Power Bank Market

Integration of advanced technology in power banks are driving the growth of the Power Bank Market

A power bank is a portable charger that supplies power to recharge electronic gadgets, such as smartphones, tablets, laptops, digital cameras, and portable media players, using in-built batteries through an output port. The global power bank market size is estimated to be valued at USD 10.7 billion in 2019 and is projected to reach USD 17.9 billion by 2024, at a CAGR of 10.8%. Major factors such as an increase in power consumption of smartphones, the decline in the price of power banks, and the integration of advanced technology in power banks are driving the growth of the power bank market.

The lithium-polymer battery-based power bank market is expected to witness significant growth during the forecast period. A growing need for slim, robust, lightweight with a flexible form factor and compact power banks has compelled manufacturers to adopt lithium-polymer batteries in their power banks.

The market for 10,001–15,000 mAh battery capacity segment is expected to witness the highest CAGR from 2019 to 2024 within the global power bank market. Power banks with capacity ranging 10,001–15,000 mAh have longer battery life and high-efficiency output. These power banks, in most cases, offer 2 or multiple USB output ports, enabling users to recharge 2 to 3 devices simultaneously—a major attraction among consumers. Despite the large weight and size of these power banks, they come with a lot of additional features such as DC output ports used to recharge laptops, USB Type C ports, and Quick charge functionality. A few of these power banks are also equipped with safeguard technologies that prevent overcharging and short circuit.

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The power bank market for wearable devices is expected to witness the highest CAGR during the forecast period. The wearable devices industry is moving toward the development of various innovative smart devices that are portable and can be worn by the consumers. The increasing demand for smartwatches and fitness bands has given rise to the development of innovative product designs and the adoption of compact batteries that have relatively lower capacity as compared with other consumer electronic devices. Most wearable devices are wireless and require power to operate at all times; batteries in these devices are not likely to last long with its increasing functionalities. Wearable devices can be conveniently recharged on-the-go using a power bank, thereby enabling devices to last longer. Therefore, the demand for power bank for the wearable device applications is high and is expected to increase rapidly during the forecast period.

The power bank market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the most attractive business destination for power bank manufacturers due to the growing smartphone market in this region. The region also has the presence of prominent players of power banks. The manufacturers in China and India offer power banks at a low price, making them affordable for customers.

Many international players get their power banks manufactured and assembled by local manufacturers based in Asia Pacific and then brand their name. The region holds many highly populated countries, which account for a high adoption rate of consumer electronics. Also, increasing per capita income in developing countries in the region as well as improving the standard of living have led to the growing demand for smartphones and the rising popularity of wearable devices. These factors are fuelling the market growth of power banks in APAC.

Related Reports:

Power Bank Market by Capacity (1,000–5,000 mAh, 5,001–10,000 mAh, 10,001–15,000 mAh, 15,001–20,000 mAh, Above 20,001 mAh), Units of USB Port, Indicator, Battery Type, Application (Smartphone, Tablet, Wearable Device), and Region - Global Forecast to 2024

Mr. Shelly Singh
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Report Code
SE 3634
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