The global power bank market is witnessing steady growth as consumers demand reliable, portable, and efficient charging solutions for smartphones, tablets, laptops, and other electronic devices. With the increasing dependence on digital connectivity and rising adoption of high-capacity gadgets, the demand for advanced power banks has surged across global markets.
Market Size 2023 – USD 19.56 Billion
Market Size 2024 – USD 20.31 Billion
Market Size 2032 – USD 28.51 Billion
CAGR (2024–2032) – 3.92%
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Market Drivers
Several factors are fueling the growth of the power bank market worldwide:
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Rising smartphone penetration: With billions of smartphone users globally, power banks have become a necessity to ensure uninterrupted device usage.
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Growth of remote work and travel lifestyles: Increased mobility and on-the-go working trends have boosted demand for portable charging solutions.
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Expanding consumer electronics market: The rising use of wearables, tablets, and laptops has created significant opportunities for power bank adoption.
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Technological advancements: Fast-charging, solar-powered, and wireless charging power banks are gaining traction among consumers.
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Affordable options in emerging markets: Budget-friendly power banks are driving mass adoption in price-sensitive regions such as Asia-Pacific and Africa.
Market Challenges
While the power bank market is growing, it also faces notable challenges:
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Battery safety concerns: Issues like overheating and explosions in low-quality products can hinder consumer trust.
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Availability of advanced charging technologies: Fast chargers, wireless charging pads, and long-lasting smartphone batteries reduce dependency on power banks.
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Market saturation: With multiple brands competing, differentiation and innovation are critical to sustaining growth.
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Environmental impact: Improper disposal of lithium-ion batteries poses risks to sustainability efforts.
Market Segmentation
According to Straits Research, the power bank market is segmented as follows:
By Type: Portable Power Banks, Solar Power Banks, Wireless Power Banks
By Capacity: 1,000–5,000 mAh, 5,001–10,000 mAh, 10,001–20,000 mAh, Above 20,000 mAh
By Battery Type: Lithium-ion, Lithium Polymer
By Distribution Channel: Online, Offline (Retail Stores, Hypermarkets, Specialty Stores)
By Region: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
This segmentation highlights that the demand for 10,001–20,000 mAh power banks is particularly strong, as consumers seek higher capacity devices for extended usage.
Top Players Analysis
The global power bank market is highly competitive, with top players focusing on product innovation, mergers, and global distribution networks. According to Straits Research, the leading companies in the market include:
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Anker Innovations
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Xiaomi Corporation
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Samsung Electronics Co., Ltd.
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Sony Corporation
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Lenovo Group Ltd.
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Huawei Technologies Co., Ltd.
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Intex Technologies
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Ambrane India Pvt. Ltd.
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Zagg Inc.
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Panasonic Corporation
These players are investing in fast-charging, eco-friendly, and solar-powered power banks to meet evolving consumer needs and maintain their competitive edge.
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Conclusion
The power bank market is set to grow consistently over the forecast period, reaching USD 28.51 billion by 2032 at a CAGR of 3.92%. With growing demand for portable energy solutions, rising smartphone adoption, and advancements in fast-charging technology, the market is poised for sustained expansion. However, safety concerns and the availability of alternative charging technologies remain challenges. Companies focusing on innovation, quality assurance, and eco-friendly solutions will likely lead the market in the coming years.
About Us
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
FAQs
What is the market size of the power bank market in 2023?
The market size was valued at USD 19.56 billion in 2023.
What will be the size of the power bank market by 2032?
It is expected to reach USD 28.51 billion by 2032.
What is the CAGR of the power bank market during 2024–2032?
The market is projected to grow at a CAGR of 3.92% during the forecast period.
Which type of power banks are most popular among consumers?
Portable and high-capacity (10,001–20,000 mAh) power banks dominate due to their extended usage capability.
Who are the leading companies in the power bank market?
Top players include Anker Innovations, Xiaomi, Samsung, Sony, Lenovo, Huawei, and Panasonic.
