Rising E-Commerce Penetration Fuels the Global Power Bank Market Growth

According to the Next Move Strategy Consulting, the Global Power Bank Market is valued at USD 1.74 billion in 2023, and is expected to reach USD 2.21 billion by 2030, with a CAGR of 3.5% from 2024 to 2030. Also, in terms of volume 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 6.8% from 2024 to 2030.

The global power bank market is booming due to the USD 6.3 trillion e-commerce market, comprising 21.2% of 2023 retail sales. Platforms such as Amazon, Alibaba, AliExpress, and eBay offer diverse power bank options, catering to global needs. Customer reviews guide choices, and the convenience, variety, and competitive pricing of e-commerce platforms drive the power bank industry's expansion to meet evolving consumer demands.

However, the environmental impact of power banks, notably due to lithium battery production and disposal, hinders market growth. The manufacturing process involves toxic metals, posing risks of water supply and ecosystem contamination if not managed properly. On the contrary, the incorporation of graphene batteries, known for superior conductivity and extended lifespan, presents a transformative opportunity for the power bank market. This innovation not only enhances performance standards but also introduces sustainability and cost-effectiveness, marking a paradigm shift in the industry.

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According to the report, leading players in the power bank market 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 product launches and collaboration across various regions to maintain their dominance in the power bank 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 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 229approximately 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 microUSB, dual USB output, and support for two-way fast charging.

Key Insights from the Power Bank Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the power bank market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The market share of the global power bank market players and their competitive analysis are provided in the report.