Power Bank Global Market Report 2024

A power bank is a portable charging device designed to enable users to charge their smartphones, laptops, tablets, and other USB-enabled media devices. These power banks can be conveniently reused multiple times by simply recharging them. The market offers various types of power banks, including standard ones that can be charged using a regular USB port and solar power banks that utilize sunlight for charging, featuring photovoltaic panels.

The primary battery types employed in power banks are lithium-ion and lithium polymer. Lithium polymer batteries are rechargeable and utilize a soft polymer case to encase the lithium-ion battery. In comparison, lithium polymer power banks are known for their compactness and lightweight nature. Lithium-ion batteries, also rechargeable, leverage lithium ions for ion movement between the negative and positive electrode components of their electrolyte. These batteries boast high voltage capacity and charge storage per unit mass and volume. Power banks are available across various price ranges, categorized as low, medium, and high. These versatile devices serve the purpose of charging various gadgets, including smartphones, tablets, digital cameras, laptops, and more. Power banks are accessible to customers through different sales channels, encompassing both online and offline platforms.

The power bank market research report is one of a series of new reports that provides power bank market statistics, including power bank industry global market size, regional shares, competitors with a power bank market share, detailed power bank market segments, market trends and opportunities, and any further data you may need to thrive in the power bank industry. This power bank market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The power bank market size has grown rapidly in recent years. It will grow from $16.96 billion in 2023 to $18.9 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed in the historical period can be attributed to factors such as the expansion of mobile devices and smartphones, an increased demand for portable and backup power solutions, the growth of travel and outdoor activities, the utilization of power banks in emergency and disaster preparedness scenarios, and the establishment of regulatory standards for battery safety.

The power bank market size is expected to see rapid growth in the next few years. It will grow to $29.95 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
The anticipated growth in the forecast period can be attributed to factors such as the proliferation of high-capacity and fast-charging power banks, the increased demand for power banks tailored to specific devices, the expansion of solar and wireless charging options, and the growing use of power banks in wearables and IoT devices. Additionally, the forecasted period is expected to witness growth in electric scooter and bike charging solutions. Major trends in this forecasted period include a focus on regulatory compliance in power bank safety and standards, the emergence of smart and IoT-enabled power banks, a shift towards sustainable and eco-friendly power bank solutions, the development of personalized power banks to meet specific user needs, an emphasis on transparency in battery sourcing and recycling, and the integration of power banks into outdoor adventure gear.

The surge in urban population has led to an increased demand for smartphones and tablets globally, subsequently driving the need for power banks to charge these devices. Reports from Sify Technologies Limited indicate a shift towards 5G networks, with smartphone revenue expected to grow over 13% in 2021. Statista's data indicates that smartphone sales reached 1.38 billion globally in 2020, projected to reach 1.5 billion in 2021. This upward trend in smartphone sales is anticipated to boost the power bank market's revenues in the coming years.

The growth of the power bank market is further fueled by the widespread availability of mobile devices. The ubiquitous presence of mobile devices and the reliance on them, especially for social media usage, has created a consistent demand for reliable charging solutions. As per Oberlo's statistics, global smartphone users are estimated at 6.6 billion, with a 4.9% annual increase. In the United States alone, there are 294.15 million smartphone users, constituting nearly 85% of American adults. This proliferation of mobile devices is a driving force behind the increasing demand for power banks.

An emerging trend in the power bank market is the advent of wireless power banks, signaling potential expansion in the future. These devices offer a touchless charging experience, faster charging, and the convenience of multiple charging options without the need for extra cables. Brands like Samsung, Xiaomi, Ambrane, and others are investing in manufacturing wireless chargers. In October 2022, Stuffcool, an India-based company, introduced a Made in India 15W wireless charging power bank with a 20W PD wired output, featuring a lightweight design, LED indicator, micro USB and USB Type-C charging ports.

Major companies in the power bank market are strategically collaborating to develop innovative solutions and expand their reach. Tempt, an India-based audio technology and lifestyle accessories brand, announced a partnership with Staunch Electronics India in June 2023. This collaboration aims to localize the production of Tempt power banks in India, contributing to the country's manufacturing sector and enhancing the local supply chain.

In March 2021, Xiaomi Group, a China-based electronics company, acquired ZIMI Corporation for $205 million. This strategic move allows Xiaomi to enhance its technological competitiveness in the 5G, IoT, and AI sectors. With ZIMI's research and development capabilities, Xiaomi aims to achieve standardization in product power, leading to cost savings. ZIMI Corporation specializes in manufacturing smart products such as IoT gadgets, mobile accessories, cameras, and speakers.

Major companies operating in the power bank market include Ambrane India Pvt. Ltd., ADATA Technology Co. Ltd., Anker Innovations Technology Co. Ltd., AsusTeK Computer Inc., Griffin Technologies Inc., Intex Technologies india Ltd., Lenovo Group Ltd., Panasonic Corporation., Rav Power And Infra (India) Private Limited, Sony Corporation., Xiamoi Corporation., Aukey Technology Co. Ltd., Dell Technologies Inc., Duracell Inc., Changsha Meng Tuo Electronic Commerce Co. Ltd., iWALK Global Co Ltd., Microsoft Corporation, myCharge, OmniCharge Inc., Syska led lights Pvt Ltd., TP-Link Technologies Co. Ltd., Uimi Technology Pvt. Ltd., OnePlus Technology Co. Ltd., UNU Electronics Inc., Samsung SDI Co Ltd., Belkin International Inc., Zendure Deutschland., Jackery Inc., Shenzhen Value in Action Technology Co.Ltd., Poweradd, Tylt Inc., ROMOSS Technology Co. Ltd., Maxell Holdings Ltd., GP Batteries International Limited, Toshiba Corporation., Huawei Technologies Co. Ltd., ZTE Corporation, LG Electronics Inc., HP Inc., Acer Inc.

The Asia-Pacific was the largest region in the power bank market in 2023. The regions covered in the power bank market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the power bank market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The power bank market consists of sales of lithium polymer (Li-Polymer) power banks and lithium ion (Li-Ion) power banks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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