The power bank market size is expected to reach US$ 27,528.90 million by 2030 from US$ 10,941.67 million in 2022, with an estimated CAGR of 12.6% during the forecast period.
Analyst Perspective:
The rise of remote work and an increasingly mobile workforce have fueled the demand for power banks. Professionals who work outside traditional office environments or frequently travel rely on power banks to ensure their devices remain powered throughout the day. Power banks offer a portable and reliable charging solution, allowing users to work, communicate, and entertain themselves while on the move. The demand for power banks is driven by the increasing reliance on portable electronic devices, smartphone penetration, limited access to power outlets, emergency preparedness needs, gaming and entertainment requirements, larger battery capacities, and the recognition of their convenience and portability. As technology advances and power requirements continue to evolve, the demand for power banks is expected to keep growing.
Power Bank Market Analysis:
The power bank market has experienced significant growth and evolution in recent years. Power banks, also known as portable chargers, are external battery packs that allow people to charge their electronic devices on the go. The power bank market has grown substantially due to the increasing reliance on portable electronic devices such as smartphones, tablets, and laptops. The power bank market is highly competitive and comprises established companies and new entrants. Prominent players in the market include Anker Innovations, Xiaomi Corporation, Samsung Electronics Co. Ltd., RavPower, AUKEY, and Mophie. These companies offer a wide range of power bank models with varying capacities, sizes, and features. For instance, in June 2023, a tech accessories brand, juice, launched a limited-edition version of its most popular Power Bank with a 10,000 mAh battery. These power banks are designed to provide a quick power boost and high-capacity charges, allowing people to charge their phones or tablets easily.
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Power Bank Market: Strategic Insights
Market Size Value in US$ 10,941.67 million in 2022 Market Size Value by US$ 27,528.90 million by 2030 Growth rate CAGR of 12.6% from 2023 to 2030 Forecast Period 2023-2030 Base Year 2022
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Power Bank Market: Strategic Insights
| Market Size Value in | US$ 10,941.67 million in 2022 |
| Market Size Value by | US$ 27,528.90 million by 2030 |
| Growth rate | CAGR of 12.6% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
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Power Bank Market Driver:
Increasing Penetration of Smartphones and Other Electronic Devices to Drive Power Bank Market
Mobile devices have become an integral part of today's life. Portable devices such as tablets, laptops, and smartphones and wearable technologies, including smartwatches, offer many communication features, such as voice/video calls and texts. In addition, smartphone applications are now common, supporting various activities such as tracking health and fitness-related information, obtaining directions, shopping, and banking. However, with all this use comes one major problem: battery life. To keep these devices charged on the go, consumers need a reliable and convenient charging solution, i.e., power banks. The demand for power banks is increasing due to the rise in the adoption of smartphones globally. According to GSMA, the adoption rate of smartphones in Asia Pacific was 74% of the total population in 2021, projected to be 84% of the total population in 2025. Europe's smartphone adoption was at 79% of the total population in 2021, projected to be 83% in 2025. North America's smartphone adoption was 82% of the total population in 2021, projected to be 85% in 2025. With the increasing penetration of smartphones and other electronics, various companies are launching power banks with different capacities. For instance, in August 2021, the mobile accessories brand "Ambrane" expanded its power bank lineup by launching three devices: Stylo 10K, Stylo 20K, and Stylo Pro. These power banks come with a USB Type-C port and come equipped with quick charge 3.0. Therefore, the increasing penetration of smartphones and other electronic devices such as tablets, laptops, and wearables is driving the power bank market growth.
Power Bank Market Segmental Analysis:
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Based on battery type, the power bank market is bifurcated into lithium-ion battery and lithium-polymer battery. In 2022, the lithium-ion battery segment held a larger market share. Lithium-ion (Li-ion) batteries are a widely used type of rechargeable battery known for their high energy density and long cycle life. These batteries employ lithium ions moving between the positive and negative electrodes during charge and discharge cycles, allowing efficient energy storage and release. One of the key factors driving the popularity of Li-ion batteries is their high energy density, which allows for a compact size and lightweight design. This makes them ideal for portable devices such as power banks. All these factors are contributing to the power bank market growth for the lithium-ion battery segment.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Power Bank Market Regional Analysis:
The North America power bank market size was valued at US$ 2,808.73 million in 2022 and is projected to reach US$ 6,870.18 million by 2030; it is expected to register a CAGR of 12.3% during 2023–2030. The North America power bank market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American power bank market in 2022. The US is one of the countries with significant technological advancements. The accelerated use of mobile phones in the US is contributing to the country's economy. According to GSM Association, smartphone penetration in the US was expected to reach 88% in 2021. ASUS launched Zenfone 10 smartphone in the US in April 2022. Further, in June 2023, Google launched a Pixel tablet with unique features. The presence of key smartphone players is driving the market in the country. The increased demand for smartphones propels the need for power banks. Several players are unveiling power banks to meet the growing demand for power backup solutions. In June 2023, UGREEN launched a new power bank in the US.. Therefore, with the increasing demand for smartphones and other electronic devices, the power bank market in the US is growing significantly.
Power Bank Market Key Player Analysis:
The power bank market consists of players such as Lenovo; Xiaomi; Anker Innovations Technology Co., Ltd; ADATA Technology Co., Ltd.; AUKEY Online, Ambrane India Pvt Ltd.; Vinci Brands LLC; Intex Technologies.; RAVPower; and ZAGG Inc.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the power bank market. A few recent key power bank market developments are listed below:
- In May 2023, Ambrane launched two new power banks in the Indian market, the Powerlit Ultra and Powerlit Boost. These compact powerbanks are capable of charging phones and laptops on the go. The Ultra model is the company's premium offering, with a larger battery capacity and faster charging speed than the Boost.
- In June 2020, AUKEY unveiled its Basix Pro Wireless Power Bank, demonstrating the company's dedication to meeting the needs of a connected, on-the-go lifestyle. Its slimline design, generous 10000 mAh capacity, and wireless charging capabilities of up to 10 W offer convenience and versatility. Including a flip-out stand further enhances the user experience, enabling hands-free viewing during charging. This innovative power bank was designed keeping in mind tech-savvy individuals seeking a portable, efficient charging solution.
- In May 2021, Lenovo announced the launch of its new sub-brand, Lenovo Go, offering purpose-built PC accessories designed to enhance mobile productivity and cater to the needs of a hybrid workforce. The introduction of the Lenovo Go USB-C Laptop Power Bank and Lenovo Go Wireless Multi-Device Mouse aimed to address power issues and provide seamless input across multiple devices. These accessories provided practical solutions to the challenges faced by remote workers, allowing them to work productively anywhere.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Capacity, Battery Type, Indicator, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
There is an increasing penetration of smartphones and other electronic devices such as tablets, laptops, and wearables are driving the power bank market.
The power bank market was valued at US$ 10941.67 million in 2022 2022 and is expected to grow at a CAGR of 12.6% during the forecast period to reach US$ 27528.90 million by 2030.
The adoption of wireless charging technology is emerging as a future trend the global power bank market.
The key players, holding majority shares, in power bank market includes include Lenovo; Xiaomi; Anker Innovations Technology Co., Ltd; ADATA Technology Co., Ltd.; AUKEY.
North America is anticipated to grow with the highest CAGR over the forecast period.
The country anticipated to grow with the highest CAGR are US, Germany and China.
The List of Companies - Power Bank Market
- ADATA Technology Co., Ltd.
- Ambrane India Pvt Ltd.
- Anker Innovations Technology Co., Ltd
- AUKEY Online
- Vinci Brands LLC
- Intex Technologies.
- Lenevo
- RAV Power
- Xiomi
- ZAGG Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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