Power Bank Market by Battery Capacity (Upto 5000 mAh, 5001-10000 mAh, 10001-20000 mAh, Above 20000 mAh), by Battery Type (Lithium-ion (Li-ion) and Lithium-Polymer (Li-Po)), by Portability (Mini Power Banks, Compact Power Banks, and Larger High Capacity Power Banks), by Charging Technology Type (MagSafe or Wireless Charging Support and Standard Charging Support), by Number of Ports (1 to 2 Ports, 3 to 5 Ports, and More than 5 Ports), by Design (Standard Power Banks and Rugged Power Banks), by Display technology (Power Banks with Display Technology and Power Banks without Display Technology), by Compatibility (Universal Power Banks and Device Specific Power Banks), by Power Output (Less Than 15W, 15W-65W, 66W-200W, and More than 200W), and by Distribution Channel (E-commerce Or Online and Offline) – Global Opportunity Analysis and Industry Forecast, 2024 – 2030
Industry: Retail and Consumer | Publish Date: 19-Jan-2024 | No of Pages: 938 | No. of Tables: 802 | No. of Figures: 763 | Format: PDF | Report Code : N/A
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Power Bank Market Overview
The Power Bank Market size was valued at USD 1.74 billion in 2023 and is predicted to reach USD 2.21 billion by 2030, with a CAGR of 3.1% from 2024 to 2030. Also, the Power Banks Market size was 47.13 million units in 2023 and is predicted to reach 74.76 million units in 2030, with a CAGR of 6.3% from 2024 to 2030.
The power bank industry is dedicated to designing, manufacturing, and distributing portable charging devices. These devices, typically equipped with lithium-ion or lithium-polymer batteries, are engineered to store electrical energy and provide on-the-go charging for many portable electronic devices such as smartphones, tablets, digital cameras, and laptops. The industry has evolved rapidly, responding to the increasing reliance on mobile devices and the consequent need for portable power solutions.
The advantages of power banks are numerous and significant. Their primary benefit lies in their portability, allowing users to charge electronic devices without a stationary power source. This feature mainly benefits people who travel frequently or engage in outdoor activities. Moreover, power banks are designed to be compact and lightweight, enhancing their convenience.
Additionally, modern power banks are available in various capacities, enabling them to store enough energy to charge multiple devices or provide several charges to a single device, which is especially useful during extended periods away from traditional power sources. However, the environmental impact of these devices, particularly the production and disposal of lithium batteries, is a concern, necessitating proper recycling and disposal methods to minimize their ecological footprint.
Rising E-Commerce Penetration Fuels the Global Power Bank Market Growth
The global power bank market is experiencing a significant surge, primarily fueled by the increasing penetration of e-commerce worldwide. According to Forbes, the global e-commerce market is estimated to be at an astounding USD 6.3 trillion in 2023, accounting for 21.2% of total retail sales. This remarkable growth in online shopping is a crucial driver behind the expanding market. E-commerce platforms provide consumers unparalleled access to various power bank options, such as standard power banks, wireless power banks, solar-powered power banks, multi-device power banks, and fast-charging power banks, among others, catering to various needs and preferences.
Prominent online platforms such as Amazon, Alibaba, and AliExpress have become central to this trend. Amazon offers extensive power banks, from budget-friendly to high-end models, complemented by customer reviews and ratings that guide consumer choices. Alibaba and AliExpress are particularly influential in the Asian market, providing access to a wide range of products, including those from local Chinese manufacturers. With its vast assortment of new and used power banks, eBay caters to a global audience seeking diverse options and competitive pricing.
The convenience, variety, and competitive pricing offered by these e-commerce platforms have significantly contributed to the growth of the market. As e-commerce expands, it is expected further to drive the development and diversification of the power bank industry, meeting the evolving needs of a globally connected consumer base.
Surge in Hybrid Work Models Fuels the Global Power Bank Market Growth
The growing 'work from anywhere' culture is significantly contributing to the expansion of the power bank market, as more professionals across the globe are transitioning to flexible working models. According to the Gartner report, 39% of global knowledge workers are said to work in a hybrid manner by the end of 2023, up from 37% in 2022. This increase in hybrid working is even more pronounced in specific countries. In the U.S., for example, fully remote and hybrid knowledge workers are estimated to be at 71% of the workforce in 2023. Similarly, in the U.K., these groups will represent 67% of the workforce.
Moreover, several significant corporations' adoption of remote and hybrid work policies further fuels the demand for power banks. Companies including Amazon, Airbnb, Microsoft, Meta, and Google have provided their employees with the option to work from home, remotely, or on a hybrid basis. As these international businesses continue to explore and benefit from remote working models, workplace strategies will increasingly shift towards more long-term flexibility. This ongoing transition is expected to drive the growth of the market as the demand for portable and convenient charging solutions becomes more pronounced in a world where work is no longer confined to a single location. Thus, the global market is poised for growth, aligning with the evolving needs of a globally connected, mobile workforce.
Environmental Challenges Restricting Power Bank Market Growth
The environmental impact of power banks, especially concerning the production and disposal of lithium batteries, is a significant factor restraining the potential growth of the power bank market. The manufacturing process of these lithium-ion batteries involves toxic metals such as cobalt, nickel, and manganese, which pose a substantial risk of contaminating water supplies and ecosystems if not appropriately managed.
Moreover, the mining and refining of these battery materials, along with manufacturing the cells, modules, and battery packs, require substantial energy consumption, leading to increased greenhouse gas emissions. According to the Wall Street Journal, the environmental cost of mining and producing lithium-ion batteries is potentially more detrimental to the climate than the production of traditional fossil fuel batteries.
In terms of energy usage, producing an average lithium-ion battery demands three times more cumulative energy than a generic battery. This significant environmental footprint necessitates the implementation of effective recycling and proper disposal methods to mitigate the ecological impact. By addressing these environmental concerns, the growth of the power bank industry could be significantly improved as sustainability becomes a more pressing issue for consumers and regulators alike.
Developments in Battery Technology to Create Future Market Prospects for Power Banks
Growing technological innovations in battery technology, particularly with the development and incorporation of graphene batteries are poised to create ample opportunities for the power bank market in the future. Graphene, known for its superior conductivity exceeding that of copper, is emerging as a revolutionary material in the field of energy storage and transmission. The application of graphene in power bank technology significantly enhances their potential, distinguishing them from traditional lithium-ion counterparts. Graphene-based power banks demonstrate a markedly extended lifespan, a pivotal attribute for consumer electronics.
This technological evolution is not only expected to elevate the performance standards of power banks but also introduce an element of sustainability and cost-effectiveness. The integration of graphene batteries is thus not merely an advancement in battery technology, but also represents a paradigm shift in the power bank market, setting new benchmarks for efficiency, sustainability, and user convenience.
Asia-Pacific Holds a Leading Position in the Power Bank Market
The Asia-Pacific region is leading the global power bank market, holding approximately 49% of the global share, with China dominating as the largest market player. India is experiencing the fastest growth in the region, followed by Japan and Indonesia. The region's dominance in the global market is driven by several factors, including its role as a hub for consumer electronics research and development (R&D) and manufacturing. Countries such as China have extensive manufacturing capabilities and relatively low labor costs, making them global leaders in electronics exports. This manufacturing prowess directly correlates with the demand for efficient power bank solutions, bolstering the market through ongoing advancements in consumer electronics.
The rapid expansion of the e-commerce sector across the Asia-Pacific region further fuels the demand for power banks. Online retail platforms have made a wide range of power bank products accessible, allowing consumers to compare and purchase products conveniently. This ease of access, combined with the ability to compare a variety of products, has significantly contributed to the growth of the power bank market in the region.
Smartphone penetration and usage are other critical factors propelling the market in the region. Countries with high smartphone ownership, such as South Korea, Japan, China, and India have a strong demand for advanced power bank features like fast charging and high capacity. The region's focus on adapting to consumer needs and embracing technological advancements positions it for continued expansion and innovation in the power bank sector.
North America Estimated to Witness Significant Growth in the Power Bank Industry
The North American power bank market is witnessing significant growth, with a projected CAGR of 5.2% from 2024 to 2030. This expansion is largely driven by technological advancements, particularly the adoption of 5G technology, which demands more efficient and higher-capacity power banks. The shift towards remote work and increasingly mobile lifestyles further amplifies the need for portable power solutions, as people rely more on devices like laptops and smartphones throughout their day.
The growth of e-commerce also played a crucial role in this market expansion. Online shopping platforms have made it easier for consumers to access a wide range of power bank products, facilitating comparison and informed purchasing decisions. Additionally, the rising popularity of wearable devices has led to an increased demand for power banks as a convenient charging solution.
Furthermore, economic factors, including rising disposable incomes, have made advanced technology and accessories like power banks more accessible to a broader consumer base in North America. In response to these trends, companies are innovating with new models that feature high-capacity batteries, fast charging, and compact designs, meeting the evolving needs of consumers. This synergy of technology, lifestyle changes, and economic growth positions the North American power bank market for continued expansion and innovation.
Competitive Landscape
Various market players operating in the power bank industry include Anker Innovations Co. Ltd., Xiaomi Corporation, Samsung Electronics Co., Ltd., Guangdong Oppo Mobile Telecommunications Corp., Ltd. (Realme, OnePlus), Lenovo Group Limited, Zagg Inc. (Mophie), Belkin International, Inc., Ambrane India Pvt Ltd., Baseus, Veger Power Inc., and others. These market players are adopting strategies such as collaborations and product launches across various regions to maintain their dominance in the global market.
For instance, in December 2023, OnePlus and Sharge collaborated to create a Power Bank through the OnePlus Power of Community (POC) initiative. The new power bank is called POUCH and it is a 3-in-1 device that combines a power bank, charger, and cable in a unique design.
Moreover, in August 2023, Anker launched the Anker 335 Power Bank, featuring a 20,000mAh capacity, 1A1C dual USB connections, and a built-in mobile phone holder. The power bank is priced at 229 approximately USD 31 in China and is also available internationally.
In addition, in May 2023, Xiaomi launched a Powerbank named Redmi Power Bank with a battery capacity of 10,000 mAh. The power bank comes with dual input ports for USB Type-C and micro USB, dual USB output, and support for two-way fast charging.
Power Bank Market Key Segments
By Battery Capacity
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Up to 5,000 mAh
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5,001 to 10,000 mAh
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10,001 to 20,000 mAh
-
Above 20,000 mAh
By Battery Type
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Lithium-Ion (Li-Ion)
-
Lithium-Polymer (Li-Po)
By Portability
-
Mini Power Banks
-
Compact Power Banks
-
Large High Capacity Power Banks
By Charging Technology Type
-
Magsafe or Wireless Charging Support
-
Standard Charging Support
By Number of Ports
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1 to 2 Ports
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3 to 5 Ports
-
More than 5 ports
By Design
-
Standard Power Banks
-
Rugged Power Banks
By Display Technology
-
Power Banks with Display Technology
-
Power Banks without Display Technology
By Compatibility
-
Universal Power Banks
-
Device-Specific Power Banks
By Power Output
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Less than 15W
-
15-65W
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66 to 200W
-
More than 200W
By Distribution Channel
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E-commerce or Online
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Offline
By Region
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North America
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The U.S.
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Canada
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Mexico
-
-
Europe
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The UK
-
Germany
-
France
-
Italy
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Spain
-
Russia
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Sweden
-
Poland
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Norway
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Denmark
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Netherlands
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Finland
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
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Australia
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South Korea
-
Taiwan
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Singapore
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Thailand
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Indonesia
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Rest of Asia-Pacific
-
-
Rest of World (RoW)
-
Latin America
-
Middle East
-
Africa
-
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 1.74 Billion |
|
Revenue Forecast in 2030 |
USD 2.21 Billion |
|
Growth Rate |
CAGR of 3.1% from 2024 to 2030 |
|
Market Volumes in 2023 (Million Units) |
47.13 |
|
Volumes Forecast in 2030 (Million Units) |
74.76 |
|
Growth Rate |
CAGR of 6.3% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD)/Million Units |
|
Growth Factors |
Growing E-Commerce Penetration Fuels the Global Power Bank Market Growth Surge in Hybrid Work Models Drives the Global Power Bank Market |
|
Countries Covered |
28 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Key Players
-
Anker Innovations Co. Ltd.
-
Xiaomi Corporation
-
Samsung Electronics Co., Ltd.
-
Guangdong Oppo Mobile Telecommunications Corp., Ltd. (Realme, OnePlus)
-
Lenovo Group Limited
-
Zagg Inc. (Mophie)
-
Belkin International, Inc.
-
Ambrane India Pvt Ltd.
-
Baseus
-
Veger Power Inc.
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