Power Bank Market Trends and Analysis by 2030

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2030

Power Bank Market Forecast to 2030 - Global Analysis by Capacity (1000–5000 mAh, 5001–10000 mAh, 10001–15000 mAh, 15001–20000 mAh, and Above 20001 mAh), Battery Type (Lithium-Ion Battery and Lithium-Polymer Battery), Indicator (LED Lighting and Digital Display), and Application (Smartphone, Tablet, Laptop, Wearable Device, Digital Camera, and Others)

  • Report Date : Jul 2023
  • Report Code : TIPRE00010296
  • Category : Electronics and Semiconductor
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 203

[Research Report] 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

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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:

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.

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.

Power Bank Market Regional Insights

The regional trends and factors influencing the Power Bank Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Power Bank Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

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Power Bank Market Report Scope

Report Attribute Details
Market size in 2022 US$ 10.94 Billion
Market Size by 2030 US$ 27.53 Billion
Global CAGR (2022 - 2030) 12.6%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Capacity
  • 1000
By Battery Type
  • Lithium-Ion Battery and Lithium-Polymer Battery
By Indicator
  • LED Lighting and Digital Display
By Application
  • Smartphone
  • Tablet
  • Laptop
  • Wearable Device
  • Digital Camera
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • ADATA Technology Co., Ltd.
  • Ambrane India Pvt Ltd.
  • Anker Innovations Technology Co., Ltd
  • AUKEY Online
  • Vinci Brands LLC
  • Intex Technologies.
  • Lenevo
  • RAV Power
  • Xiomi

  • Power Bank Market Players Density: Understanding Its Impact on Business Dynamics

    The Power Bank Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Power Bank Market are:

    1. ADATA Technology Co., Ltd.
    2. Ambrane India Pvt Ltd.
    3. Anker Innovations Technology Co., Ltd
    4. AUKEY Online
    5. Vinci Brands LLC

    Disclaimer: The companies listed above are not ranked in any particular order.


    power-bank-market-cagr

    • Get the Power Bank Market top key players overview

    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.

    Frequently Asked Questions

    Which countries are registering a high growth rate during the forecast period?

    The country anticipated to grow with the highest CAGR are US, Germany and China.

    Which is the fastest growing regional market?

    North America is anticipated to grow with the highest CAGR over the forecast period.

    Which are the key players holding the major market share of 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.

    What are the future trends of the global power bank market?

    The adoption of wireless charging technology is emerging as a future trend the global power bank market.

    What is the global market size for the Power Bank Market in 2022?

    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.

    What are the driving factors impacting the global power bank market?

    There is an increasing penetration of smartphones and other electronic devices such as tablets, laptops, and wearables are driving the power bank market.

    Naveen Chittaragi
    Naveen Chittaragi
    Associate Vice President,
    Market Research & Consulting

    Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

    Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies - Power Bank Market

    1. ADATA Technology Co., Ltd.
    2. Ambrane India Pvt Ltd. 
    3.  Anker Innovations Technology Co., Ltd 
    4. AUKEY Online
    5. Vinci Brands LLC
    6. Intex Technologies. 
    7. Lenevo
    8. RAV Power
    9. Xiomi
    10. ZAGG Inc
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