Market Size (2023)
USD 11.78 Billion
Fastest Growing Segment
Global Mobile Power Bank Market was valued at USD 11.78 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.05% through 2029. Major factors driving the role of power banks are the increasing adoption of smartphones and other mobile devices, along with the growing trend of remote work and e-learning. Moreover, the growing popularity of outdoor activities and travel has also contributed to the growth of the power bank market.
Screen time has become part of the fabric of everyday life for most. According to Comparitech's latest available data, people average 6 hours 58 minutes of screen time per day globally, while the average screen time in the United States is 7 hours 4 minutes per day which is 7 minutes more than the global average. Thus, for a phone or laptop to stay on standby, its needs to be ensured that it is powered on at all times, and a portable power bank is considered a handier option than ever.
Power banks can be bulky or take too much time to charge a smartphone. So, vendors are constantly innovating to reduce the size and weight and, at the same time, also increase their capacity to charge quickly. In October 2022, Stuffcool launched a new 15W wireless charging power bank with a 20W PD wired output. The new Stuffcool wireless power bank is lightweight and has a slim design, with an LED indicator to show the battery percentage while charging and discharging, a micro-USB port, and a USB Type-C charging port.
Key Market Drivers
Increasing Smartphone Adoption
The increasing adoption of smartphones around the world is a pivotal factor driving the growth of the global mobile power bank market. Smartphones have become ubiquitous, and their functionality has expanded well beyond basic communication. As smartphones play an ever more significant role in our daily lives, the demand for reliable and convenient power sources has surged, making mobile power banks a crucial accessory. Smartphone adoption has seen remarkable growth across various demographics, from urban centers to rural areas. This proliferation is driven by several key factors, Affordability: The availability of affordable smartphones has made it possible for a broader range of people to own one. This has democratized access to technology and, subsequently, the need for power banks.
Technological Advancements: Smartphones are continually evolving with features like larger displays, high-resolution cameras, and faster processors. While these advancements enhance user experience, they often consume more power, increasing the urgency of power bank usage. Multiple Use Cases: Smartphones are not just communication devices; they serve as tools for work, entertainment, education, and health. The diversification of smartphone use cases drives a consistent need for extended battery life, which power banks offer. Internet Connectivity: With the widespread availability of 4G and 5G networks, smartphones enable users to access a wide range of internet-based services and applications, from social media and streaming to e-commerce. This connectivity intensifies the reliance on smartphones, necessitating supplementary power sources.
Global Connectivity: The portability of smartphones allows for global connectivity and access to information, which is crucial for both personal and professional reasons. Travelers, digital nomads, and business professionals increasingly rely on their smartphones for remote work and navigation, making power banks a travel essential.
Emergency Preparedness: With smartphones serving as lifelines during emergencies, users need to ensure their devices remain powered. Power banks offer a sense of security by providing a backup power source during crises. In response to these factors, mobile power banks have gained immense popularity. These portable chargers provide a practical solution to the growing concern of smartphone users who don't want to be constrained by the limitations of built-in batteries. Users now have the flexibility to charge their devices on the go, whether they are commuting, traveling, or simply out and about. As smartphone adoption continues to rise and technology further integrates into our lives, the demand for mobile power banks is expected to persist and grow, making them a fundamental accessory for millions of smartphone users worldwide.
Battery Life Concerns
Battery life concerns have been a significant driving force behind the growth of the global mobile power bank market. In today's hyper-connected world, where smartphones have become an integral part of our lives, the need for a reliable and long-lasting power source has never been more critical. Smartphone usage spans from communication and entertainment to work and navigation, and people rely on their devices for an ever-increasing range of activities. However, despite advancements in mobile technology, battery life remains a limiting factor. Smartphone batteries have improved, but the pace of innovation in battery technology hasn't kept up with the demands of modern users. This has resulted in the frustration of having to constantly monitor and conserve battery life throughout the day, particularly when traveling or spending extended periods away from electrical outlets.
As a response to these concerns, mobile power banks have emerged as a popular solution. These portable charging devices allow users to extend the life of their smartphones and other gadgets, ensuring that they stay connected and productive. Power banks have become an indispensable accessory for those who cannot afford to be tethered to a wall socket, whether they are on the move, commuting, or in areas with unreliable power supply. Moreover, the proliferation of power-hungry applications, such as streaming, gaming, and GPS navigation, has placed additional strain on smartphone batteries. This, in turn, amplifies the need for supplementary power sources. Power banks, with their various capacities and fast-charging capabilities, provide peace of mind to users who no longer have to worry about their devices dying when they need them the most. In conclusion, the persistent concerns over smartphone battery life have created a strong and growing demand for mobile power banks. These devices have effectively bridged the gap between the capabilities of modern mobile devices and the expectations of their users, ensuring that people can stay connected and productive in an increasingly mobile and digital world. As long as battery life remains a concern, the global mobile power bank market is likely to continue thriving, driven by the ever-growing need for portable power solutions.
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Key Market Challenges
Price competition is a double-edged sword in the global mobile power bank market, as it can simultaneously drive market growth and pose significant challenges for both manufacturers and consumers. While competition often leads to lower prices and increased affordability, excessive price pressure can hamper the market in several ways. Lower Profit Margins: The intense price competition in the mobile power bank market can erode profit margins for manufacturers. In an attempt to offer competitive prices, companies may need to cut costs, use lower-quality components, or engage in price wars, which ultimately impact their bottom line.
Reduced Investment in Innovation: When manufacturers are primarily focused on price competition, they may divert resources away from research and development. This can hinder the development of new technologies and features that would otherwise enhance product quality and user experience. Short-Term Perspective: Price-driven competition tends to prioritize short-term gains and rapid sales turnover. This approach can lead to a lack of focus on long-term sustainability and customer loyalty. Manufacturers may opt for quick, low-cost solutions that don't necessarily result in durable, reliable products.
Quality Sacrifice: In a bid to reduce costs and offer lower prices, some manufacturers may compromise on product quality and safety. This can result in substandard power banks that do not meet the necessary safety standards, posing risks to consumers. Market Consolidation: Price competition may lead to market consolidation, with smaller manufacturers unable to compete against larger, price-aggressive competitors. This can limit consumer choices and reduce diversity in the market. Consumer Confusion: Excessive price competition can result in a proliferation of low-cost, low-quality power banks that are difficult for consumers to distinguish from higher-quality products. This can lead to confusion, delayed purchasing decisions, and, in some cases, consumer dissatisfaction.
The proliferation of counterfeit products is a persistent and concerning challenge that has the potential to hamper the global mobile power bank market. Counterfeit power banks pose various threats to both consumers and legitimate manufacturers, creating a complex issue that requires continuous vigilance and proactive measures. Consumer Safety: Counterfeit power banks often cut corners in terms of quality and safety, using inferior materials and substandard components. This can result in overheating, short circuits, and even fires, posing serious safety risks to users. Consumers may unknowingly purchase these fake products, putting their devices and personal safety in jeopardy.
Reputation Damage: Counterfeit power banks tarnish the reputation of legitimate manufacturers and brands. When a counterfeit product fails to perform, consumers may mistakenly associate the poor experience with the genuine product, eroding trust and brand loyalty. Loss of Revenue: The prevalence of counterfeit products can significantly impact the revenue of legitimate manufacturers. As counterfeit power banks flood the market, they often undercut the pricing of genuine products, forcing authentic manufacturers to lower their prices to remain competitive. This can reduce profit margins and hinder investment in research and development.
Intellectual Property Infringement: Counterfeit products frequently involve the unauthorized use of trademarks, designs, and patents, leading to intellectual property rights violations. The legal and financial costs of protecting intellectual property and pursuing counterfeiters can be substantial for legitimate manufacturers. Market Confusion: Counterfeit power banks can create market confusion, as consumers struggle to distinguish between genuine and fake products. This confusion can delay purchasing decisions and hinder market growth. Supply Chain Complications: The infiltration of counterfeit products into the supply chain can complicate the distribution of legitimate power banks. It may also make it difficult for consumers to trace the source of their purchases and obtain proper warranties or customer support.
To address these challenges and mitigate the negative impacts of counterfeit products, various stakeholders, including governments, industry associations, and legitimate manufacturers, can take the following steps: Increased Awareness: Consumer education campaigns can inform individuals about the risks of counterfeit products and provide guidance on how to identify genuine power banks. Stringent Regulation and Enforcement: Governments can enact and enforce strict laws and penalties against counterfeit product manufacturing, distribution, and sales. Trademark Protection: Legitimate manufacturers should invest in robust trademark protection strategies to safeguard their brand identity and intellectual property.
Enhanced Packaging and Authentication Features: Manufacturers can incorporate advanced packaging and authentication features in their products to make it more challenging for counterfeiters to replicate them. Collaboration and Reporting: Industry associations, manufacturers, and consumers should work together to identify and report instances of counterfeit products, enabling timely action against counterfeiters. Customs and Border Control Measures: Customs agencies can implement stringent checks and controls at ports of entry to prevent counterfeit power banks from entering the market.
E-commerce Platform Vigilance: E-commerce platforms can implement stricter policies and verification processes to detect and remove counterfeit product listings. By taking these proactive measures, stakeholders can collectively combat the issue of counterfeit power banks and help protect consumers, preserve the reputation of legitimate manufacturers, and ensure the continued growth and sustainability of the global mobile power bank market.
Rapid Technological Advancements
While rapid technological advancements have been a driving force behind the growth of the global mobile power bank market, they also present potential challenges and threats to the industry. These advancements can both benefit and hinder the market in several ways:
Product Obsolescence: The fast pace of technological innovation means that power banks can quickly become obsolete. New charging standards, more efficient batteries, and improved energy storage technologies are continually emerging. This can lead to a decreased demand for older power bank models, making it difficult for manufacturers to maintain their product lines. Compatibility Issues: As charging technologies and device ports evolve, power banks must keep up to remain compatible with the latest gadgets. Consumers may find it frustrating if their existing power banks are no longer compatible with their newer devices, leading to decreased customer satisfaction and the need to invest in updated accessories.
Higher Manufacturing Costs: Staying at the forefront of technological advancements often requires investment in research and development, as well as incorporating more expensive components and materials into power bank designs. This can drive up manufacturing costs, potentially impacting product pricing and profit margins. Product Complexity: As new features and technologies are integrated into power banks, they can become more complex. While advanced features are appealing to some consumers, a higher level of complexity can deter others who prefer simpler, more straightforward solutions.
Evolving Battery Technologies: Developments in battery technology, such as solid-state batteries and supercapacitors, have the potential to disrupt the mobile power bank market by offering more compact, higher-capacity, and faster-charging solutions. If these technologies become widely adopted, traditional power banks may face stiff competition. Market Competition: Rapid advancements encourage more manufacturers to enter the mobile power bank market. The increased competition can drive down prices and reduce profit margins, making it challenging for established brands to maintain their market positions. Customer Confusion: Constant technological changes can lead to consumer confusion as they try to keep up with the latest trends and standards. This confusion may result in delayed purchasing decisions and slower market growth.
Environmental Impact: Technological advancements often lead to a faster turnover of electronic devices, contributing to electronic waste. The disposal and recycling of older power banks pose environmental challenges that the industry must address. To overcome these challenges, power bank manufacturers must focus on innovation, adaptability, and quality. They need to invest in research and development to stay competitive in terms of technology while ensuring that products remain user-friendly and compatible with a wide range of devices. Additionally, manufacturers can explore sustainable practices and responsible disposal strategies to address environmental concerns. By effectively managing these challenges, the mobile power bank market can continue to thrive in an ever-evolving technological landscape.
Key Market Trends
Wireless Charging Integration
Wireless charging integration is poised to drive the global mobile power bank market to new heights. As consumer electronics increasingly adopt wireless charging technology, the demand for power banks with this feature is on the rise. This trend is fueled by several key factors, Convenience: Wireless charging eliminates the need for cumbersome cables, making the charging process more convenient and hassle-free. Users can simply place their devices on the power bank's charging surface, streamlining the charging experience.
Compatibility: With the adoption of Qi wireless charging standards by major smartphone manufacturers, wireless power banks have become compatible with a wide range of devices. This universal compatibility caters to a broader consumer base. Portability: Wireless power banks are compact and lightweight, making them highly portable. Users can easily slip them into pockets or bags, ensuring they have a backup power source whenever they need it.
Reduced Cable Clutter: With the increasing number of devices individuals carry, wireless power banks help reduce cable clutter in bags and on desks. This feature is particularly appealing to users who value an organized and neat workspace. Safety and Efficiency: Wireless power banks incorporate safety features like overcharge protection, short-circuit prevention, and temperature control. They also tend to be energy-efficient, optimizing charging while minimizing waste.
Futureproofing: As more devices embrace wireless charging, wireless power banks offer a degree of futureproofing. Users can invest in these power banks with confidence, knowing they'll be compatible with upcoming gadgets. The integration of wireless charging technology not only enhances the mobile power bank's functionality but also aligns with the broader consumer trend toward convenience and cable-free solutions. As a result, it is anticipated that wireless charging integration will continue to be a driving force behind the growth of the global mobile power bank market, catering to the evolving needs of modern consumers.
Charging Mode Insights
Wireless Charging is expected to hold the largest share of Mobile Power Bank market for during the forecast period, The fastest emerging trend in the future of the workplace is turning out to be the concept of ‘work from anywhere.’ Workplaces are getting on board with innovative technology-enabled wireless charging and are integrating this into their existing technology to provide an excellent touchless experience for employees. They are also using the resulting data to optimize the safety and efficiency of their areas.
Amid the rise of Qi, some power bank manufacturers have started making non-compliant or counterfeit products with misleading labels like “Qi compatible” or “Qi-enabled,” often with illegally-used Qi logos. Different consumers surveyed by technology associations across the globe agreed that Qi-Certified offers distinct advantages in a wireless charging power bank product to ensure safety, compatibility, and reliability.
The shift to de-densifying real estate to allow for social distancing, coupled with dynamic work patterns, naturally leads to looking at hotelling shared desks. However, shared resources don’t come without safety challenges, and any process needs a simple way for employees to identify available desks by cleaning schedules and a social distancing policy. This will further boost the demand for wireless power banks in the post-COVID-19 pandemic scenario.
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Asia Pacific is expected to dominate the market during the forecast period. The growth of the Asia-Pacific power bank market is boosted by the increasing use of consumer electronic devices, especially smartphones and tablets, increased power consumption of electronic devices owing to technological advancements, and electric outage. Moreover, rising disposable income, growing urban population, and increasing penetration of smartphones and tablets in rural regions are some of the significant factors that are expected to fuel the adoption of power banks in Asia-Pacific over the forecast period. An increase in the user base of electronic devices is mainly stimulating the growth of the power bank market in the Asia Pacific countries. This is backed by growing government initiatives to aid the smartphone and electronic manufacturing sector and technological advancements leading to a reduction in lithium-ion battery costs.
- January 2023 - Consumer electronics brand Ambrane has announced the launch of Stylo Boost Power Bank with a 40000mAH battery capacity, a 60W ultrafast charging capacity, and the capability of charging smartphones and laptops.
- February 2023 - UBON launched a new PB-X35 Transparent Power Bank in India that stands out from other power banks in the market due to its unique transparent aesthetic. It facilitates a peak power output of 22.5 watts, allowing phones to get charged quickly and also features twin input charging connectors and a 2.0A output charging port, allowing to charge two devices simultaneously. To ensure the safety of the charger and the devices, the power bank has overheating protection, short circuit protection, and overcharge protection.
Key Market Players
- Xiaomi Corporation
- Lenovo Group Limited
- BBK Electronics (Realme)
- Panasonic Corporation
- Koninklijke Philips NV
- Sony Corporation
- ADATA Technology Co. Ltd
- Ambrane India Pvt. Ltd.
- Intex Technologies (India) Ltd
By Capacity Range
By Charging Mode
- 10,000mAh -13000mAh