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Power Bank Market - By Battery Type (Lithium-Ion, Lithium Polymer), By Capacity Range (Up to 3,000 mAh, 3,001 mAh-8,000 mAh, 8,001 mAh-20,000 mAh, Above 20,000 mAh), By Charging Mode, By End-use Industry, By Distribution Channel & Forecast, 2024 - 2032

  • Report ID: GMI9927
  • Published Date: Jun 2024
  • Report Format: PDF

Power Bank Market Size

Power Bank Market was valued at USD 15.9 billion in 2023 and is anticipated to register a CAGR of over 9.1% between 2024 and 2032. The proliferation of smartphones and other portable electronic devices has become a fundamental aspect of modern life. Smartphones have evolved from mere communication devices to indispensable tools for entertainment, productivity, and connectivity.

Power Bank Market

As a result, consumers are increasingly reliant on their smartphones and other portable gadgets throughout the day. According to a report published by International Data Corporation, in February 2024, India’s smartphone market shipped 146 million smartphones in 2023, with a nominal 1% growth Year-over-year (YoY). With the rise in smartphone and portable device penetration, the need for reliable power sources to keep these devices charged has increased. Despite advancements in battery technology, the battery life of smartphones and other portable devices often falls short of meeting the demands of heavy usage. This limitation creates a significant opportunity for power banks to fill the gap and provide users with a convenient solution to extend the usage time of their devices.

Battery technology has significantly influenced the power bank market, with advancements in chemistry, design, and efficiency improving performance, capacity, and charging speeds. One key area of innovation is lithium-ion batteries, known for their high energy density, lightweight design, and rechargeability. Manufacturers continuously improve lithium-ion battery technology to increase energy storage capacity while reducing size and weight, resulting in more compact and portable power bank designs.

Advancements in built-in battery technology have significantly impacted the power bank industry. These advancements have led to improved battery life, faster charging capabilities, and the integration of power-saving features. Smartphones and tablets now have longer battery life, reducing the need for external power banks. Manufacturers are also incorporating power-saving features into their devices, such as low-power modes, adaptive brightness, and background app management, optimizing energy usage and reducing the frequency of device recharges. Additionally, slimmer and lighter batteries have been developed, allowing for sleeker device designs. However, power banks can still be bulky and inconvenient to carry, especially for minimalist users. As a result, some consumers may opt to rely solely on their device's internal battery instead of carrying an additional accessory. Despite these advancements, power banks continue to be valuable in situations where access to power outlets is limited or during emergencies.

Power Bank Market Trends

Wireless charging integration into power banks involves the incorporation of Qi wireless charging technology, enabling users to recharge their devices without the need for cables. Several manufacturers have introduced power banks with built-in wireless charging pads, allowing users to simply place their Qi-compatible devices on the power bank's surface to initiate charging. For instance, in May 2024, Samsung launched two new power banks with 10,000mAh and 20,000mAh battery packs, featuring Power Delivery (PD) wireless charging with USB PD 3.0 fast charging protocol. The 10,000mAh model supports up to 25W power output in wired charging mode and 10W in wireless charging mode, while the 20,000mAh model supports up to 45W power output.

The demand for high-capacity and fast-charging power banks stems from the increasing power requirements of modern devices and the desire for quick recharge times. Consumers seek power banks with larger battery capacities that can provide multiple charges to their devices before needing to be recharged themselves. Additionally, fast-changing technologies such as Qualcomm quick charge and USB Power Delivery (USB PD) are becoming standard features in premium power bank models, enabling rapid charging of compatible devices. Manufacturers continue to innovate and iterate on their power bank offerings to deliver products that provide ample power reserves and rapid charging capabilities, enhancing the overall user experience and driving market growth.

For example, in April 2024, Ambrane introduced the PowerLit 45, a compact power bank designed for fast charging and laptop compatibility. It supports Type-C laptop charging, ensuring quick charging for professionals and students. The PowerLit 45 supports multiple fast charge protocols, including quick charge 2.0/3.0, power delivery 2.0/3.0, PPS, AFC, turbo charge, and Huawei super-fast charge. Its compact and lightweight design makes it easy to carry in a bag or pocket.

Power Bank Market Analysis

Power Bank Market Size, By Battery Type, 2022-2024 (USD Billion)

Based on battery type, the market is segmented into lithium-ion and lithium polymer. In 2023, the lithium-ion segment accounted for the largest market share with over 55% of the market share.

  • The lithium-ion battery segment dominates the power bank industry due to its high energy density, stable performance, and long cycle life. These factors make it portable and convenient for on-the-go charging. Consumers prefer lithium-ion power banks for their durability and efficiency, driving market growth. Advancements in lithium-ion battery technology have improved charging speed and overall performance, further strengthening the market's dominance. Manufacturers continuously innovate to enhance charging capabilities, introducing features such as fast charging and intelligent power management systems. These innovations address consumer demands for quicker recharge times and optimized power delivery. With ongoing R&D efforts, the lithium-ion battery segment is poised to maintain its leading position in the market for the foreseeable future.


Power Bank Market Share, By End-use Industry, 2023

Based on end use, the market is divided into consumer electronics, commercial, industrial, and others. In 2023, the commercial segment was the fastest growing segment, growing at a CAGR of over 10%. The market value of multi-user is expected to reach over USD 10 billion by 2032 due to this significant growth rate.

  • The adoption of power banks in commercial settings enables establishments to offer on-demand charging services, catering to the needs of individuals who may require a quick battery boost while on the premises. Multi-user power banks are designed to accommodate multiple devices simultaneously, making them ideal for high-traffic environments where multiple users may need to charge their devices concurrently. These versatile power bank systems can be deployed in airports, shopping malls, hotels, conference centers, and public transportation hubs, serving as convenient charging stations accessible to a wide range of users. Businesses are prioritizing customer engagement and convenience, and hence investing in multi-user power bank solutions becomes a strategic decision to differentiate their offerings and stay competitive in their respective markets.


China Power Bank Market Size, 2022-2032 (USD Billion)

In 2023, the Asia Pacific market held the largest share of over 35%, and it is predicted that it will hold its dominant position throughout the forecast period due to factors such as high smartphone penetration, rapid urbanization, and the growing mobile workforce. Countries, including China, India, Japan, and South Korea, have the highest global smartphone penetration rates, leading to a significant demand for power banks to keep devices charged on the go. Rapid urbanization and the increasing adoption of mobile technology have fueled the demand for power banks, particularly in cities such as Beijing, Tokyo, Mumbai, and Seoul. Expanding e-commerce platforms, such as Alibaba, JD.com, Amazon, and Flipkart, have further boosted market growth. China, a major hub for power bank manufacturing and innovation, is a major player in the global market, with manufacturers, such as Xiaomi, Anker, and RAVPower, dominating the industry.

China is a major power bank market due to its high smartphone penetration rate, strong manufacturing, and innovations. This high smartphone adoption and technological expertise are driving the demand for power banks, which are essential for uninterrupted device usage. The convenience and accessibility of online shopping also contribute to the market growth in China. There is an increasing demand for portable power solutions for travel and outdoor activities as disposable incomes rise.

Germany is a mature and advanced power bank industry, driven by a tech-savvy consumer base, a growing focus on sustainability, and stringent quality & safety standards. Consumers are also increasingly conscious of environmental issues, preferring eco-friendly options made from recycled materials or renewable energy sources. Manufacturers often emphasize CE and TÜV certifications to ensure compliance with European regulations. The growing demand for portable power solutions during travel and tourism activities further drives the market.

Japan's power bank market is driven by its high-tech culture, urbanization, and mobility. Consumers are early adopters of new technologies, leading to the demand for fast charging, wireless charging, and compact designs. Brand loyalty and quality are valued by Japanese consumers, with domestic brands such as Panasonic, Sony, and Toshiba offering reliable products. Design aesthetics are also a key factor, with Japanese consumers seeking both functionality and elegance in electronic accessories, driving market growth.

South Korea's power bank industry is fueled by its tech-savvy culture and strong manufacturing capabilities. Leading technology companies, such as Samsung and LG, drive innovations, while the mobile gaming and entertainment industry, with a large segment using smartphones and tablets, drives the demand for extended gaming sessions and multimedia usage. The country's well-developed retail infrastructure allows power bank manufacturers to reach consumers across urban and rural areas, promoting design and technology innovations.

Power Bank Market Share

Lenovo Group Ltd. and Beijing Xiaomi Technology Co., Ltd. hold a significant share of over 15% in the market. The market is fiercely contested by major players, such as Anker Technology, Xiaomi, RAVPower, and Samsung SDI, who are known for their extensive product portfolios, technological innovations, and global reach. These companies use their strong brand reputation, distribution networks, and R&D capabilities to introduce advanced power bank solutions to meet diverse consumer needs.

The power bank industry is highly competitive, driven by factors such as product innovations, pricing strategies, brand visibility, and customer service. Established manufacturers, such as Sony Corporation and Samsung SDI, offer high-quality products with reliable performance and safety standards. Emerging players, such as Aukey and Energizer, are also gaining traction with competitive pricing and innovative features.

Power Bank Market Companies

Major players operating in the power bank industry are:

  • Beijing Xiaomi Technology Co., Ltd.
  • Lenovo Group Ltd.
  • Anker Technology Co. Ltd.
  • Panasonic Corporation
  • Ravpower
  • Sony Corporation
  • Koninklijke Philips NV

Power Bank Industry News

  • In June 2024, Honor Device Co., Ltd. launched the Honor JOWAY 66W SuperCharge Power Bank in China. It is available in two capacity variants - 12,000mAh and 20,000mAh. The power bank features 66W fast charging capabilities, allowing it to charge two devices simultaneously.
  • In October 2023, Yard Force launched its award-winning Solar Power Bank, the LX PB21, which combines a sleek design with high functionality. This compact and lightweight power bank can charge devices such as phones, cameras, and tablets for up to 14 hours using solar energy.

The power bank market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:

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Market, By Battery Type

  • Lithium-ion
  • Lithium polymer

Market, By Capacity Range

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

Market, By Charging Mode

  • Wired
  • Wireless

Market, By End-use Industry

  • Consumer electronics
    • Smartphone
    • Tablet
    • Laptop
    • Wearable devices
    • Others 
  • Commercial
  • Industrial
  • Others

Market, By Distribution Channel

  • Online
  • Offline

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • ANZ
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA


Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

Global industry size for power bank was valued at USD 15.9 billion in 2023 and is anticipated to register over 9.1% CAGR between 2024 and 2032 due to the innovations in battery technology and the proliferation of e-commerce platforms.

The lithium-ion segment in the power bank market held 55% revenue share in 2023 due to its high energy density, stable performance, and long cycle life.

Asia Pacific market held 35% revenue share in 2023 due to factors, such as high smartphone penetration, rapid urbanization, and the growing mobile workforce.

Beijing Xiaomi Technology Co., Ltd., Lenovo Group Ltd., Anker Technology Co. Ltd., Panasonic Corporation, Ravpower, Sony Corporation, and Koninklijke Philips NV.

Power Bank Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 291
  • Countries covered: 21
  • Pages: 220
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