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 global 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:
- Increasing Smartphone Usage:
The ubiquity of smartphones in modern society is a primary factor driving the power bank market growth. Smartphones have evolved into essential tools for communication, entertainment, productivity, and more, leading to their pervasive use throughout the day. This constant use drains battery life rapidly, creating a persistent need for convenient charging solutions. Power banks provide a portable and reliable means to recharge smartphones, ensuring that users remain connected and functional regardless of their location. Furthermore, the ever-increasing functionality of smartphones, such as high-definition (HD) video streaming, online gaming, augmented reality (AR), and advanced applications, demands more power, exacerbating battery drain issues. Consequently, consumers are investing in power banks to avoid the inconvenience of a dead phone battery, especially in critical situations.
- Growth in Mobile Device Penetration:
The increasing adoption of various mobile devices like tablets, laptops, and wearable technology is significantly propelling the power bank market growth. Tablets and laptops, crucial for work, education, and entertainment, often face similar battery constraints, necessitating portable charging solutions for uninterrupted use. Wearables, including smartwatches, fitness trackers, and wireless earbuds, have become integral to daily routines, monitoring health, tracking activities, and providing notifications. These devices, with their compact sizes and limited battery capacities, require frequent recharging, making power banks vital. Furthermore, the integration of the Internet of Things (IoT) devices into everyday life also demands consistent power sources. As people become more dependent on these multiple devices, the convenience of having a single power bank that can recharge various gadgets becomes highly attractive.
- Travel and Tourism:
The expansion of the travel and tourism industry is playing a significant role in the growing demand for power banks. Modern travelers heavily depend on electronic devices for navigation, booking services, capturing memories, and staying connected with friends and family. Smartphones, cameras, tablets, and portable gaming devices are all essential travel companions that require constant power. Furthermore, power banks provide a practical solution to the challenge of maintaining battery life while on the move, whether during long flights, road trips, or outdoor adventures. In addition, the increasing popularity of remote and off-grid travel destinations, where access to traditional power sources is limited or non-existent, further amplifies the need for portable power solutions.
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Power Bank Market Report Segmentation:
By Product Type:
- Portable Power Banks
- Solar Power Banks
- Battery Cases
Portable power banks hold the majority of the market share due to their compact size and ease of carrying, making them ideal for everyday use.
By Battery Type:
- Lithium-Ion
- Lithium-Polymer
Lithium-ion accounted for the largest market share, owing to their high energy density, longer lifespan, and lightweight characteristics, making them the preferred choice in power bank manufacturing.
By Power Rating:
- Below 3,000 mAh
- 3,001 mAh – 8,000 mAh
- 8,001 mAh – 20,000 mAh
- Above 20,000 mAh
8001 mAh – 20000 mAh represented the largest segment as it offers a balance between capacity and portability, providing sufficient power to recharge multiple devices multiple times without being too bulky.
By Application:
- Smartphones
- Tablets
- Portable Media Devices
- Others
Smartphones hold the majority of the market share, as they are the most commonly used portable electronic devices, with frequent charging needs due to their intensive usage.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Asia Pacific's dominance in the market is attributed to large and growing population with increasing smartphone penetration and mobile device usage, alongside the presence of major power bank manufacturers.
Global Power Bank Market Trends:
Frequent power outages in many regions are facilitating the demand for power banks, as they provide a reliable backup. Additionally, recent innovations in power bank technology, such as fast charging, wireless charging, and the integration of solar panels, which enhance their appeal, are driving the market growth. Besides this, the reduction in the prices of power banks due to mass production and technological advancements, making them more accessible to a broader audience, is fostering the market growth. Furthermore, the growing popularity of outdoor activities like hiking, camping, and sports, which increases the need for portable power sources, is favoring the market expansion.
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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