Analysis of Power Bank market covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Worldwide shipments of power banks are projected to increase at 8.9% CAGR from 2023 to 2033. Currently, the global power bank market enjoys a valuation of US$ 10.5 billion and is forecasted to reach a revenue value of US$ 24.7 billion by the end of 2033.
Increasing smartphone proliferation and rapidly increasing digitization are prime factors that are projected to boost sales of power banks over the next ten years. The constant need to keep digital devices powered at all times is also expected to be an influential prospect affecting market development in the long run.
Rising Internet penetration, growing sales of smartphones & consumer electronics, advancements in mobile technologies, the growing popularity of e-Commerce platforms, and increasing popularity of social media are other aspects that could potentially benefit power bank demand throughout the forecast period.
Wireless power banks, portable phone chargers, solar phone chargers, and laptop power banks are some popular products that are slated to witness a strong demand outlook over the next ten years till 2033.
Growing penetration of the Internet, rising smartphone sales, and increasing urbanization in developing economies such as India, Brazil, Indonesia, and China are anticipated to open up new avenues of opportunities for power bank manufacturers through 2033.
On the flip side, difficulties associated with lithium raw material sourcing and complex processes involved in power bank manufacturing are projected to hamper market expansion to some extent over the coming years.
Power Bank Market Size in 2023
US$ 10.5 Billion
Projected Market Value (2033F)
US$ 24.7 Billion
Global Market Growth Rate (2023-2033)
Lithium-ion Segment Market Share (2023)
e-Commerce Sales Market Share (2022)
Key Companies Profiled
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“Asia Pacific Anticipated to Account for Lion’s Share of Global Market”
The APAC region has been subjected to high urbanization and digitization in recent years and this is expected to be rife over the coming years as well. The aforementioned factor is anticipated to promulgate power bank sales across the forecast period in the Asia Pacific region.
Rising sales of smartphones, the growing popularity of online retail, increasing urbanization, rising internet penetration, growing investments in the consumer electronics industry, and rising portable battery bank exports from this region are other prospects that could potentially uplift global market development at a high CAGR across the forecast period.
India is estimated to be a highly lucrative market for power bank suppliers owing to rapidly increasing sales of smartphones and the growing availability of cheap portable power banks. Meanwhile, China and Japan are anticipated to emerge as major power bank manufacturing hubs owing to supportive government initiatives, established consumer electronics manufacturing infrastructure, wide availability of raw materials, and the presence of key brands such as Anker and Xiaomi.
A detailed and comprehensive regional analysis of all major and minor regions has been listed in this revised power bank research analysis by skilled analysts at Fact.MR, a market research and competitive intelligence provider.
“Start-ups Should Focus on Power Bank Rental Services”
Power bank rental has emerged as a popular trend in recent years as the use of consumer electronics and smartphones increases among general people. New power bank companies are also investing in the research and development of rapid charging technologies to optimize the charging speeds of power banks.
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“Rapidly Increasing Adoption of Smartphones & Other Novel Mobile Technologies”
People in the United States have been quick in the adoption of several new mobile technologies and smartphones, this has led to an upsurge in demand for new portable battery banks. The growing popularity of solar power banks and wireless power banks is also expected to boost market development potential in the United States over the coming years.
Increasing availability of power banks with advanced technologies, rising demand for cheap portable chargers, growing popularity of IoT (Internet of Things) devices, and growing use of advanced smartphones with limited battery capacity are other aspects that are anticipated to sculpt power bank shipments in the United States through 2033.
“Rising Popularity of Online Retail & e-Commerce to Boost Power Bank Sales”
The popularity and penetration of online retail and e-Commerce have increased rapidly in recent years and this is projected to be a prominent trend influencing power bank demand in almost all Asian countries including Japan and Korea.
An increasing number of new product launches, the presence of key power bank manufacturers, and rapid urbanization and digitization are prime prospects that are anticipated to govern the demand for portable power banks in Korea and Japan over the next ten years.
“Government Initiatives to Promote Electrification to Offer Attractive Business Scope”
Several European countries are moving toward the electrification of their infrastructure and this includes setting up a charging framework, which is expected to reduce the need for power banks to a certain extent. But portable power banks are still anticipated to exhibit a bright demand outlook owing to increasing consumer preference for on–the-go charging without having to stop at a station.
Power bank providers in this region are taking advantage of several government initiatives and creating unique power bank solutions to meet consumer demand and drive their revenue generation potential. These supportive government initiatives are projected to attract new power bank manufacturers to European countries such as Germany, France, and the United Kingdom.
The rising focus on sustainability in European countries is expected to boost demand for solar power banks owing to the increasing popularity of solar energy as a clean source of renewable power.
“Lithium-ion Batteries Account for Dominant Market Share”
Based on battery type, the market for power banks is segmented into lithium-ion and lithium-polymer.
Lithium-ion batteries offer several advantages such as high energy density, low maintenance, and low self-discharge, which makes them a highly popular choice for different capacities of power banks. At present, demand for lithium-ion battery power banks accounts for around 80% of the global market share in terms of volume. Contrarily, the high costs of raw materials and complex manufacturing processes are expected to hurt sales of lithium-ion battery power banks.
Meanwhile, shipments of lithium-polymer battery power banks are anticipated to witness a rise at a notably higher CAGR than lithium-ion battery-powered portable chargers. The lightweight nature and moldable properties of lithium-polymer batteries are anticipated to make them highly popular over the coming years.
Prime power bank suppliers are launching new portable charging devices to expand their product portfolio and gain a competitive edge over other brands.
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At present, the global power bank market accounts for a revenue value of US$ 10.5 billion.
Sales of power banks are estimated to reach US$ 24.7 billion by 2033-end.
Shipments of power banks are expected to increase at 8.9% CAGR over the next ten years.
Surging adoption of smartphones and rapid growth of online retail platforms are key market drivers.
Beijing Xiaomi Technology Co. Ltd., GP Batteries, Lenovo Group Ltd., and Samsung SDI Co. Ltd. are major power bank manufacturing companies.
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