Power Banks

Power Banks

Global Power Banks Market to Reach US$24.9 Billion by 2030

The global market for Power Banks estimated at US$11.8 Billion in the year 2023, is expected to reach US$24.9 Billion by 2030, growing at a CAGR of 11.3% over the analysis period 2023-2030. Lithium Ion Battery-based Power Banks, one of the segments analyzed in the report, is expected to record a 10.8% CAGR and reach US$17.8 Billion by the end of the analysis period. Growth in the Lithium Polymer Battery-based Power Banks segment is estimated at 12.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.4 Billion While China is Forecast to Grow at 12.7% CAGR

The Power Banks market in the U.S. is estimated at US$2.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.8 Billion by the year 2030 trailing a CAGR of 12.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.9% and 9.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.2% CAGR.

Global Power Banks Market - Key Trends & Drivers Summarized

What Are Power Banks and How Have They Become a Modern Necessity?

Power banks are portable devices designed to recharge electronic gadgets on-the-go, particularly smartphones, tablets, and laptops. These compact, rechargeable batteries have become indispensable in our increasingly digital world where maintaining a powered device is critical for connectivity and productivity. Typically, power banks store electrical energy through a USB or wireless charging system and then transfer it to a device via a corresponding output cable. The capacity of power banks is measured in milliampere-hours (mAh), with higher values indicating a larger storage capability, thereby providing more charges or serving multiple devices before needing a recharge. Over the years, advancements in battery technology such as lithium-ion and lithium-polymer have enhanced the efficiency, durability, and speed of charging, making power banks more reliable and faster.

How Has Technology Enhanced the Functionality of Power Banks?

Technological advancements have significantly impacted the design and functionality of power banks. Modern power banks come with features such as fast charging, high-density batteries, and even solar charging panels to enhance their utility and appeal. Fast charging technologies, such as Qualcomm’s Quick Charge or USB-C Power Delivery (PD), allow devices to be charged in significantly less time, aligning with the hectic pace of modern lifestyles. Moreover, the integration of smart technology allows power banks to adjust the output based on the connected device, optimizing the charging process to prevent overcharging and prolonging the life of both the battery and the devices. Additionally, some power banks now feature wireless charging capabilities, enabling users to charge devices without the need for cables, thereby providing greater convenience and supporting the growing trend towards wireless technology.

What Trends Are Influencing Power Bank Designs and Market Preferences?

The power bank market is influenced by several trends, most notably the shift towards more sustainable and efficient designs. As consumers become more environmentally conscious, there is a growing demand for power banks made from eco-friendly materials and those offering solar charging capabilities. This trend is supported by the improvement in solar panel efficiencies and the compact nature of newer photovoltaic cells that can be integrated into the design of power banks. Another trend is the increasing dependency on smartphones and other portable electronic devices, which has driven demand for ultra-compact, lightweight power banks that are easy to carry daily. The aesthetic aspect of power banks is also becoming a decisive factor in consumer choices, with manufacturers offering a range of colors, textures, and forms to appeal to a style-conscious market.

What Drives the Growth of the Power Bank Market?

The growth in the power bank market is driven by several factors, including the rapid proliferation of portable electronic devices, increasing travel and mobility, and the necessity for continuous connectivity. The widespread adoption of smartphones across various demographics necessitates extended battery life, especially in regions with unreliable power infrastructure. Additionally, the modern lifestyle, characterized by frequent travel and prolonged periods away from conventional power sources, has bolstered the need for portable power solutions. Technological innovations that have led to more compact, high-capacity, and multi-functional power banks also contribute significantly to market expansion. Furthermore, consumer behavior has shifted towards prioritizing devices that enhance convenience and are aligned with a digital, mobile-first lifestyle. As a result, the power bank market continues to grow, fueled by these technological, social, and economic drivers, making it a vital component of today`s mobile ecosystem.

Select Competitors (Total 93 Featured) -

• Huawei Technologies Co., Ltd.
• Belkin international, Inc.
• Best IT World (India) Pvt., Ltd. - iBall
• ADATA Technology Co., Ltd.
• Duracell, Inc.
• GadgeTek Inc.
• Ambrane India Pvt., Ltd.
• Griffin Technology, Inc.
• GPI International Ltd.
• Anker Technology (UK) Ltd.
• Goal Zero LLC
• HONOR
• Cygnett
• Giovannoni Design Srl
• HDE Trading Limited

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