USD 9.43 billion
Power Bank Market Size, Share, Growth Analysis, By Power rating(Up to 3000 mAh, between 3000 to 8000mAh, between 8000 to 20000mAh, and above 20000mAh), By Battery type(Lithium ion, Lithium ion Polymer, Nickel-Cadmium), By Distribution Channels(Online (e-commerce) and Offline (brick & mortar)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25E2040 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
89
|Figures:
76
Power Bank Market Insights
Power Bank Market size was valued at USD 9.43 billion in 2019 and is poised to grow from USD 10.5 billion in 2023 to USD 24.9 billion by 2031, growing at a CAGR of 11.4% in the forecast period (2024-2031).
The increase in the number of smartphones and the unexpected shift from work from office to work from home culture and remote learning drives the growth of the global power bank market. There is also a growing demand for power banks through e-commerce channels due to increase in internet penetration throughout the globe. The use of wireless charging by consumers has grown significantly. Power banks with wireless charging capabilities will be more in demand as wireless charging becomes popular.
The Asia-Pacific region is dominating the global market. Countries like India and China hold the maximum share in that region. The number of smartphone users in the world increased from 5.93 billion in 2023 to 6.3 billion in 2019. The Lithium-ion battery holds the largest share in the segment because of their high energy density and longer battery backup.
US Power Bank Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Online
Fastest Growth
Online
Growth Rate
11.4% CAGR
Global Power Bank Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Power Bank Market Segmental Analysis
The global power bank market is segmented on the basis of battery type, power rating, distribution channel, and region. On the basis battery type, it is segmented into Lithium ion and Lithium ion polymer. On the basis of distribution channel, the market is segmented into online (e-commerce) and offline retailers (brick and mortar). On the basis of power rating, the market is segmented into, Up to 3000 mAh, between 3000 to 8000mAh, between 8000 to 20000mAh, and above 20000mAh. Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Power Bank Market Analysis by Battery Type
By battery type, Lithium-ion (Li-ion) batteries hold the largest share in the global power bank market for about 55.4% of the total market share and is expected to grow at a CAGR of 10%. Most of the consumers in the market prefer having power bank having lithium-ion battery as it is an advanced battery technology and they are also lightweight as compared to other rechargeable batteries. They also provide a longer battery backup as compared to other batteries and the maintenance cost of these batteries are comparatively less. The energy density of lithium-ion is typically twice that of the standard nickel-cadmium.
Power Bank Market Analysis by Distribution Channel
By distribution channel, Online (ecommerce) holds the maximum share of the global market. Due to the increase in the number of internet users across the globe there are a huge number of new customers who are preferring online shopping over the traditional brick and mortar store. The online e-commerce also provides doorstep delivery and return which makes the customer easier to buy and in case any fault is there they can return from a single tap sitting in their own house.
The rapid growth of the existing online marketplace plays a significant role in driving the demand for power banks owing to factors such as a wide variety of choices and price range, as well as the availability of offers and discounts.
Global Power Bank Market By Distribution Channel
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Power Bank Market Regional Insights
The Asia-Pacific region dominates the global power bank market due to growing population and large scale digitization. The extensive adoption of smart-phones and tablets in emerging markets like China and India due to improvement in living standards and rise in income. The no. of smartphone users in China increased from 0.96 billion in 2020 to 1.03 billion in 2021.
The North America region is expected to witness a growth rate at 21.5% between 2022-2028 due to improved connectivity of various electronics devices/smart accessories. The countries where growth can be seen include the U.S, Canada and Mexico. According to research, in the U.S. There are 294.15 million smartphone users, of which, 85% of adults use smartphones. The USA has the maximum number of smartphone users in the region of about 274 million.
Europe region the market is growing at a prodigious rate of 23.6% due to rise in the utilization of the power banks because of the increasing acceptance of smartphones, laptops and other smart electronics. The UK, Germany and Russia dominate the market in that region.
Global Power Bank Market By Region
- Largest
- Fastest
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Power Bank Market Dynamics
Power Bank Market Drivers
Digitalisation to Boost Market Growth
- Rising demand of power banks due to digitalization of different sectors like e-commerce and service sectors. Due to the increasing number of electronics devices for various operations. Amount of time spent on social media by the global population is also fueling the market. In earlier days social media was only used for sharing photos and messages but nowadays various products like customized gifts, and T-shirts etc. are also marketed and sold through social media.
- Inadequate battery capacity of smartphones and other mobile consumer electronics gadgets drives the sale of power bank market worldwide and propels the growth also. Due to heavy usage of smartphones, from ordering groceries to booking flight tickets are done by phone.
Power Bank Market Restraints
High Cost of Recycling to Hinder Market Growth
- The cost of recycling Li-ion batteries is very costly which makes the power bank costlier during the time of supply chain break across the globe.
- Due to many new entrants of power bank manufacturers the competition increases due to which companies have to keep the prices low which in turn lowers the quality of product used for making power banks.
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Power Bank Market Competitive Landscape
Global power bank market is highly fragmented by numerous small players. This creates a fierce competition in the market and makes it difficult for smaller players to maintain their current market position. As new entrants are also entering the market it is becoming more competitive to sustain. Some of the major players includes- Xiaomi Corporation, Ambrane, Oneplus, and Realme. These companies provide power banks at a very competitive price.
Power Bank Market Top Company Profiles
- Anker
- Aukey
- Belkin
- Xiaomi
- Samsung
- RavPower
- Mophie
- Duracell
- Goal Zero
- Zendure
- Jackery
- Tronsmart
- Poweradd
- iMuto
- Tylt
- Ugreen
- EasyAcc
- Romoss
- Yoobao
- PNY
Power Bank Market Recent Developments
- In Sept 2022, INIU Launched the 65W fast-charging power bank 25000mAh for Laptops. The product can be used for charging all sizes of smart devices, from laptops to earphones, while charging 3 devices simultaneously.
- In July 2022, Stuffcool 10000mAh Magnetic Wireless Power bank launched at INR4,990(US$ 61). The power bank comes with 10,000mAh battery capacity and offers wireless charging support. The device is compatible with both Android and Apple devices. The magnetic wireless power bank can also charge other wireless charging devices and can support fast charging to compatible devices up to 22.5W.
- In June 2022 Ambrane, has unveiled its first heavy-duty and power-packed 50000mAh Stylo Max Power Bank, that can power larger devices like digital cameras, and laptops and even give a phone a full charge several times to spend extended time on the go.
Power Bank Key Market Trends
- Key manufacturers are improving their product standards to reduce the hazards of using lithium-ion batteries instead of Nickel-Cadmium. Lithium-ion batteries have high energy density. Lithium-ion batteries are comparatively safer than other batteries.
- The technology of charging multiple devices at a time is becoming popular. The use of wearables and wireless earbuds are increasing day by day. The supply of power on a timely basis is very important as the wearables keep us connected with our smartphones.
Power Bank Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the market is growing at a lucrative rate due to the high penetration of smartphones and unexpected work from home due to Covid-19. The use of smartphones has also increased due to digitalisation of various sectors across the globe. The competition in this market is fierce due to large numbers of small manufacturers. Wireless charging technology is becoming popular and in future it is expected to drive the growth of the market. The rapid increase of smartphone usage in countries like China, India and Japan in the Asia-Pacific region holds the maximum sale of power banks. However due to the large number of new entrants the market is becoming highly competitive.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 9.43 billion |
| Market size value in 2031 | USD 24.9 billion |
| Growth Rate | 11.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered | |
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Power Bank Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Power Bank Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Power Bank Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Power Bank Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Power Bank Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Power Bank Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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