Power Bank Market is expected to reach US$ 27,528.90 million by 2030

Rising Power Outage Problems Boost Power Bank Market Growth

According to our latest study on “Power Bank Market Forecast to 2030– COVID-19 Impact and Global Analysis – by Capacity, Battery Type, Indicator, and Application,” the power bank market size is expected to reach US$ 27,528.90 million by 2030 from 10,941.67 million in 2022, with an estimated CAGR of 12.6% during the forecast period.

People are highly dependent on electricity for powering consumer electronics. Therefore, there is a need for constant and uninterrupted power supply. However, there is a surge in power outages worldwide due to changing weather conditions, storms, and aging power infrastructure. For instance, according to the Times of India, in April 2022, for the first 27 days of April 2022, the supply fell short of demand by 1.88 billion units in India. This resulted in long hours of power outages. According to AP News, in September 2022, there were power outages in various parts of Oman due to electrical grid issues. There is a rise in power outage cases in the US due to extreme weather conditions, storms, and snow in 2021. According to the Climate Central report in September 2022, 83% of power outages in the US between 2000 and 2021 were due to weather conditions such as wildfires and snowstorms. Individuals and businesses seek alternative power sources to keep their smartphones, laptops, tablets, and other electronic devices functioning during blackouts. People want to ensure they have reliable power sources in case of unexpected power failures or during natural disasters. Therefore, the rising power outage issues are fueling the power bank market growth.

Power Bank Market – by Region, 2022 and 2030

The power bank market is segmented based on capacity, battery type, indicator, and application. Based on capacity, the power bank market is segmented into 1000–5000 mAh, 5001–10000 mAh, 10001–15000 mAh, 15001–20000 mAh, and above 20001 mAh. Based on battery type, the power bank market is bifurcated into lithium-ion battery and lithium-polymer battery. Based on indicator, the power bank market is bifurcated into LED lighting and digital display. Based on indicator, the power bank market is categorized into smartphone, tablet, laptop, wearable device, digital camera, and others. By region, the power bank market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Impact of COVID-19 Pandemic on Power Bank Market Growth

The COVID-19 outbreak considerably impacted the global economy during its peak in Q1 and Q2 of 2020 and hampered business activities in various industries. Governments of various countries imposed stringent regulations on human movement and trade bans. The global economy witnessed a paradigm shift toward work-from-home culture and a change in consumer buying behavior. As a result, in Q3 and Q4 of 2020, the demand for electronic products, such as smartphones, tablets, laptops, smartwatches, and other wireless electronic devices, increased considerably.

Although the COVID-19 pandemic adversely affected organizations' revenues from industries such as semiconductors and IT & telecom, a few industries benefited from the global crisis, including the electronic industry. This subsequently favored the growth of the power bank market after the pandemic. Thus, the electronic production industries experienced a phase of restructuring during the COVID-19 pandemic due to new customer demands, expectations, and technological advancements.

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 are among the key players operating in the power bank market.