Power Bank Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
A power bank is defined as a portable charger that enables a user to charge their smartphones, laptop, tablet, and other media devices with a USB-enabled connection. These power banks can be reused multiple times by simply recharging them. There are various types of power banks available in the market which include, standard power banks which can be charged using a normal USB port, and solar power banks which use sunlight to charge up and contain photovoltaic panels.

Sizing and Forecast
The power bank market size has grown rapidly in recent years. It will grow from $16.96 billion in 2023 to $18.9 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to growth in mobile devices and smartphones, demand for portable and backup power solutions, expansion of travel and outdoor activities, use in emergency and disaster preparedness, regulatory standards for battery safety..

The power bank market size is expected to see rapid growth in the next few years. It will grow to $29.95 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to high-capacity and fast-charging power banks, growth in electric scooter and bike charging, customized power banks for specific devices, expansion in solar and wireless charging power banks, increased use in wearables and iot devices.. Major trends in the forecast period include regulatory compliance in power bank safety and standards, smart and iot-enabled power banks, sustainable and eco-friendly power bank solutions, personalized power banks for specific user needs, transparency in battery sourcing and recycling, integration of power banks in outdoor adventure gear..

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Segmentation & Regional Insights
The power bank market covered in this report is segmented –

1) By Battery Type: Lithium Ion, Lithium Polymer
2) By Price Range: Low, Medium, High
3) By Application: Smart Phone, Tablet, Digital Camera, Laptop, Other Applications
4) By Distribution Channel: Online, Offline

Asia-Pacific was the largest region in the power bank market in 2023. The regions covered in the power bank market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
With the huge rise in urban population, there has been an increase in demand for smartphones and tablets among people across the globe which is generating the higher requirement for power banks to charge these devices. According to a report published by Sify Technologies Limited, an India-based information and communications technology company in April 2021, the world is advancing towards the 5G network and smartphone revenue is predicted to increase by more than 13% in the year 2021. Moreover, according to Statista, nearly 1.38 billion smartphones were sold worldwide in 2020 and the numbers are expected to reach 1.5 billion in 2021. Therefore, increasing sales of smartphones are projected to propel revenues for the power bank market over the forecast period.

Key Industry Players
Major companies operating in the power bank market include Ambrane India Pvt. Ltd., ADATA Technology Co. Ltd., Anker Innovations Technology Co. Ltd., AsusTeK Computer Inc., Griffin Technologies Inc., Intex Technologies india Ltd., Lenovo Group Ltd., Panasonic Corporation., Rav Power And Infra (India) Private Limited, Sony Corporation., Xiamoi Corporation., Aukey Technology Co. Ltd., Dell Technologies Inc., Duracell Inc., Changsha Meng Tuo Electronic Commerce Co. Ltd., iWALK Global Co Ltd., Microsoft Corporation, myCharge, OmniCharge Inc., Syska led lights Pvt Ltd., TP-Link Technologies Co. Ltd., Uimi Technology Pvt. Ltd., OnePlus Technology Co. Ltd., UNU Electronics Inc., Samsung SDI Co Ltd., Belkin International Inc., Zendure Deutschland., Jackery Inc., Shenzhen Value in Action Technology Co.Ltd., Poweradd, Tylt Inc., ROMOSS Technology Co. Ltd, Maxell Holdings Ltd., GP Batteries International Limited, Toshiba Corporation., Huawei Technologies Co. Ltd., ZTE Corporation, LG Electronics Inc., HP Inc., Acer Inc.

The power bank market report table of contents includes:

1. Executive Summary

2. Power Bank Market Characteristics

3. Power Bank Market Trends And Strategies

4. Power Bank Market – Macro Economic Scenario

5. Global Power Bank Market Size and Growth

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31. Global Power Bank Market Competitive Benchmarking

32. Global Power Bank Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Power Bank Market

34. Power Bank Market Future Outlook and Potential Analysis

35. Appendix