Power Bank Market Size, Share & Trends 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, 2023 - 2030

Power Bank Market Growth & Trends

The global power bank market size is anticipated to reach USD 31.06 billion by 2030, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 8.3% from 2023 to 2030. Currently, the power bank is one of the essential mobile accessories. The increasing demand for power banks has led to a reduction in their prices. Furthermore, the growing demand and high competition in the market are further leading to a decrease in the cost of ownership of the power bank. The increasing use of the internet and insufficient battery capacity of smartphones and other mobile consumer electronic products are the key factors driving the growth in sales of power banks globally. An increase in GDP, higher consumer purchasing power, and improved living standards are propelling the growth of the electronics market.

The widespread adoption of smartphones has created a huge demand for portable power sources to keep these devices charged. As more people rely on their smartphones for communication, work, and entertainment, the product demand has continued to increase. Furthermore, along with smartphones, there has been a rise in demand for other mobile devices, such as tablets, laptops, and smartwatches. These devices also require power sources to keep them charged, increasing the market demand. Due to technological advancement, power banks have become more efficient, compact, and powerful over the years, making them more attractive to consumers. Many power banks now feature fast-charging capabilities, multiple charging ports, and other advanced features.

For example, the 8,001 mAh-20,000 mAh battery capacity power banks are expected to gain high traction in the market owing to the capacity of a power bank to charge a device multiple times. The Asia Pacific region dominated the market in terms of revenue in 2022. The growing population, developments in digitization, increasing product affordability, and rising penetration of e-commerce in the electronics industry are contributing to the growing use of power banks across the region. The regional market is expected to witness a significant gain in revenue share over the forecast period owing to its large population and high demand for e-commerce across various industries of the region. Also, the increasing product demand has triggered a drop in their prices. The rise in demand and strong competition in the market is resulting in the decreasing cost of ownership of power banks in the worldwide market.

However, improvement in the batteries of smartphones and other consumer electronic devices would prove to be a key restraint for the market. For the past decade, smartphones have ruled the market due to technological advancements and the user-friendly model. There is a significant increase registered in the usage of smartphones for food ordering, mobile banking, online shopping, and other activities. This has resulted in the frequent consumption of data, which drains the battery of smartphones. Despite the batteries being monitored by the technology’s wealthiest companies, the capacity of a battery tends to be improved by around 5% per year. In addition, this solution seems might give longer support to a smartphone without the usage of a power bank.

Power Bank Market Report Highlights

• The online distribution channel segment is expected to witness substantial growth over the forecast period owing to the growing penetration of the internet
• The electric power bank segment accounted for the largest market share in 2022. The solar power bank segment is expected to grow at the highest CAGR from 2023 to 2030
• Online retailing is a key factor that propelled the growth of the market. With several delivery options, including the cash-on-delivery option portals. and inexpensive tariffs/concessions, this business witnessed growth
• Lithium-ion batteries are expected to retain their position as the largest market shareholder for battery type over the forecast period as the recycling of these batteries decreases energy consumption, cuts greenhouse gas emissions, and results in considerable natural resource savings
• The U.S., China, Japan, India, and Mexico are expected to witness considerable growth over the forecast period owing to robust industrial development and rapid urbanization

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