Power Bank Market Share Will Hit US$ 20.4 Billion During 2024-32 | Growth With Recent Trends & Demand

The latest report published by IMARC Group, titled “Power Bank Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”,  The study provides a detailed analysis of the industry, including the global power bank market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How Big is the Power Bank Market?

The global power bank market size reached US$ 11.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032.

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Factors Affecting the Growth of the Power Bank Industry:

• Advancements in Technology:

Technological advancements play a crucial role in the power bank market. The evolution of battery technology, such as the transition from nickel-cadmium (NiCd) to lithium-ion and lithium-polymer batteries, has led to lighter, more efficient, and higher capacity power banks. This improvement meets the increasing demand for portable energy sources, especially as the usage of energy-intensive mobile devices grows. Additionally, innovations like fast charging, solar charging capabilities, and wireless power banks are driving consumer interest and adoption. Companies that invest in R&D to integrate these cutting-edge technologies are likely to lead the market.

• Growing Demand for Mobile Devices:

The proliferation of mobile devices like smartphones, tablets, and laptops has created a significant demand for power banks. As these devices become integral to daily life, their battery life becomes a critical concern for users. Power banks offer a convenient solution for charging these devices on-the-go, especially in situations where access to traditional power sources is limited. This dependency is further amplified by the increasing use of power-intensive applications and features, such as high-resolution screens and 5G connectivity, which drain battery life more quickly.

• Lifestyle Changes and Consumer Preferences:

Lifestyle changes, particularly the shift towards mobility and constant connectivity, have made portable power sources like power banks more essential. Consumers now prefer gadgets that complement their on-the-go lifestyles, leading to a rise in demand for compact, lightweight, and high-capacity power banks. Additionally, the aesthetic appeal and brand value of power banks have become important factors. Consumers are inclined towards products that are not only functional but also align with their style and status, prompting companies to focus on design and branding.

Power Bank Market Report Segmentation:

Breakup by Product Type:

• Portable Power Banks
• Solar Power Banks
• Battery Cases

Portable power banks dominate due to their convenience and the growing need for on-the-go charging solutions in an increasingly mobile society. 

Breakup by Battery Type:

• Lithium-Ion
• Lithium-Polymer

Lithium-ion batteries are prevalent in power banks because of their high energy density, lightweight properties, and longer lifecycle compared to other types. 

Breakup by Power Rating:

• Below 3,000 mAh
• 3,001 mAh – 8,000 mAh
• 8,001 mAh – 20,000 mAh
• Above 20,000 mAh

The 8,001 mAh – 20,000 mAh range represented the largest segment as it strikes a balance between portability and sufficient capacity to charge multiple devices or a single device multiple times. 

Breakup by Application:

• Smartphones
• Tablets
• Portable Media Devices
• Others

Smartphones constitute the largest segment for power bank applications, reflecting their ubiquitous presence and high power consumption in daily use. 

Breakup by Region:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

Asia Pacific leads in the power bank market due to its large consumer base, rising smartphone penetration, and growing technological adoption. 

Global Power Bank Market Trends:

The increasing reliance on mobile devices such as smartphones, tablets, and laptops, which require frequent charging, has fueled the demand for portable power solutions. Moreover, the advancement in battery technology, including higher capacity lithium-ion and lithium-polymer batteries, has enabled the production of more efficient and compact power banks. This technological progress has made power banks more appealing to consumers seeking convenience and reliability. Additionally, the growing trend of outdoor activities and travel has escalated the need for portable charging options, further boosting the market. The rise in power consumption of modern devices, coupled with the need for continuous connectivity, has made power banks an essential accessory for a digitally connected lifestyle.

Leading Companies Operating in the Global Power Bank Industry:

• Beijing Xiaomi Technology Co. Ltd.
• Lenovo Group Ltd.
• Microsoft Corporation
• Panasonic Corporation
• Sony Corporation
• Adata Technology Co., Ltd.
• Asustek Computer Inc.
• Ambrane India Pvt. Ltd.
• Anker Technology Co. Ltd.
• Intex Technologies (India) Ltd.
• OnePlus Technology (Shenzhen) Co. Ltd.
• UNU Electronics Inc.
• Samsung SDI Co. Ltd.

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