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An Analysis of the Power Banks Market by Capacity Range, Battery Type, Energy Source, and Distribution Channel
The global power banks market is predicted to reach US$ 13.2 billion by 2023, with a CAGR of 15.5%. As a result, revenues are expected to reach US$ 55.6 billion by 2033. Portable electronic devices such as smartphones, tablets, and power banks are becoming increasingly popular.
The need for extended battery life has become more critical as people increasingly depend on their devices for communication, entertainment, and work purposes. The popularity of power banks can be attributed to the fact that they offer a convenient and portable charging solution.
As The industry is growing, with a variety of factors contributing to its growth, such as the switch over to 3G and 4G networks, the popularity of digital content, and devices that are becoming more powerful. A draft National Policy on Electronics (NPE) published by the Ministry of Information Technology aims to develop an electronics industry with a revenue of US$ 400 billion by 2025, 40% of it coming from mobile phones.
| Report Attributes | Details |
|---|---|
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Power Banks Market Size (2023) |
US$ 13.2 billion |
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Power Banks Projected Market Value (2033) |
US$ 55.6 billion |
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Power Banks Market CAGR (2023 to 2033) |
15.5% |
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United States Market Size (2033) |
US$ 16.7 billion |
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China Market Size (2033) |
US$ 4.8 billion |
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According to Persistence Market Research (PMR), power banks revenues grew by 3.6% CAGR from 2018 to 2022. According to analysts, global sales will increase by 3% between 2023 and 2033. Despite improvements in smartphone battery technology, power-hungry apps, and features often make it difficult for batteries to keep pace. The need for more power often arises throughout the day.
A growing number of new companies are entering this industry due to the easy setup of manufacturing facilities in power banks, which makes them fast-moving consumer electronics in the market. As solar charging and hydrogen cells become more widespread, customers are opting for power banks without electricity. Due to a rise in the use of power banks, the market share of solar-powered power banks is expected to increase in the coming years. Power banks have emerged as a reliable solution, providing users with the opportunity to extend the battery life of their devices and stay connected to the Internet for a longer period of time without interruptions.
Increasing technological advancements will extend the range of applications for the product in the downstream market, enabling it to gain a greater share of the market in the future. Unlike wired charging, wireless charging is a hassle-free experience and is compatible with smartphones and other devices. Wireless charging is going to revolutionize the way people charge their smartphones.
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With the rise of wireless power banks, which use technologies like induction or magnetic resonance to charge devices without the need for cables, wireless power banks have gained a lot of attention. As consumers demand convenience and cable clutter is eliminated, this trend aligns with their preferences.
Sustainable energy options are becoming more popular as environmental concerns grow. Power banks that use renewable energy solutions, such as solar power, have grown in popularity in recent years. An eco-friendly charging solution for outdoor and emergency situations, solar power banks enable users to charge their devices using sunlight.
Due to declining power bank prices and a wide selection of options across a wide range of price points, they have become more accessible to a broader range of consumers. Power banks have experienced significant technological advancements, including improved battery capacity, charging speeds, and overall efficiency.
With constant innovation, manufacturers are offering power banks with higher storage capacities, faster charging capabilities, and compatibility with more devices. The advancements in power banks have boosted consumer confidence and stimulated the growth of the market.
As travel, tourism, and outdoor activities increase, portable power sources become more popular. Travelers, hikers, campers, and adventure enthusiasts need reliable power backups to maintain their devices' charge when away from conventional power outlets for extended periods of time. While on the move, power banks provide users with the ability to remain connected and charged.
How will the North American Power Bank Market Grow?
Growth in E-commerce and Industrialization will Drive Demand for Power Banks in the Market
North America is expected to dominate the power banks market. By 2033, PMR estimates that the North American power bank market will reach US$ 21.4 billion. Due to the growing number of electronic device users and high demand for e-commerce across various industries, the North American regional market is expected to experience significant growth in the coming years.
Power banks are growing in popularity as consumers demand easily accessible charging options, as electronic device consumption has increased dramatically in this region. With the global population spending more time on social media, power banks are becoming more popular in the United States.
E-commerce industries in the region are expected to increase power bank demand. According to predictions, the United States will hold 78% of the market for power banks in the market. In 2033, the power banks market is expected to generate revenues of US$ 16.7 billion, with a compound annual growth rate of 14.2%.
How will Power Banks Market Fare in Asia Pacific Region?
Increased Smartphone Production and Sales are Expected to Trigger the Market Growth
As per PMR, the Asian market will continue to dominate the power banks market. According to estimates, the power bank market will reach US$ 13.78 billion by 2033. Increasing demand for smartphones and cost-effective power banks are expected to fuel demand in these regions going forward.
As smartphones, laptops, and wearable electronics become more common in China and India, the demand for power banks will rise dramatically in the coming years. By 2033, PMR predicts that Chinese markets will account for 35% of global markets. A recent report estimates that China will generate US$ 4.8 billion by 2033. Between 2023 and 2033, the Chinese power bank market is expected to grow at a CAGR of 16.6%.
In India, approximately 430 million smartphones are used a year, and power banks worth Rs 2,000 crore are used by about 33 million people. China's growing imports and India's growing battery manufacturers will easily replace foreign brands for power banks in the market. New technologies are being developed by the industry's major players with minimum time and expense consumption.
Power banks are expected to exhibit positive growth in India in the forecast period due to factors such as rising disposable income, urbanization, and a rise in the number of users of smartphones, tablets, and compact electronic devices. The popularity of power banks has skyrocketed in urban areas. Developing regions with high power outages or unstable power supplies will see an increase in power banks.
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Which Battery Type is highly Sought-after?
Lithium-ion Battery Adoption is expected to Rise Demand for Power Banks
Based on the battery type, the market is segmented into lithium-ion and lithium-polymer type. According to the report, the lithium-ion power bank market is expected to grow at a CAGR of 15.3% over the forecast period.
In portable devices, lithium-ion batteries play an important role and are among the most commonly used types of batteries. With the growth of portable power banks on the market, lithium-ion battery demand is expected to rise. With its high energy density, lightweight design, and long lifespan, it is a highly efficient energy storage technology. Due to its high power density, it makes a great choice for power banks.
With changing lifestyles and the fast pace of life there is an increase in the demand for lithium-ion batteries that will power fast-charging devices. Besides the advent of new net-zero targets and regulations, the development of sustainable energy is also underway.
Lithium-ion batteries are expected to gain popularity due to their relatively low self-discharging, high power density, and low maintenance requirements. Increasing energy density has allowed lithium-ion batteries to become lighter and smaller while maintaining their capacity over time. In addition, fast-charging technology has become increasingly popular on the market since charging time is one of the key concerns for consumers.
Which Distribution Channel Leads the Power Banks Market?
Growing Online Sales and Brand Availability to Push Market Sales
As E-commerce sales increase, it is expected that power banks will become more popular. Growing penetration of the internet is also expected to drive significant growth in the e-commerce channel over the forecast period.
With the growing digitization and usage of smartphones and other electronic devices, power bank sales are expected to increase online. E-commerce platforms and online retail channels have greatly contributed to the overall growth of the power bank market, as they have made power banks widely available to consumers.
Purchasing decisions can be informed by comparing different models, reading reviews, and making comparisons online. With the convenience and accessibility of online shopping, the market for power banks has expanded.
Power banks are competitive markets with a diverse competitive landscape, making entry more challenging. In order to accommodate the latest advances in technology, technology vendors are enhancing the platforms' flexibility while improving bandwidth.
A competitive process is also used by the government to award projects to companies. Through mergers and collaborations, the vendors also aim to expand their distribution channels into new markets.
| Attribute | Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2012 to 2022 |
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Market Analysis |
US$ Billion for Value |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
By Capacity Range:
By Battery Type:
By Energy Source:
By Distribution Channel:
By Region:
Globally, the power banks market was worth US$ 9.5 billion by 2022.
Revenues from power banks are projected to reach US$ 13.2 billion by 2023.
Power banks market growth is expected to reach US$ 55.6 billion by 2033.
According to the forecast, the market for power banks will grow at a CAGR of 15.5% over the next few years.
According to PMR, power bank sales increased by 18.2% between 2018 and 2022.
By 2033, the lithium-ion battery type is forecast to grow by 15.3%.
Japan's power bank market is expected to grow at a CAGR of 14.8% over the next few years.
