Power Banks Market Size Worth $ 29.19 Billion By 2032 | CAGR: 8.20%

The global power banks market size is expected to reach USD 29.19 billion by 2032, according to a new study by Polaris Market Research. The report “Power Banks Market Share, Size, Trends, Industry Analysis Report, By Battery Type (Li-polymer, Li-ion); By Distribution Channel (E-commerce, Brick & Mortar); By Energy Source (Electric, Solar); By Capacity Range; By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rising demand for power banks has resulted in a decline in their prices, making them more affordable for consumers. The market's increasing demand and high level of competition among manufacturers contribute to this downward trend in pricing, ultimately reducing the overall cost of owning a power bank. The growing use of the internet and the limited battery capacity of smartphones and other mobile devices are significant drivers behind the global sales growth of power banks. As people rely more heavily on their electronic devices for various online activities, the need for portable power sources becomes crucial to ensure uninterrupted usage.

Technological advancements have played a vital role in the growth of the power bank market. Over the years, power banks have become more efficient, compact, and powerful. Manufacturers have incorporated innovations such as fast-charging capabilities, multiple charging ports, and advanced features to meet consumer expectations and cater to the evolving needs of the market. The introduction of fast-charging technologies, such as Qualcomm Quick Charge and Power Delivery, has allowed power banks to charge devices at a faster rate, saving users valuable time. Multiple charging ports enable users to charge multiple devices simultaneously, adding to the convenience and versatility of power banks.

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Furthermore, the advancements in battery technology have led to more energy-dense and longer-lasting power banks, reducing the size and weight while increasing the charging capacity. These improvements have made power banks more attractive to consumers, as they offer a reliable and portable power solution that can keep their devices running throughout the day.

The increasing usage of smartphones for various activities, such as food ordering, mobile banking, online shopping, and other data-intensive tasks, does indeed lead to higher battery consumption. Data-intensive activities require significant processing power and network connectivity, which can drain the battery at a faster rate. However, as battery technology continues to evolve, manufacturers are focusing on enhancing battery capacity and optimizing power management in smartphones. This ongoing improvement in battery technology aims to address the growing demand for longer battery life, reducing the reliance on external power sources like power banks.

Power Banks Market Report Highlights

• Online segment recorded steady growth, owing rise in internet penetration in emerging nations
• Electric segment led the revenue share. This is primarily due to rise in usage of consumers electronic devices and smartphones
• Asia Pacific dominated the global market with substantial share in 2022, due to huge smartphone users, and surge in internet penetration
• The global key market players include Ambrane, Anker Technology, ASUSTeK Computer, Beijing Xiaomi Technology, Intex Technologies, Lenovo Group, Microsoft Corporation, Panasonic Corporation, Samsung SDI, and Sony Corporation

Polaris Market Research has segmented the power banks market report based on capacity range, energy source, battery type, distribution channel, and region:

Power Bank, Capacity Range Outlook (Revenue - USD Billion, 2019 - 2032)

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

Power Bank, Energy Source Outlook (Revenue - USD Billion, 2019 - 2032)

• Electric
• Solar

Power Bank, Battery Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Lithium Ion
• Lithium Polymer

Power Bank, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• E-commerce
• Brick & Mortar

Power Bank, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Power Banks Market Report Scope