The global Power Bank Market size was USD 9.60 Billion in 2021 and is expected to register a revenue CAGR of 7.3% during the forecast period. Increased adoption of electronic devices and smartphones, increased power consumption of these devices as a result of mobile technology advancements, and affordability of power banks are some factors driving the power bank market revenue growth. Power banks can all be used to recharge tablets, mobile phones, and others that have USB ports. The limited battery capacity of tablets and smartphones continues to drive demand for power banks despite rapid developments in technology. A smartphone’s battery life is impacted by the number of applications it has and how frequently users use them for activities such as social media surfing, online shopping, and food delivery.
Power banks are becoming popular as more people use smartphones, tablets, notepads, and other devices such as digital watches and headphones. Power banks tackle the issue of power shortages and supply the required power to the connected device. The introduction of new technology items and their power requirements has been fueled by the emergence of new technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and mixed reality along with internet penetration, which is driving revenue growth of the power bank market.
Power banks have evolved from backup chargers to independent energy sources owing to an increase in the usage of hydrogen and solar cells. This has somewhat lessened the dependence of gadgets on electrical energy. The consumer electronics sector’s effective distribution network plays a key role in meeting the world’s population’s demand for electronic goods, which is expected to drive revenue growth of the power bank market.
Some Key Highlights From the Report
- Lithium-ion segment revenue is expected to account for the largest share over the forecast period. Lithium-ion batteries (Li-ion) provide many benefits, such as high efficiencies, extended life cycles, high energy densities, low maintenance requirements, and high power densities. In a wide range of applications, lithium-ion batteries are the ideal source of renewable energy.
- The 8,001-20,000 mAh segment revenue is expected to register a rapid growth rate over the forecast period. Power banks with this capacity (8,001-20,000 mAh) are sufficient to fully charge the majority of smartphones. Even tablets like the iPad mini (5,124 mAh) and Samsung Galaxy Tab S7 (8,000 mAh) can be charged using it. A 20,000 mAh power bank appears to be the ideal choice for an iPad Pro 2020 with a battery of almost 10,000 mAh or a regular laptop. The power bank still has enough power to charge a smartphone after fully charging your iPad Pro.
- The solar segment accounted for the largest revenue share in 2021. One of the main benefits of using solar power banks is that they are eco-friendly and can help reduce and greenify the amount of power used to charge electronic devices. It’s safe to travel with solar power banks as well. Some models are protected from potential damage while in transit by silicone rubber casings. Another benefit is that solar power banks work with virtually all phone models and other electrical devices. Since they include USB ports, connecting them to devices is simple. Solar power banks allow users to charge their phones whenever and wherever they choose, in addition to being portable. These devices have large electrical energy storage capacities.
- The online segment revenue is expected to register a rapid growth rate over the forecast period. High internet usage and digitization across a number of industries are factors driving the revenue growth of the segment. E-commerce companies such as Amazon and Flipkart offer e-commerce platforms so that users can access various products. The online retail market is expanding quickly on a global scale. Retailers with several brands and product categories are the ones driving the expansion of the e-commerce channel. Due to factors including a wide range of alternatives and price points, as well as the availability of offers and discounts, the current online market’s quick growth significantly influences demand for power banks.
Battery Type Outlook:
Based on battery type, the global power bank market has been segmented into lithium-ion and lithium polymer. The lithium-ion segment revenue is expected to account for the largest share over the forecast period. The advantages of lithium-ion batteries (Li-ion) include high efficiencies, long life cycles, high energy densities, low maintenance, and high power densities. Lithium-ion batteries are the perfect source of renewable energy in many diverse applications.
The lithium polymer segment revenue is expected to register a moderate growth rate over the forecast period. Lithium polymer batteries are used to create sleek and compact power banks since Li-polymer batteries are flat, moldable, and lightweight. These batteries are becoming popular since they are safer than other types of batteries. Smartphone manufacturers such as Xiaomi manufacture power banks using lithium polymer batteries.
Power Rating Outlook:
Based on power rating, the global power bank market has been segmented into Up to 3,000 mAh, 3,001-8,000 mAh, 8,001-20,000 mAh, and above 20,000 mAh. 8,001-20,000 mAh segment revenue is expected to register a rapid growth rate over the forecast period. Power banks with this capacity (8,001-20,000 mAh) are sufficient to fully charge the majority of smartphones. Even tablets such as the iPad mini (5,124 mAh) and Samsung Galaxy Tab S7 (8,000 mAh) can be charged using it. A 20,000 mAh power bank appears to be the ideal choice for an iPad Pro 2020 with a battery of almost 10,000 mAh or a regular laptop. The power bank still has enough power to charge a smartphone after fully charging your iPad Pro.
Competitive Landscape:
Competitive landscape of the global power bank market is moderately consolidated with few major companies operating on global and regional levels. Major companies are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footprint in the global market. Some major companies in the market report include Xiaomi Corporation, Lenovo Group Limited, Microsoft Corporation, Panasonic Holdings Corporation, Sony Corporation, ADATA Technology Co., Ltd., Ambrane India, Intex Technologies, UNU Electronics Inc., and SAMSUNG SDI CO., LTD.
For the purpose of this report, Reports and Data has segmented the global power bank market based on battery type, power rating, energy source, distribution channel, application, and region:
By Battery Type Outlook
- Lithium-ion
- Lithium Polymer
By Power Rating Outlook
- Up to 3,000 mAh
- 3,001-8,000 mAh
- 8,001-20,000 mAh
- Above 20,000 mAh
By Energy Source Outlook
- Electric
- Solar
By Distribution Channel Outlook
- Online
- Offline
By Application Outlook
- Smart Phone
- Tablet
- Laptop
- Portable Media Device
- Wearable Device
- Digital Camera
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- MEA
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
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