Power Bank Market Size, Share & Industry Analysis, By Battery Type (Lithium-Ion, Lithium Polymer), By Power Ratings (Up to 3000 mAh, Between 3000 to 8000 mAh, Between 8000 to 20,000 mAh, Above 20,000 mAh.), By End-User (Consumer Power Banks, Industrial Power Banks), By Distribution channel (Online, Offline) And Regional Forecast, 2024-2032

The power bank is an electronic product widely used as power storage for charging other electronic products and systems. Increasing adoption of smartphones, tablets, notepads, and other products such as headphones, digital watches excels the demand for power banks. Power banks solve the problem of power shortages and provide the necessary power supply to the device connected to it. Emergence in new technologies such as IoT, artificial intelligence, mixed reality coupled with internet penetration has fuelled the introduction of new technology products and their power requirements, and this fuels the growth of the power bank market.

New circuit designs, enhanced power supply ranges, and USB ports feature flourishes the demand for power banks among consumers. Key players such as Samsung Electronics, Sony Corporation, Xiaomi Corporation are used to sell power banks and other electronic products under a similar brand name; this helps them to sell more quantities of power banks by the brand effect. The wide use of social media applications, games, and video streaming reduces the life of the battery, which ultimately fuels the necessities of power banks. 

Increasing demand for smartphones and other electronic devices such as tablets, notepads, digital watches, headphones fuels the need for power banks. According to the GSMA Association, the number of unique subscribers is projected to reach 5.9 Billion by 2025, equivalent to 71% of the global population.

Also, increasing the use of hydrogen and solar cells in power banks has reduced the dependencies of the electrical energy of the devices to some extent and has changed power banks from backups chargers to an independent source of energy. The efficient distribution channel of the consumer electronics industry helps to excel in the supply of electronic products to meet the demand of the global population; this, in turn, is expected to drive the power bank market. Reduced costs of power bank and increasing charging speed attracts the consumers to purchase and drives the global market.

Government initiatives in setting up charging infrastructure in public places such as airports, railway stations, offices may hamper the demand for power banks.

Key industry players:

The global power bank market involves various key players such as Lenovo Group Ltd., Microsoft Corporation, Sony Corporation, Intex Technologies, Ambrane India Pvt. Ltd., Xiaomi Technology Co. Ltd., Anker technologies, Panasonic Corporation, ASUSTeck Computer, GP Batteries, etc.

The global power bank market is segmented, by battery type, by power ratings, by end-user, by distribution channel, and by geography. Based on the battery type, the power bank market is segmented into lithium-ion and lithium polymer. Lithium-ion battery category is expected to hold the major share of the global market due to its higher power density, lesser memory effect, and cost-effective than that of lithium polymer batteries. However, lithium polymer batteries segment is anticipated to grow during the forecast period 2020-2027 owing to its robustness, flexibility, and less combustible as compared to lithium-ion batteries segment.

Based on power rating, the global power bank market is segmented into the power ratings up to 3000 mAh, Between 3000 to 8000 mAh, between 8000 to 20,000 mAh, and above 20,000 mAh. Power bank with the ratings between 8000 mAh to 20,000 mAh segment is expected to own the largest share of the global power bank market. Power banks with a capacity of 8000 mAh to 20,000 mAh generally use lithium-ion batteries, which has a longer life span of charging with higher power efficiency. Additionally, these power banks are lesser expensive than the power banks of ratings above 20,000mAh.

By end-user, power banks are categorized into consumer power banks and industrial power banks. Consumer power bank’s category is projected to own the major share of the global power bank market owing to an increasing number of internet users coupled with global smartphone penetration, need for higher battery capacity, and increasing expenditure of the populations. However, industrial power banks are expected to be the fastest-growing due to the increasing necessities of the uninterrupted power supplies in various industrial electronic systems.

Based on the distribution channel, the global power bank market is segmented into offline and online channels. An offline segment of distribution is expected to hold the major share of the global power bank market due to the large spread of electronics retail outlets of the players such as Croma, LG, Panasonic, Samsung Corporation, and others.

Regional analysis:

Based on geographical regions, the global power banks market can be segmented into areas such as North America, South America, Asia Pacific, Europe, Africa, and the Middle East.

Asia Pacific region is expected to be the fastest-growing region owing to the evolving electronics industry in some developing countries such as China and India. According to the Indian Brand Equity Foundation (IBEF), the Indian electronics industry is expected to grow at a rate of 41% and reaches USD 400 Billion as of 2020. In Addition to these increasing investments in the electronics industry helps in the growth power bank market. According to, Thailand Board of Investment, the investment value growth rate in the electronic industry was estimated at 6.3% in 2018 from 0.9% in 2017. Also, increasing export capabilities of the electronics products flourish the power bank market.

North America is expected to hold the major share of the global power bank market owing to the largest adoption of smartphones in the region. According to GSMA Intelligence, 80% of the population of North America holds technology-based smartphones which is much larger than other regions and is expected to grow up to 91% in 2025.

Segmentation

Recent key developments:

• In July 2019, Xiaomi launches first Redmi series of power banks in China. This power banks have USB-A Port with the support of micro-USB and Type C ports as an input.


• In Jan 2020, Belkin has introduced two new boost charge USB- C power banks with different output power options of 18W, 12W and 30W.