Power Bank Market: Trends and Insights

Worldwide shipments of power banks are projected to increase at 8.9% CAGR from 2023 to 2033. Currently, the global power bank market enjoys a valuation of US$ 10.5 billion and is forecasted to reach a revenue value of US$ 24.7 billion by the end of 2033.

Increasing smartphone proliferation and rapidly increasing digitization are prime factors that are projected to boost sales of power banks over the next ten years. The constant need to keep digital devices powered at all times is also expected to be an influential prospect affecting market development in the long run.

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Trends Shaping the Market

The power bank market is not just about keeping devices charged; it's also about staying ahead of consumer preferences and technological advancements:

  1. Capacity Race: Power banks with higher battery capacities are in high demand, offering the promise of prolonged device usage without worrying about recharging the power bank itself.
  2. Fast Charging Technology: Rapid advancements in fast charging technologies have influenced the market. Power banks equipped with fast charging capabilities provide quick energy boosts to devices, saving users valuable time.
  3. Wireless Charging: Wireless charging has made its way into power bank designs, offering the convenience of cable-free charging. This trend aligns with the growing popularity of wireless charging in smartphones and other devices.
  4. Slim and Lightweight Designs: Manufacturers are focusing on creating slimmer and lighter power banks that are easy to carry in pockets, bags, and purses, aligning with modern minimalistic and mobile lifestyles.
  5. Multi-Device Support: Power banks with multiple USB ports or wireless charging pads cater to users with multiple devices, allowing them to charge various gadgets simultaneously.

Power Bank Market – Key Driving Factors

  • Gradual drop in prices of power banks are enabling their broader usage.
  • Tech-enabled advancements in power banks will propel market growth.
  • Increasing power consumption by smartphones is translating into increasing adoption of power banks

Power Bank Market – Key Restraints

  • Complex design procedure of power banks
  • Additional costs required to recycle Li-ion batteries

Competitive landscape:

Prime power bank suppliers are launching new portable charging devices to expand their product portfolio and gain a competitive edge over other brands.

  • In June 2022, Ambrane, an electronics manufacturer in India announced the launch of its first 50,000 mAh power bank. The Stylo Max Power Bank is capable of charging devices such as laptops, digital cameras, and phones. The product is launched with a 180 days warranty and is available on e-Commerce websites like Amazon and Flipkart in blue and black colors.
  • In August 2022, Anker, a leading provider of electronic accessories announced the launch of a new MagSafe power bank ahead of the launch of Apple’s iPhone 14 lineup. The new slim MagSafe power bank is packed with a 5,000 mAh battery and comes in a new refreshed slim design.
  • In August 2022, Xiaomi, a Chinese consumer electronics manufacturer launched a new power bank that is capable of 2-way fast charging and comes with USB-C ports. The new power bank has a huge capacity of 20,000 mAh and can charge up to 3 devices simultaneously.

Key Segments of Power Bank Industry Research:

·         By Capacity :

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

·         By Energy Source :

  • Electric
  • Solar

·         By Battery Type :

  • Lithium-ion
  • Lithium Polymer

·         By Distribution Channel :

  • e-Commerce
  • Brick & Mortar

·         By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

For in-depth competitive analysis, Buy Now:
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Questionnaire answered in the Market outlook Report of Power Bank include:

  • What is the key strategy deployed by large players to maximize Power Bank Market growth?
  • What are the main challenges faced by players in the Power Bank market Demand?
  • With the advent of technological advancement, how will the Power Bank market landscape change over the forecast period?
  • What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Power Bank market size?

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