Global Power Bank Market - Forecasts from 2022 to 2027

The global power bank market is expected to grow at a CAGR of 5.04% over the forecast period to reach US$8.504 billion by 2027 from US$6.026 billion in 2020. Power Bank - The quintessential accessory that today's consumers can't do without is a portable power storage device that is used to charge rechargeable batteries, which are an integral part of a variety of electronic devices like cellular devices, wearable devices, as well as devices that are required for specialized fields like proprietary GPS enabled devices used in geological surveys by means of power from conventional or solar power sources. The main purpose of power banks is to enable users to enjoy all sorts of conveniences made available through the internet as well as ensure that they can access emergency services should the need arise.

Based on the type of battery, the Li-Polymer (Lithium Polymer) segment is expected to grow at a relatively higher rate during the forecast period of the global power bank market. The specialty of these power banks is in their innovative form factor and safety offerings that make them extremely competitive with regard to their attractiveness. The aforesaid also aids in expanding the power bank variety in terms of weight safety. Further, continuous efforts are being made to develop slimmer and more compact power banks. Consumers who are required to use a relatively greater number of devices and need to travel a lot would be inclined toward this type of portable power bank.

Nevertheless, the Li-Ion (Lithium Ion) segment is expected to hold a major share in the power bank market space since they currently use the most batteries. The characteristics of these batteries are that they are of high conversion rate, high energy density, and high energy capacity simultaneously relatively cheaper to manufacture due to their relatively low production and maintenance costs. Moreover, the high voltage of Li-ion batteries makes them ideal for applications in personal computers and tablets. As a result, demand for Li-Ion (Lithium-ion) power banks is expected to remain strong. Simultaneously, the Li-Polymer segment is expected to grow at a relatively higher rate during the forecast period of the global power bank market. The specialty of these power banks is their innovative form factor and safety offerings that make them extremely competitive with regard to their attractiveness. The aforesaid also aids in expanding the power bank variety in terms of weight safety. Further, continuous efforts are being made to develop slimmer and more compact power banks. Consumers who are required to use a relatively greater number of devices and need to travel a lot would be inclined toward this type of portable power bank.

The significant market share with regard to the end-use application of power banks would be occupied by smartphones due to the variety of applications. The extensive use of data via internet services over smartphones is one of the major contributing factors to the fast battery drain. Therefore, a smartphone is a major application for the power bank due to the need to keep them in operation for a longer duration. Additionally, with the advent of streaming services that are being increasingly consumed by consumers all over the world, the need for sustaining mobile device power is also another sub-component that would further drive the market for power banks.

With regard to quite a few developed and emerging economies, the emergence of charging kiosks with rent-a-charger facilities is taking the power bank market by storm. It is a facility wherein consumers scan a QR code and rent a power brick with the choice of either staying by the kiosk or taking the power brick along with them. Once the charging is finished, they can simply insert the power brick back into the kiosk. Furthermore, for added convenience, the consumer can scan available kiosks near their vicinity with the help of an app. This kiosk system of the rent-a-charger model could also be integrated with many other businesses wherein the consumers need to wait while receiving a particular service, as well as cater to visiting tourists. Thus, with the increasing popularity of kiosks retailers are empowered to further the power bank market in the future.

The increasing growth of the middle-income population, rising buying capacity, and an already established consumer electronics market in the APAC region would collectively contribute to significant growth of the market. Furthermore, due to rapid urbanization in most regions of the world, the adoption of power banks will emerge as a necessity and would further boost the market.

Recent Developments

• Handy Geng, a Chinese electronics handyman and influencer, created a massive power bank with a capacity of 27,000,000mAh in February 2022. This power bank can power major electronic devices such as televisions, washing machines, and even electric scooters. This innovation can help the market's other key players in the future.
• Bengaluru-girl Prerna Wadikar was awarded the Vice Chancellor's Social Impact Award at the University of Oxford in the United Kingdom in August 2021. She won the award for creating a device that looks like a power bank but is actually a lithium-ion portable battery. Her primary goal in developing the product was to make energy more accessible and affordable to end users.
• In February 2020, Xiaomi's sub-brand Redmi introduced its Power Bank to the Indian market. It has reportedly proved popular since, with shipments in the country now exceeding one million units. Because of the device's success, Xiamoi is already working on a successor.

COVID-19

The recent COVID-19 pandemic resulted in a slowing of development. As a result of COVID-19, the expected growth of power banks across applications is expected to slow, as the pandemic restricts supply chain and adoption due to severe disruptions to businesses and the global economy. The pandemic has resulted in limited production, resulting in a significant drop in business inputs. Furthermore, the pandemic has had an impact on individuals' per capita income. As a result, demand for consumer electronics accessories like power banks has decreased. With the rise of work-from-home opportunities, consumers are spending more time at home, where they have constant access to electricity to power their devices.

Segmentation

• By Type

Lithium-Ion (Li-Ion) Battery

Lithium Polymer (Li-Polymer) Battery

• By Application

Digital Camera

Laptop

Portable Media Device

Smart Phone

Tablet

Wearable Device

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• United Kingdom
• Italy
• Others

Middle East and Africa

• Saudi Arabia
• Israel
• United Arab Emirates
• Others

Asia Pacific

• China
• Japan
• South Korea
• India
• Indonesia
• Thailand
• Taiwan
• Others