Power Bank Market Analysis, Share, Industry & Revenue [2031]

Report Description

The Global Power Bank Market size was valued at USD 10.98 Billion in 2022 and is expected to surpass USD 22.13 Billion by 2031, expanding at a CAGR of 8.1% during the forecast period, 2023 – 2031. The recent COVID-19 pandemic has declined the growth of power bank across the world and the pandemic is limiting the supply chain and adoption due to the severe disturbances to the global economy.

The pandemic has resulted in limited production leading to a great decline in business inputs. The companies are reducing the prices of their power banks to remain competitive and increase their customer base.

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Market Trends, Drivers, Restraints, and Opportunities:

• Rising consumption of Internet-related services through smartphones and tablets, the decline in the price of power banks, and frequent electric outages in certain countries are major factors propelling the growth of the market.

• Increasing power consumption of smartphones and sudden change to work-from-home and remote learning due to COVID-19 pandemic have resulted in spike in demand for power banks.

• The presence of poor-quality power banks, which causes overheating and reduces phone’s battery life, are hampering the market growth.

• High competitiveness in the market is creating challenges for the growth of the market.

• Various companies are manufacturing power banks that are powered by solar energy or hydrogen fuel cells. Thus, ongoing innovation is expected to create lucrative opportunities in the projected timeline.

Scope of Power Bank Market Report

The report of power bank market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Power Bank Market Segment Insights

Lithium polymer market is expected to dominate the market

In terms of battery types, the market can be segmented into lithium-ion (Li-ion) battery and lithium polymer (Li-polymer) battery.

The lithium polymer segment is expected to dominate the market. The lithium polymer battery is comparatively better than lithium-ion due to its safety and compactness. However, the lithium-ion battery being inexpensive is also anticipated to grow at a steady rate in the future.

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More than 2 USB ports segment is expected to grow during the forecast period

On the basis of unit of USB ports the market is segmented into 1 USB port, 2 USB ports, and more than 2 USD ports.

The more than 2 USB ports segment is expected to grow at a robust rate during the forecast period. The advantage of charging more than 2 devices at one time is driving the growth of the market segment.

Digital display segment is estimated to grow at a sustainable rate during the forecast period

In terms of indicators, the market can be divided into LED lighting and digital display.

The digital display segment is set to dominate the market. The digital display indicator is better than LED lighting as it shows accurate amount of battery remaining in the power bank and it looks aesthetically attractive.

10,001-15,000 mAh segment to exhibit a high CAGR

On the basis of capacities, the market can be categorized as 1,000-5,000 mAh, 5,001-10,000 mAh, 10,001-15,000 mAh, 15,001-20,000 mAh, and above 20,001 mAh.

The 10,001-15,000 mAh capacity segment to expand at a high CAGR during the forecast period. These power banks compared to others have high output efficiency and longer battery life.

Moreover, the power banks with this capacity have LEDs or LCDs to indicate battery level. These power banks are in high demand by consumers as they are priced sensibly than power banks with capacities of more than 15,000 mAh. These power banks are large-sized, come with a lot of additional features such as DC output ports used to recharge laptops, USB Type C ports, and quick charge functionality.

Smartphones segment to account for a large market share

In terms of applications, the market can be classified as smartphones, tablets, laptops, portable media devices, and wearable devices.

The smartphones segment is anticipated to grow at a robust rate in the future. The wide use of data and Internet services in smartphones are among the key factors that helps to drain the battery power rapidly. This creates a vast demand for power banks to keep smartphones in use for a longer duration. Smartphones are equipped with batteries having a short life, which increases the requirement for power banks.

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Premium range segment is anticipated to grow at a robust rare in the future

Based on the range, the market can be divided into low, medium and premium

The premium segment is anticipated to account a significant market share during the forecast period. Premium power banks have flagship features and have a warranty policy, which increases it preference among consumers.

The market in Asia Pacific is expected to account a considerable market share

In terms of regions, the market can be divided into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.

Asia Pacific accounted for a large share of the market in 2020. Factors such as increasing acceptance of wearables and other consumer electronic products, presence of prominent manufacturers of power banks, and increasing population and economic growth of developing countries are spurring the growth of the market in the region.

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