billion by 2028, rising at a market growth of 18.6% CAGR during the forecast period.
The term power bank refers to a portable battery that has a circuit to store energy from an input source and release it when needed. Due to the increased use of digital items, these gadgets are today extremely popular all over the world. Additionally, its distinctive qualities, such as mobility, versatility, fast charging, and low cost drive their demand among tech-savvy consumers.
A power bank is the best choice to keep the gadget from shutting off in the event of a protracted power loss or an inconsistent electrical source. Power banks can be used to charge a variety of devices, including laptops, tablets, digital cameras, mobile phones, and other electronics. Power banks are transportable chargers that have a circuit to regulate the amount of power flowing through them.
These devices now consume less power due to the introduction of 4G networks and regular usage of online services. As a result, there is now a substantial global demand for power banks, which is driving the market's expansion. Additionally, these devices now consume less power due to the introduction of 4G networks and regular usage of online services. As a result, there is now a substantial worldwide demand for power banks, which is driving the market's expansion.
This battery-storage device is used to charge various electronic gadgets, including iPads, tablets, and smartphones. The power bank's electronic circuitry, which is specifically created, allows it to recharge other gadgets. It is a particular type of mobile accessory that enables users to store the charge from the charger in the form of a battery and use it as a source of power supply when users need it most.
The COVID-19 virus has significantly impacted the R&D and supply chain for power banks, which has caused a precipitous decline in the market for 2020. The degree of corporate debt, how well businesses and markets adapt to the lower demand, and government support are all factors in the recovery. The anticipated investments in this market can also be impacted by it. Additionally, this pandemic has had an impact on people's per capita income. As a result, there is less demand for consumer electronics accessories like power banks. As a result of the work-from-home trend, customers nowadays spend most of their time at home, where they always have access to electricity for their electronics. Power banks have been utilized to power their equipment during a power deficit in the regions where power outages are a big problem.
Due to the presence of a large number of participants in the market as well as a rising number of new entrants in the industry, the market for power banks has become extremely competitive. The companies are lowering the prices of their power banks in order to maintain their position in the market despite increased competition and to attract more customers. In addition, businesses are actively working to improve their products and are concentrating their efforts on the introduction of power banks that incorporate more recent technology.
The adoption of mobile technology has been accelerating. People in mature economies are more likely than those in emerging economies to utilize the internet & social media, as well as to own mobile phones, particularly smartphones. Since smartphones have such a wide range of uses, the majority of people on the planet now use them. A smartphone has a built-in computer as well as additional functionality like web browsing, an operating system, and the capacity to run the software program. Rapid technical progress is also anticipated to support market expansion.
A lot of players have just entered the power bank industry and are now offering power banks with different capacities, costs, and styles. However, not all power banks are of high quality, as some only last for a short period of time, such as six months. Low-quality power banks have the potential to explode, overheat, and degrade the battery life of a phone. These are typically offered at low prices to draw customers. A few producers employ used batteries, which raises the possibility of an explosion.
Based on capacity range, the power bank market is segmented into up to 3,000 mAh, 3,001 mAh-8,000 mAh, 8,001 mAh-20,000 mAh and above 20,000 mAh. In 2021, the 8001 mAh-20,000mAh segment dominated the power bank market with the highest revenue share. Significant digitalization is the main driver fueling the segment's expansion. The need for high-capacity ranging power banks is primarily driven by frequent internet use and the inadequate battery capacity of smartphones. Data usage has increased as a result of the widespread use of cell phones.
By energy source, the power bank market is fragmented into electric, and solar. The solar segment covered a significant revenue share in the power bank market in 2021. Due to the rising need for solar energy as a sustainable alternative, the market for solar power banks is anticipated to rise in the upcoming years. The majority of consumers own numerous electronic gadgets, thus they want a portable power supply that can charge several devices at once.
On the basis of battery type, the power bank market is divided into lithium-ion, and lithium polymer. In 2021, the lithium-ion segment witnessed the maximum revenue share in the power bank market. Numerous benefits of lithium-ion batteries include their minimal self-discharge, high energy density, and ease of maintenance. Lithium-ion batteries (Li-ion) have a number of benefits, including high efficiencies, low maintenance requirements, high energy densities, and high-power densities.
Based on distribution channel, the power bank market is classified into e-commerce and brick & mortar. The brick & mortar segment generated a significant revenue share in the power bank market in 2021. A large number of mobile accessories stores offer wide range of power banks of different prices and brands. These stores are generally easily available in local markets due to which the sale of power banks in such stores is growing which is further leading to market expansion in this segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 7.1 Billion |
| Market size forecast in 2028 | USD 22.8 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 18.6% from 2022 to 2028 |
| Number of Pages | 249 |
| Number of Tables | 423 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Capacity Range, Energy Source, Battery Type, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Region wise, the power bank market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the Asia Pacific region led the power bank market by generating the largest revenue share. The use of power banks in the region is driven by factors including a growing population, widespread digitization, the availability of inexpensive power banks, and the penetration of e-commerce in the electronics sector.
Free Valuable Insights: Global Power Bank Market size to reach USD 22.8 Billion by 2028
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, and Sony Corporation are the forerunners in the Power Bank Market. Companies such as Lenovo Group Ltd., Xiaomi Corporation, and Panasonic Corporation are some of the key innovators in Power Bank Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Xiaomi Corporation, Microsoft Corporation, Panasonic Corporation, Sony Corporation, Lenovo Group Limited, ASUSTeK Computer Inc., Intex Technologies, Anker Innovations Co. Ltd., Ambrane India Pvt Ltd., and ADATA Technology Co., Ltd.
By Capacity Range
By Energy Source
By Battery Type
By Distribution Channel
By Geography
The Power Bank Market size is projected to reach USD 22.8 billion by 2028.
Price Reductions For Portable Power Banks are driving the market in coming years, however, Availability Of Low-Quality Power Banks restraints the growth of the market.
Xiaomi Corporation, Microsoft Corporation, Panasonic Corporation, Sony Corporation, Lenovo Group Limited, ASUSTeK Computer Inc., Intex Technologies, Anker Innovations Co. Ltd., Ambrane India Pvt Ltd., and ADATA Technology Co., Ltd.
The Electric segment acquired maximum revenue share in the Global Power Bank Market by Energy Source in 2021 thereby, achieving a market value of $18.9 billion by 2028.
The E-commerce segment is leading the Global Power Bank Market by Distribution Channel in 2021 thereby, achieving a market value of $12.6 billion by 2028.
The Asia Pacific market dominated the Global Power Bank Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8.3 billion by 2028.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 