Power Bank Market

Market Overview

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.

Market Dynamics

Global Power Bank Market Drivers

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.

Global Power Bank Market Restraints

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.

Global Power Bank Market Opportunity

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.

Regional Analysis

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.

Segmental Analysis

By capacity

The focus of smaller capacity power banks is on portability and convenience which makes them particularly significant in the power bank market segment for capacities below 3000 mAh. Power banks with small capacities in this range have been designed for an emergency charge of small electronic devices such as smartphones, wearables, and other portable gadgets. The power bank market segment below 3000 mAh often becomes accessible to a broad range of users due to its affordability. These segments are further chosen for their ease of operation and quick solutions for on-the-go charging where carrying larger, heavier power banks would be impractical. This sector is expected to have steady demand, driven by the increasing dependence on portable electronic devices and the need for reliable, portable power sources. Key players in this segment are RAVPower, Aukey, Anker, etc.

This capacity range of 3001-10000 mAh in power banks falls in between portability and still with a higher energy storage capacity. Such power banks are ideal for users who need multiple charges on their smartphones or run larger gadgets such as tablets. They provide a versatile charging solution, and ample power without excessive bulky, making them useful to frequent travellers, commuters, and outdoor enthusiasts. In this segment, power banks have multiple charging ports that enable them to charge several devices simultaneously. Portability with the increased capacity makes them suitable for scenarios such as long trips or even in cases of power failure. The growth for power banks within this capacity range is due to an increased usage of high-drain devices and the need for reliable power solutions for all-day use. Xiaomi, Samsung, Realme, Ambrane, etc., are prominent players in this segment.

The market segment for power banks from 10,001 mAh to 20,000 mAh serves customers who require large power reserves to charge multiple devices or bigger electronics such as laptops and game consoles. These power banks could provide a long period of use without needing frequent recharge, suitable for users engaged in outdoor activities or business traveling where access to conventional sources of power is often limited. key features of power banks in the capacity segment are high-capacity lithium-ion batteries and multiple output ports with different voltage outputs. Some power banks even include AC outlets to charge bigger appliances. They are usually larger and heavier compared to lower-capacity power banks but hold more power reserves and can charge a smartphone several times. This segment can appeal to professional users, travellers, and technology enthusiasts needing long-lasting power solutions and charging flexibility across a wide range of devices. The 10,001 mAh to 20,000 mAh power bank segment is expected to grow, driven by advancements in battery technology and the increasing adoption of portable devices that require reliable, and high-capacity power sources. Urbn World, Duracell, Panasonic, Zendure, etc., are key players in this segment.

The power bank segment above 20,000 mAh caters to high-demand users, mostly those who stay away from power supplies for a long time. Such power banks are designed to provide substantial charging capacity, usually able to charge multiple devices several times before needing to be recharged. This power bank segment proves to be very useful for outdoorsmen, professionals stationed in remote regions, and people who use a large number of electronic gadgets continuously. key features in power banks of this segment include strong construction, advanced battery management systems, multiple high-power output ports, and sometimes ruggedized designs for durability in harsh environments. They are larger and heavier than their lower-capacity variants, reflecting their increased storage and power output capabilities. The above 20,000 mAh segment caters to the fast-rising demand for portable power solutions that can support heavy usage for an extended period, such as during camping, business trips, or emergencies. This category is expected to grow further as technology advances, more power-hungry devices increase, and consumer demand for a reliable, high-capacity power bank that provides assurance and convenience. Portronics, Duracell, Samsung Electronics, etc., are key players in this segment.

By distribution channel

The brick-and-mortar distribution channel plays an important role in the power bank market reaching customers who prefer to physically examine a product before making their purchase products. Brick-and-mortar stores such as electronic retailers, department stores, and specialty shops, offer a tangible experience where the power banks are touched, felt, and tested by the customers to make a purchase decision. This channel attracts those buyers who are in immediate need and require direct hands-on product interaction. Brick-and-mortar stores offer better customer service and allow impulse purchases, making them a more attractive proposition in the competitive power bank market. As consumer electronics continue to evolve, brick-and-mortar retailers play a pivotal role in driving sales and influencing consumer preferences in this segment.

By battery type

Li-polymer batteries are known for their slim and lightweight design, making them ideal for compact and portable power bank solutions. It also features a greater energy density compared to traditional Lithium-ion batteries, which means more stored power in less space. Li-polymer batteries are safer and less likely to overheat or leak, which enhances their appeal in consumer electronics such as power banks, where safety and reliability are crucial. They also have a longer lifespan and can hold their charge better with repeated charging cycles, which contributes to the demand in the market. Li-polymer batteries are well-suited for various portable electronic devices, including smartphones, tablets, laptops, and also power banks. Combining versatility with high-performance characteristics has made them a consumer favorite for efficient and reliable portable power solutions. The Li-polymer segment in the power bank market is expected to grow with advancements in power bank technology and the increasing reliance by consumers on mobile devices. Prominent players in this segment are Anker Innovations, RAVPower, Xiaomi, etc.

By energy source

Solar power banks harness energy from sunlight through integrated photovoltaic panels, making them an eco-friendly alternative to traditional electric power banks. Solar power banks are an ideal product for people who spend a lot of time on trips without access to electricity and individuals in regions with limited access to reliable electricity to ensure that their devices do not run out of charge. These types of power banks are considered as environmentally friendly products due to the use of renewable energy. Some of the major factors driving demand for solar power banks are the increasing adoption of green technologies and the need for sustainable energy solutions in off-grid locations.

By application

The broad acceptance of smartphones for communication, work, and entertainment increased demand for portable power solutions, which enabled users to operate their devices for an extended period without being plugged into power outlets. The offering of power banks for smartphones varies in capacity and size and caters to various diverse consumer needs such as from compact models for occasional recharges to high-capacity power banks that allow power-intensive uses. Innovation and competition among manufacturers in the market for enhancing portability, efficiency, and aesthetics to attract smartphone users also improved charging speed, and increasing dependence on smartphones drive the growth of the segment.

As tablets become an important part of business, education, and entertainment, the demand for effective and portable power supplies has grown. Power banks designed for tablets typically offer higher capacities and faster charging to meet the larger battery requirements of these devices. This segment benefits from technological advancements, such as the integration of USB-C and quick charging technologies, which enables efficient and rapid power delivery. Another reason for the increasing demand for power banks is the rising trend of remote work and digital learning. Manufacturers are targeting innovative power banks with high capacity in the tablet market in response to the growing segment of consumers demanding mobility and convenience in their digital lifestyles.

Laptops are important devices for remote work, business travel, and on-the-go productivity, there is an increasing demand for high-capacity power banks to keep these devices going. The laptop power bank is mostly a high-capacity model, with higher output power to charge a laptop or even keep it running. Technologies such as USB-C Power Delivery and high-wattage outputs are key features in laptop power banks that enable these power banks to meet the energy demands of a wide range of models, from ultrabook to gaming laptops.

Wearable devices such as smartwatches, fitness trackers, and augmented reality (AR) glasses, have become popular due to their convenience and functionality in monitoring health metrics, providing notifications, and enhancing user interaction. Power banks designed for wearable devices are generally compact and lightweight to ensure portability and convenience for users. These power banks have lower capacities compared to power banks for larger devices such as laptops or tablets. Key features in wearable device power banks include the ability to fast charge, compatibility with a wide range of brands and models of wearable devices, and sometimes even specialized adapters for easy integration with a variety of wearables. The wearable device power banks segment is driven by the increasing adoption of wearables across various demographics including fitness enthusiasts and professionals to tech-savvy consumers.

The digital camera segment within the power bank market serves the specific energy needs of photographers and videographers who rely on digital cameras for professional or personal use. Digital cameras require a consistent power supply to capture quality images and videos which increases the demand for power banks. Digital camera power banks come with medium to high capacities to offer extended shooting sessions, especially during travel or outdoor shoots where access to ordinary sources of power is limited. The digital camera power banks segment is driven by the increasing popularity of photography and videography as hobbies and professions, as well as the increasing capabilities of digital cameras that demand more power-efficient and versatile charging solutions.

Recent Developments

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.