What is the global market size of Power Bank Market?

Global Power Bank Market size was valued at USD 9.43 billion in 2021 and is poised to grow from USD 10.5 billion in 2022 to USD 24.9 billion by 2030, growing at a CAGR of 11.4% in the forecast period (2023-2030).

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.

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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. 'Anker', 'Aukey', 'Belkin', 'Xiaomi', 'Samsung', 'RavPower', 'Mophie', 'Duracell', 'Goal Zero', 'Zendure', 'Jackery', 'Tronsmart', 'Poweradd', 'iMuto', 'Tylt', 'Ugreen', 'EasyAcc', 'Romoss', 'Yoobao', 'PNY'

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.

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 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.

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