Power Bank Market Size, Share & Growth Trends to 2022-2028

Global Power Bank Market Size, Share & Industry Trends Analysis Report By Capacity Range, By Energy Source, By Battery Type (Lithium-ion and Lithium Polymer), By Distribution Channel, By Regional Outlook and Forecast, 2022 - 2028

Published Date: November-2022 | Number of Pages: 249 | Format: PDF | Report ID: KBV-21055

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COVID-19

Get in-depth analysis of the COVID-19 impact on the Power Bank Market

Market Report Description

The Global Power Bank Market size is expected to reach $22.8 billion by 2028, rising at a market growth of 18.6% CAGR during the forecast period.

The term "power bank" refers to a portable battery that has a circuit to store energy from an input source and release it when needed. Due to the increased use of digital items, these gadgets are today extremely popular all over the world. Additionally, its distinctive qualities, such as mobility, versatility, fast charging, and low cost drive their demand among tech-savvy consumers.

Power Bank Market Size - Global Opportunities and Trends Analysis Report 2018-2028

A power bank is the best choice to keep the gadget from shutting off in the event of a protracted power loss or an inconsistent electrical source. Power banks can be used to charge a variety of devices, including laptops, tablets, digital cameras, mobile phones, and other electronics. Power banks are transportable chargers that have a circuit to regulate the amount of power flowing through them.

These devices now consume less power due to the introduction of 4G networks and regular usage of online services. As a result, there is now a substantial global demand for power banks, which is driving the market's expansion. Additionally, these devices now consume less power due to the introduction of 4G networks and regular usage of online services. As a result, there is now a substantial worldwide demand for power banks, which is driving the market's expansion.

This battery-storage device is used to charge various electronic gadgets, including iPads, tablets, and smartphones. The power bank's electronic circuitry, which is specifically created, allows it to recharge other gadgets. It is a particular type of mobile accessory that enables users to store the charge from the charger in the form of a battery and use it as a source of power supply when users need it most.

COVID-19 Impact Analysis

The COVID-19 virus has significantly impacted the R&D and supply chain for power banks, which has caused a precipitous decline in the market for 2020. The degree of corporate debt, how well businesses and markets adapt to the lower demand, and government support are all factors in the recovery. The anticipated investments in this market can also be impacted by it. Additionally, this pandemic has had an impact on people's per capita income. As a result, there is less demand for consumer electronics accessories like power banks. As a result of the work-from-home trend, customers nowadays spend most of their time at home, where they always have access to electricity for their electronics. Power banks have been utilized to power their equipment during a power deficit in the regions where power outages are a big problem.

Market Growth Factors

Price Reductions For Portable Power Banks

Due to the presence of a large number of participants in the market as well as a rising number of new entrants in the industry, the market for power banks has become extremely competitive. The companies are lowering the prices of their power banks in order to maintain their position in the market despite increased competition and to attract more customers. In addition, businesses are actively working to improve their products and are concentrating their efforts on the introduction of power banks that incorporate more recent technology.

Rising Use Of Smartphones

The adoption of mobile technology has been accelerating. People in mature economies are more likely than those in emerging economies to utilize the internet & social media, as well as to own mobile phones, particularly smartphones. Since smartphones have such a wide range of uses, the majority of people on the planet now use them. A smartphone has a built-in computer as well as additional functionality like web browsing, an operating system, and the capacity to run the software program. Rapid technical progress is also anticipated to support market expansion.

Marketing Restraining Factor

Availability Of Low-Quality Power Banks

A lot of players have just entered the power bank industry and are now offering power banks with different capacities, costs, and styles. However, not all power banks are of high quality, as some only last for a short period of time, such as six months. Low-quality power banks have the potential to explode, overheat, and degrade the battery life of a phone. These are typically offered at low prices to draw customers. A few producers employ used batteries, which raises the possibility of an explosion.

Power Bank Market Share and Industry Analysis Report 2021

Capacity Range Outlook

Based on capacity range, the power bank market is segmented into up to 3,000 mAh, 3,001 mAh-8,000 mAh, 8,001 mAh-20,000 mAh and above 20,000 mAh. In 2021, the 8001 mAh-20,000mAh segment dominated the power bank market with the highest revenue share. Significant digitalization is the main driver fueling the segment's expansion. The need for high-capacity ranging power banks is primarily driven by frequent internet use and the inadequate battery capacity of smartphones. Data usage has increased as a result of the widespread use of cell phones.

Energy Source Outlook

By energy source, the power bank market is fragmented into electric, and solar. The solar segment covered a significant revenue share in the power bank market in 2021. Due to the rising need for solar energy as a sustainable alternative, the market for solar power banks is anticipated to rise in the upcoming years. The majority of consumers own numerous electronic gadgets, thus they want a portable power supply that can charge several devices at once.

Battery Type Outlook

On the basis of battery type, the power bank market is divided into lithium-ion, and lithium polymer. In 2021, the lithium-ion segment witnessed the maximum revenue share in the power bank market. Numerous benefits of lithium-ion batteries include their minimal self-discharge, high energy density, and ease of maintenance. Lithium-ion batteries (Li-ion) have a number of benefits, including high efficiencies, low maintenance requirements, high energy densities, and high-power densities.

Distribution Channel Outlook

Based on distribution channel, the power bank market is classified into e-commerce and brick & mortar. The brick & mortar segment generated a significant revenue share in the power bank market in 2021. A large number of mobile accessories stores offer wide range of power banks of different prices and brands. These stores are generally easily available in local markets due to which the sale of power banks in such stores is growing which is further leading to market expansion in this segment.

Power Bank Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 7.1 Billion
Market size forecast in 2028 USD 22.8 Billion
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 18.6% from 2022 to 2028
Number of Pages 249
Number of Tables 423
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered Capacity Range, Battery Type, Enterprise Size, End-use, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Price Reductions For Portable Power Banks
  • Rising Use Of Smartphones
Restraints
  • Availability Of Low-Quality Power Banks

Regional Outlook

Region wise, the power bank market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the Asia Pacific region led the power bank market by generating the largest revenue share. The use of power banks in the region is driven by factors including a growing population, widespread digitization, the availability of inexpensive power banks, and the penetration of e-commerce in the electronics sector.

Free Valuable Insights: Global Power Bank Market size to reach USD 22.8 Billion by 2028

KBV Cardinal Matrix - Power Bank Market Competition Analysis

Power Bank Market - Competitive Landscape and Trends by Forecast 2028

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, and Sony Corporation are the forerunners in the Power Bank Market. Companies such as Lenovo Group Ltd., Xiaomi Corporation, and Panasonic Corporation are some of the key innovators in Power Bank Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Xiaomi Corporation, Microsoft Corporation, Panasonic Corporation, Sony Corporation, Lenovo Group Limited, ASUSTeK Computer Inc., Intex Technologies, Anker Innovations Co. Ltd., Ambrane India Pvt Ltd., and ADATA Technology Co., Ltd.

Strategies deployed in Power Bank Market

» Partnerships, Collaborations and Agreements:

  • Jul-2022: Panasonic Energy partnered with Kansas Gov. This partnership focused on advancing a US-based EV battery facility. This partnership would make the state the location for a proposed US-based lithium-ion battery manufacturing facility, pending approval by the Panasonic Holdings Corporation Board of Directors.
  • Jul-2022: Anker came into a partnership with Infineon, a German semiconductor manufacturer. From this partnership, Anker would be able to raise the efficiency of its latest GaN chargers, reducing both the electricity lost by the charger while in use and the chargers' carbon footprint.
  • May-2022: Lenovo partnered with Tata Elxsi, an India-based provider of design and technology services. This partnership would offer XR solutions, metaverse as a service. With this partnership, Lenovo focused on offering end-to-end services and solutions for consumers utilizing Lenovo’s smart XR devices in large as well as small office & industrial settings.
  • May-2022: Microsoft entered into a partnership with Zenus, an award-winning facial recognition company. Through this partnership, Zenus aimed at expanding its new digital bank into a pioneer infrastructure bank, set to transform international banking.
  • May-2022: Panasonic came into a partnership named L Square with Leica, an internationally operating, premium-segment manufacturer of cameras and sport optics products. Under this partnership, both companies would combine the technologies and know-how in the fields of the latest camera & lens products and new generation software and create technologies and solutions. Further, Panasonic and Leica would use Leica's optical & imaging technology as well as Panasonic’s video & digital technology to deliver the latest solutions.
  • Feb-2022: Microsoft entered into a partnership with U.S. Bancorp, an American bank holding company. This partnership aimed at helping business clients with ease to generate invoices & handle payments.
  • Dec-2021: Intex partnered with Jolla, a Finnish technology company. Through this partnership, Intex would produce 4G-enabled smartphones running the Sailfish operating system produced by Jolla.
  • Nov-2021: Anker partnered with Navitas, an Australian-owned for-profit private education services company. Under this partnership, Navitas and Anker would dedicate their engineering teams who would be co-located at Anker offices with the aim to develop as well as launch leading-edge GaNFast chargers to accelerate time-to-market.
  • Jun-2021: Panasonic joined hands with Schlumberger, a leading provider of technology & services to the energy industry. This collaboration would offer opportunities for enhanced lithium production solutions that would help fulfill the growing need for lithium as the electric vehicle (EV) market takes off all over the world.
  • Jun-2021: Lenovo came into a partnership with China Minsheng Bank, a China-based financial institution principally engaged in corporate banking. Under this partnership, Lenovo and China Minsheng Bank would engage in coordinated innovation, continue to unleash the development impetus of fintech, and also rise fintech levels in regions including the development of a ‘Finance + Industrial Internet + Internet of things’ ecosystem; AI laboratories and their applications as well as the development of data centers.

» Product Launches and Business Expansions:

  • Aug-2022: Anker introduced the latest 737 Power Bank with 140W Power Output, 24000mAh Battery.   
  • Jun-2022: INTEX expanded its business by the adoption of 5ire blockchain to enter web 3.0. This would embark on the latest technological revolution in the retail sector.
  • May-2022: Anker expanded its business in India through aggressive network expansion. The company aimed to add over 1500+ touch points across the nation in the ongoing fiscal year that would help the brand to expand further to Tier 2 & 3 cities. This expansion focused on expanding Anker's dealer & distributor network nationwide.
  • Nov-2021: Ambrane expanded its product portfolio by releasing Soundbars and the latest Smartwatch. This expansion aimed at expanding its production lines and shifting the big factory in Haryana. Further, as mobile phone accessories would be largely adopted in India, the launch would enhance the overall experience of users.
  • Jul-2021: Xiaomi introduced Mi Power Bank Hyper Sonic, the latest 20,000mAh power bank. This power bank equips three ports- 2x USB-A and 1x USB-C which would enable the user to charge multiple devices. The latest power bank would be the only power bank in India offering such versatile, portable as well as fast charge capabilities at this price.
  • May-2021: Lenovo released Lenovo Go, a new sub-brand uniting a range of purpose-built PC accessories. The launch aim at delivering complementary tools that could bridge the gap between office, home, and in-between in an effective manner. In addition, the launch focused on the growing adoption of remote working policies.

» Acquisitions and Mergers:

  • May-2020: Xiaomi took over ZIMI, a China-based manufacturer of portable battery chargers. The acquisition would enhance Xiaomi's technical competitiveness in the smart field, and help achieving product power standardization to save costs.

Scope of the Study

Market Segments Covered in the Report:

By Capacity Range

  • 8,001 mAh-20,000 mAh
  • Up to 3,000 mAh
  • 3,001 mAh-8,000 mAh
  • Above 20,000 mAh

By Energy Source

  • Electric
  • Solar

By Battery Type

  • Lithium-ion
  • Lithium Polymer

By Distribution Channel

  • E-commerce
  • Brick & Mortar

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Xiaomi Corporation
  • Microsoft Corporation
  • Panasonic Corporation
  • Sony Corporation
  • Lenovo Group Limited
  • ASUSTeK Computer Inc.
  • Intex Technologies
  • Anker Innovations Co. Ltd.
  • Ambrane India Pvt Ltd.
  • ADATA Technology Co., Ltd.

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Related Reports:

North America Power Bank Market Report 2022-2028

Europe Power Bank Market Report 2022-2028

Asia Pacific Power Bank Market Report 2022-2028

LAMEA Power Bank Market Report 2022-2028

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