IMARC Group, a leading market research company, has recently released a report titled "Power Bank Market Report by Product Type (Portable Power Banks, Solar Power Banks, Battery Cases), Battery Type (Lithium-Ion, Lithium-Polymer), Power Rating (Below 3,000 mAh, 3,001 mAh – 8,000 mAh, 8,001 mAh – 20,000 mAh, Above 20,000 mAh), Application (Smartphones, Tablets, Portable Media Devices, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the power bank market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global power bank market size reached US$ 11.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032.
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Factors Affecting the Growth of the Power Bank Industry:
- Advancements in Technology:
Technological advancements play a crucial role in the power bank market. The evolution of battery technology, such as the transition from nickel-cadmium (NiCd) to lithium-ion and lithium-polymer batteries, has led to lighter, more efficient, and higher capacity power banks. This improvement meets the increasing demand for portable energy sources, especially as the usage of energy-intensive mobile devices grows. Additionally, innovations like fast charging, solar charging capabilities, and wireless power banks are driving consumer interest and adoption. Companies that invest in R&D to integrate these cutting-edge technologies are likely to lead the market.
- Growing Demand for Mobile Devices:
The proliferation of mobile devices like smartphones, tablets, and laptops has created a significant demand for power banks. As these devices become integral to daily life, their battery life becomes a critical concern for users. Power banks offer a convenient solution for charging these devices on-the-go, especially in situations where access to traditional power sources is limited. This dependency is further amplified by the increasing use of power-intensive applications and features, such as high-resolution screens and 5G connectivity, which drain battery life more quickly.
- Lifestyle Changes and Consumer Preferences:
Lifestyle changes, particularly the shift towards mobility and constant connectivity, have made portable power sources like power banks more essential. Consumers now prefer gadgets that complement their on-the-go lifestyles, leading to a rise in demand for compact, lightweight, and high-capacity power banks. Additionally, the aesthetic appeal and brand value of power banks have become important factors. Consumers are inclined towards products that are not only functional but also align with their style and status, prompting companies to focus on design and branding.
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Power Bank Market Report Segmentation:
By Product Type:
- Portable Power Banks
- Solar Power Banks
- Battery Cases
Portable power banks dominate due to their convenience and the growing need for on-the-go charging solutions in an increasingly mobile society.
By Battery Type:
- Lithium-Ion
- Lithium-Polymer
Lithium-ion batteries are prevalent in power banks because of their high energy density, lightweight properties, and longer lifecycle compared to other types.
By Power Rating:
- Below 3,000 mAh
- 3,001 mAh – 8,000 mAh
- 8,001 mAh – 20,000 mAh
- Above 20,000 mAh
The 8,001 mAh – 20,000 mAh range represented the largest segment as it strikes a balance between portability and sufficient capacity to charge multiple devices or a single device multiple times.
By Application:
- Smartphones
- Tablets
- Portable Media Devices
- Others
Smartphones constitute the largest segment for power bank applications, reflecting their ubiquitous presence and high power consumption in daily use.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Asia Pacific leads in the power bank market due to its large consumer base, rising smartphone penetration, and growing technological adoption.
Power Bank Market Trends:
The increasing reliance on smartphones, tablets, and other portable electronic devices for both personal and professional use has created a constant demand for power sources on the go. As battery life remains a limiting factor for most devices, power banks have become essential for users needing to stay connected throughout the day. Moreover, advancements in technology have led to the development of more compact, efficient, and higher-capacity power banks, making them more appealing to consumers. Furthermore, the rise in outdoor activities and travel has bolstered the need for portable charging solutions. The growing trend of digitalization and connectivity in emerging economies has expanded the customer base, contributing significantly to the market's growth.
Top Companies Operated in Power Bank Industry:
- Beijing Xiaomi Technology Co. Ltd.
- Lenovo Group Ltd.
- Microsoft Corporation
- Panasonic Corporation
- Sony Corporation
- Adata Technology Co., Ltd.
- Asustek Computer Inc.
- Ambrane India Pvt. Ltd.
- Anker Technology Co. Ltd.
- Intex Technologies (India) Ltd.
- OnePlus Technology (Shenzhen) Co. Ltd.
- UNU Electronics Inc.
- Samsung SDI Co. Ltd.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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