The global power bank market size was valued at USD 18.46 billion in 2021 and is expected to reach USD 25.08 billion in 2030 expanding at a compound annual growth rate (CAGR) of 3.92% from 2022 to 2030, on account of the increasing adoption of smartphones, the rising power consumption of electronic devices due to advancements in mobile technologies, and affordability of power banks. Because smartphones now play such an important role in our day-to-day lives and are equipped with powerful operating systems like Android, Symbian, and iOS, users are able to play games, run multimedia players, access video calling, and stay connected to the outside world via high-speed internet services.
However, this results in a significant increase in the amount of battery that is consumed by the smartphone. A mobile power bank is a portable battery charging device that allows the user to charge mobile devices regardless of where they are or when they are doing so. This electrical gadget is about the size of a medium-sized flash drive and consists of a specialised battery along with electronic circuits that regulate the power flow range. Mobile power banks give the user the ability to store, in accordance with the capacity measured in milliampere-hours (mAh), the necessary amount of electrical energy to power up tiny computing devices such as smartphones and tablets.
A power bank is a portable battery that has a circuit built into it to store energy that is drawn from an external source and then release that stored energy as and when it is needed. As a result of the widespread proliferation of digital goods, these devices have recently attained an extraordinary level of appeal all over the world. In addition, the fact that they are long-lasting, portable, equipped with various plugs, capable of rapid charging, and inexpensive contributes to the demand for them among customers who are knowledgeable about technology. A power bank is an excellent choice to have on hand since it can stop an electronic gadget from turning off in the event that there is a protracted power outage or an inconsistent energy supply. Power banks have the ability to provide electricity to a variety of electronic devices, including mobile phones, digital cameras, tablets, and laptop computers.
Portable chargers known as power banks are outfitted with a circuit that may regulate the amount of power that is drawn from the bank. The rapid rise of the worldwide power bank market may be attributed to the increasing demand for portable electronic devices with rechargeable batteries, such as smartphones, tablets, and laptops.
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Price Reductions for Portable Power Banks
As a result of the existence of a large number of participants in the market as well as a rising number of new entrants in the industry, the market for power banks has become extremely competitive. The firms are lowering the costs of their power banks in order to maintain their position in the market despite increased competition and to attract more customers. For instance, the price of a 20,000 mAh Mi Power Bank 2i in India has decreased since 2018, and it can currently be purchased for a total of USD 21.8. In addition, businesses are actively working to improve their products and are concentrating their efforts on the introduction of power banks that incorporate more recent technology.
This, in turn, has the effect of lowering the price of power banks that utilise older technologies. In addition, the decrease in prices would not only result in a larger number of customers, but it would also have an effect on the prices that rivals charge for their products. Despite this, the COVID-19 had a significant influence on the financial performance of new entries to the market as well as smaller enterprises in the market. Due to this it is probable that the price range of the power banks that are made available by these firms would be impacted.
Power banks' total cost of ownership is declining on the global market as a consequence of increased demand and fierce competition. The arrival of new vendors and increased domestic manufacturing and assembly have also contributed to the drop in power bank pricing. Growing economies, more consumer spending power, and growing living standards are the three main drivers of the global electronics market. The low battery capacity of electronic gadgets drives the demand for power banks and propels the growth of the power bank market internationally.
Inadequate battery capacity of smartphones and other mobile consumer electronic goods will continue to be a significant driver in the growth of sales in the power bank market on a worldwide basis. This is because of the extensive usage of the internet. A rise in the number of people using cellphones has led to an increase in the number of people purchasing portable chargers. Because of its many functions, including 3G/4G, Bluetooth, touchscreens, Wi-Fi, and so on, smartphones have a battery capacity that is significantly lower than that of other mobile devices.
All of these functionalities require power from the battery, with the exception of the calling mode and the standby mode. The proliferation of cellphones in the market led to a rise in the amount of data that was used. Because of the proliferation of apps for internet surfing, email, personal entertainment, messaging, gaming, and other activities, smartphones have evolved into power-hungry gadgets that regularly drain their batteries.
Since the majority of users have more than one electronic device, they have a requirement for a portable energy source that is capable of concurrently recharging several devices. Because the currently available battery technologies were unable to keep up with the capabilities of ever-more-powerful smartphones, handset manufacturers went back to the drawing boards and devised ways to make mobile consumer electronics more energy efficient, which resulted in a reduction in the size of the hardware in order to leave more room for a larger battery. But these variables on their own won't be enough to meet the energy need that smartphones have today; an entirely new sector has evolved, selling devices such as the power banks to wireless chargers in order to keep up with the rising mobile consumer electronics industry.
Low Quality Power Banks
Recently, a huge number of companies have entered the market for power banks, and these new companies are selling power banks with a wide range of storage capacities, pricing points, and styles. However, not all power banks are of a higher quality, since some power banks do not even survive for half a year, as can be seen from the fact that this observation was made. In the worst case scenario, low-quality power banks have the potential to explode, as well as shorten the life of a phone's battery and cause it to overheat. These are generally offered at inexpensive prices in an effort to draw in customers. A small number of manufacturers still employ recycled batteries, which in turn raises the possibility of an explosion. Therefore, power banks of low quality might be a barrier to the expansion of the market.
Creation of Power Banks Powered by Solar and Hydrogen Fuel Cells
Power banks, which are used to recharge the batteries of electronic devices such as smartphones, tablets, and laptops, do not just draw power from direct electricity. Many businesses produce power banks that are fueled by solar energy or hydrogen fuel cells in addition to electric power banks. For instance, TW Horizon Fuel Cell Technologies (China) unveiled the MINIPAK, a power bank powered by hydrogen fuel cells. It recharges a gadget using replaceable and refillable fuel cartridges. Its HYDROSTIK cartridge complies with the metal hydrides UN standard. Among the businesses that sell solar power banks are Uimi Technology Private Limited (India), Elixier Tech Innovatis LLP (India), Volatic Systems (US), EasyAcc (China), and Bonai (China). In times of power shortages, solar power banks are a practical answer. Excellent alternatives that use renewable energy sources and can run continuously include solar power banks. It is user-friendly and does not contribute to environmental damage. The usage of solar power banks is anticipated to rise dramatically as a result of these considerations.
The power bank market is segmented into the following categories: Capacity Range, Distribution Channel, Battery Type, Energy Source and Region
The market has been divided into four categories based on capacity range: 3,000 mAh, 3,001 mAh-8,000 mAh, 8001 mAh-20,000 mAh, and over 20,000 mAh. With a forecasted revenue of the biggest amount during the study period, the 8,001 mAh-20,000 mAh sector had a market share of 34.2 percent in 2019. The primary reason fueling the segment's growth is extensive digitalization. The need for large capacity range power banks is mostly driven by frequent internet use and inadequate smartphone battery capacity.
Data usage has increased due to the widespread use of cellphones. Due to the use of several applications for internet surfing, emailing, personal entertainment, messaging, gaming, and other activities, smartphones have evolved into very energy-consuming gadgets that continually drain the power of a battery. Consumer electronics innovation is outpacing advancements in battery technology. Because these power banks can recharge a smartphone several times, the 8,001 mAh-20,000 mAh category is anticipated to have considerable growth during the projected period.
The market has been divided into e-commerce and brick and mortar based on the distribution channel. Due to the growing use of the internet, the e-commerce sector is anticipated to increase significantly throughout the projection period. Due to extensive urbanisation, the category is anticipated to record the greatest CAGR in the Asia Pacific region. Strong industrial development is also being seen in Southeast Asian nations like India, China, and others. The market expansion in these nations is also anticipated to be boosted by high internet penetration and digitalization in several sectors. Retail platforms are provided by e-commerce businesses like Alibaba and Flipkart so that customers may access a variety of goods.
Globally, the internet retail market is expanding rapidly. The expansion of the e-commerce channel is being driven by multi-brand and multi-category merchants. Until recently, clothing, appliances, and electronic devices were the main items associated with e-commerce. However, it is currently gaining popularity across several businesses and sectors. While internet retailing has gained substantial market share in the North American and European areas, it has not yet taken off in the Asia Pacific, Middle Eastern, and African regions, which primarily rely on hypermarkets and direct selling. Due to variables including a wide range of options and price points, as well as the availability of offers and discounts, the present online market's rapid expansion has a considerable impact on driving the demand for power banks.
Lithium-ion (Li-ion) and lithium polymer (Li-polymer) batteries are two further subcategories of the battery type segment. In 2019, the lithium-ion market sector had a market share of more than 80 percent. Numerous benefits of lithium-ion batteries include their minimal self-discharge, high energy density, and ease of maintenance. However, due to high material costs and the intricate preparation procedures required, lithium-ion batteries are pricy to create.
The Li-polymer battery segment, on the other hand, is anticipated to see the greatest CAGR throughout the projected period. Because Li-polymer batteries are flat, lightweight, and moldable, they may be used to create small, streamlined power banks. These batteries are also becoming more and more popular since people believe they are safer than traditional batteries. One of the main causes propelling the market growth is the fact that many smartphone makers also produce power banks (such as Xiaomi). China Bak Battery Inc., Hitachi Maxell, OnePlus, and Panasonic Corporation are major participants in the international power bank market.
The section of energy sources has also been divided into electric and solar. In 2019, the electric sector held the biggest market share. They have advantages including simple accessibility, affordability, lightness, and compactness. From 2020 to 2027, the solar market is anticipated to grow at a CAGR of 19.5%. Due to the rising acceptance of solar energy as a sustainable option, the need for solar power banks is anticipated to rise in the upcoming years.
The majority of consumers own numerous electronic gadgets; thus they want a portable power supply that can charge several devices at once. When users do not have access to an electrical plug point, a power bank ensures that these gadgets may be charged instantly. Power banks are very handy for emergencies and for travelling. In addition to being energy-efficient, a solar power bank has the advantage of being able to recharge without electricity, which is particularly useful while travelling.
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In 2019, the Asia-Pacific region dominated the world market. The use of power banks in the area is driven by factors including a growing population, widespread digitalization, the availability of inexpensive power banks, and the penetration of e-commerce in the electronics sector. Due to the increasing number of people using electronic devices and the resulting growth in demand for power banks, the Asia Pacific market is anticipated to experience a considerable increase in revenue share over the course of the forecast period.
Due to substantial urbanisation and the quickly expanding industrial sector, the Asia Pacific regional market is anticipated to develop at the fastest CAGR over the projected period. Additionally, large global industrial hubs are emerging in the APAC region's expanding economies, including South Korea, China, India, and other Southeast Asian nations.
Shared power bank devices may be observed in railway stations and commercial centres in Beijing. There are three primary segments of the shared power bank market. Users of the first kind, as represented by Laidian Technology, can rent power banks in one location and return them in another. Major public locations like railway stations, airports, and hospitals are where you can typically find them. Shared power bank devices may be observed in railway stations and commercial centres in Beijing.
Globally, the internet retail market is expanding rapidly. The rise of the online distribution channel sector is being driven by multi-brand and multi-category merchants. Prior until now, electrical devices, clothing, and appliances were the major items linked with e-commerce. However, it is currently gaining popularity across several businesses and sectors. While internet retailing has gained substantial market share in the North American and European areas, it is still in its infancy in the Asia Pacific and Middle Eastern & African regions, which mostly rely on hypermarkets and direct selling.
To improve their products in the market, the key companies in the power bank industry have primarily used organic growth techniques, such new product releases and improvements. Some of the top players in the market include ADATA (Taiwan), Anker Innovations (China), AUKEY (China), Xiaomi (China), RAVPower (US), GRIFFIN (US), Lenovo (China), mophie (US), AMBRANE (India), INTEX (India), myCharge (US), Omnicharge (US), UIMI (India), uNu Electronics Inc. (US), Zendure (US), and ROMOSS (China).
ADATA released the T5000C power bank in May 2020. It has a 5,000 mAh power capacity and a gorgeously carved flower design for a spring-inspired aesthetic and delightful tactile sensation.
The 10,000 mAh wireless power bank from Xiaomi, which enables up to 10W rapid wireless charging, was introduced in India in March 2020. Both two-way rapid charging and 18W wired charging are supported by the power bank.
The Mi Power Bank 3 Pro, Xiaomi's most recent power bank, was introduced in China in January 2019. The USP of the power bank is that it enables two-way 45 W rapid charging through the USB Type-C connector and has nine levels of circuit chip protection in addition to low power compatibility for smart wearables.