Global Power Bank Market – Industry Trends and Forecast to 2031

Power Bank Market Analysis and Size

In 2021, the U.S. saw a notable increase in power outages caused by extreme weather, including storms and snow. According to a Climate Central report published in September 2022, 83% of power outages in the U.S. from 2000 to 2021 were attributed to weather conditions like wildfires and snowstorms. The increasing consumer reliance on electronic devices and a higher frequency of power outages due to extreme weather conditions is a major driver for the market. The widespread use of smartphones, tablets, and other portable gadgets has significantly boosted the demand for reliable, portable power sources. The shift towards remote working and the growing popularity of outdoor activities have further escalated the need for power banks.

The global power bank market size was valued at USD 3.05 billion in 2023 and is projected to reach USD 14.48 billion by 2031, with a CAGR of 21.5% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation       

Market Definition

A power bank is a portable device designed to store electrical energy and provide power to electronic devices such as smartphones, tablets, laptops, and other gadgets when their batteries are running low. It typically consists of a rechargeable battery encased in a protective shell, with various output ports to connect and charge different devices.

Power Bank Market Dynamics

Drivers

• Increased Mobile Device Usage

The growing reliance on smartphones, tablets, laptops, and other portable electronics has heightened the demand for power banks to ensure these devices remain charged on the go. As mobile devices become increasingly integral to daily life for communication, entertainment, work, and education, the need for reliable power sources has surged. This trend is further amplified by the widespread use of high-performance applications and features that consume significant battery power. Consequently, consumers are investing in power banks to avoid disruptions and maintain continuous usage of their devices, driving substantial growth in the power bank market.

• Frequent Power Outages

The rising frequency of power outages due to extreme weather conditions, such as storms and wildfires, has increased the need for reliable backup power sources. Natural disasters and climate change-induced events have become more common, leading to prolonged power disruptions. These incidents highlight the necessity for portable and dependable power solutions, particularly in emergencies. As a result, consumers and businesses alike are turning to power banks to ensure they have a backup power supply to keep essential devices operational during outages, driving the demand for power banks.

Opportunities

• Remote Work and Outdoor Activities    

The shift towards remote working and the popularity of outdoor activities have boosted the need for portable power solutions to keep devices operational in various settings. With the growing adoption of flexible work arrangements and the increasing pursuit of leisure activities away from traditional power sources, the demand for power banks has surged. Professionals require dependable power solutions to stay connected and productive, while outdoor enthusiasts need them to keep their gadgets charged during adventures. This presents a significant market opportunity for power bank manufacturers to cater to diverse consumer needs with specialized products designed for remote work and outdoor use.       

• Technological Advancements in Power Banks   

Continuous advancements in power bank technology, including higher-capacity batteries, fast charging, and wireless charging capabilities, have enhanced the functionality and appeal of power banks. Innovations such as multi-device charging, solar-powered options, and more efficient energy storage have broadened the application of power banks, making them indispensable for modern lifestyles. These technological improvements not only increase the usability and convenience of power banks but also attract a broader consumer base. Manufacturers can create competitive and appealing products that cater to the evolving demands of tech-savvy consumers, by integrating the latest tech trends and creating new market opportunities.

Restraints/Challenges

• Intense Market Competition 

The power bank market is highly competitive, with numerous manufacturers offering similar products, which can drive down prices and reduce profit margins. This saturation of the market forces companies to continuously innovate and differentiate their products to stand out. Price wars and the continual introduction of new models exert pressure on profit margins, making it challenging for smaller players to sustain their operations.          

• Quality and Safety Concerns       

Instances of malfunctioning or unsafe power banks have raised consumer awareness and caution, leading to more stringent scrutiny of product quality. Manufacturers must adhere to rigorous safety standards and conduct thorough testing to mitigate these risks. Building consumer trust through high-quality, reliable products is essential for maintaining market growth and reputation.  Issues related to the quality and safety of power banks, such as overheating, battery leakage, and potential fire hazards, can deter consumers and impact market growth.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In May 2024, Samsung introduced a new line of power banks featuring a sleek design in a single beige color with a rectangular shape and curved sides and edges. The lineup includes two models with different capacities to cater to various needs. The 20,000mAh power bank, while offering more capacity, is bulkier, whereas the 10,000mAh version is more compact, making it convenient to fit into most pockets           
• In June 2023, Juice unveiled a new range of power banks designed to deliver both quick power boosts and high-capacity charges. These power banks enable users to charge their phones or tablets on the go conveniently. Finding the right power bank is simplified with a straightforward system: select one based on the number of charges indicated on the packaging

Power Bank Market Scope

The market is segmented on the basis of capacity, type, port, battery, unit of USB port, USB type, indicator, price range, application, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Capacity

• 1000-5000 M.A.H
• 5001-10000 M.A.H.
• 10001-15000 M.A.H.
• 15001-20000 M.A.H. 
• Above 20001 M.A.H.

Type

• Portable
• USB Plugin
• Solar 
• Electric

Port

• Single 
• Multiple

Battery

• Lithium-Ion Battery 
• Lithium Polymer Battery

Unit of USB Port

• 1 USB Port
• 2 USB Ports 
• More than 2 USB Ports

USB Type

• Type A
• Type B 
• Type C

Indicator

• LED Lighting 
• Digital Display

Price Range

• Low
• Medium
• Premium

Application

• Smart
• Phone
• Tablet
• Laptop
• Portable Media Device
• Wearable Device
• Digital Camera 
• Others 

Distribution Channel

• Online 
• Offline

Power Bank Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, capacity, type, port, battery, unit of USB port, USB type, indicator, price range, application, and distribution channel as referenced above.

The countries covered in the market report are U.S., Canada, and Mexico.

The U.S. is expected to dominate the market due to the high penetration of consumer electronics, including smartphones, tablets, laptops, and other portable devices, and advanced technological infrastructure and innovations. 

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Power Bank Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

• Xiaomi (China)
• Lenovo (China)
• Microsoft (U.S.)
• Panasonic Corporation (Japan)
• Sony Corporation (Japan)
• ADATA Technology Co., Ltd. (Taiwan)
• ASUSTeK Computer Inc. (Taiwan)
• Zendure USA Inc. (U.S.)
• Intex Technologies (India)
• Portronics Digital Private Limited (India)
• Anker (China)
• AUKEY OFFICIAL (China)
• Ravpower (China)
• Griffin Technology (U.S.)
• uimi (India)
• uNu Electronics Inc. (U.S.)
• Romoss (China)
• mycharge (U.S.)
• Belkins (U.S.)

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