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. Some prominent players in the market include Anker Innovations, Xiaomi Corporation, Samsung Electronics Co. Ltd., RavPower, AUKEY, Mophie, and more. 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.
Lenovo; Xiaomi; Anker Innovations Technology Co., Ltd; ADATA Technology Co., Ltd.; AUKEY. – Prominent Market Participants in Power Bank Market
Moreover, Power banks come in various types, including universal power banks, solar-powered power banks, wireless charging power banks, and rugged power banks. Universal power banks are the most common and support charging for a wide range of devices. Solar-powered power banks harness solar energy to charge their internal batteries, making them suitable for outdoor and eco-friendly applications. Wireless charging power banks allow devices to charge without cables, providing added convenience. Further, the rise of remote work and an increasingly mobile workforce have fuelled 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.
Therefore, the growing 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.
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 mobilization 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, some of the industries benefited from the global crisis including 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..
The top five companies in the market Lenovo; Xiaomi; Anker Innovations Technology Co., Ltd; ADATA Technology Co., Ltd.; AUKEY. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:
|2023||Ambrane launched two new power banks in 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.||APAC|
|2023||Xiaomi Unveiled Power Bank 10000mAh Pocket Edition with Built-in USB-C Cable and Fast Charging Capabilities.||APAC|
|2021||Lenovo Unveiled Lenovo Go Sub-Brand, Introducing Power Bank and Wireless Mouse for Enhanced Mobile Productivity in a Hybrid Workforce.||APAC|