Power Bank Market Analysis Report By Capacity Range, By Distribution Channel, By Battery Type, By Energy Source, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global power bank market size was accounted for USD 6.8 billion in 2019 and projected to grow with a CAGR of 18.4% over the forecast period, from 2020 to 2027. An increase in the number of smartphone users coupled with advancements in mobile features has led to the high power consumption of batteries, which is expected to boost the demand for power banks during the forecast period. In addition, the availability of a wide range of power banks through online retail channels is further anticipated to drive market growth. Moreover, smartphone penetration has increased across several countries such as Brazil, China, and India due to the easy availability of new technologies in smartphones at affordable prices. Thus, the rise in the popularity of smartphones is projected to propel market growth over the forecast period.

Power banks allow users to recharge devices like tablets, smartphones, and other electronic devices with USB connectivity. Though rapid development in technologies, smartphones, and tablets has still limited capacity batteries, thereby, the demand for power banks is expected to gain traction during the forecast period. Various activities such as browsing social media, online shopping and food ordering run on smartphones and tablets which deplete the battery due to their limited capacity. This factor is expected to propel the demand for power banks over the projected period.

The power consumption of electronic devices has increased due to technological advancement in their features and the growing trend of online retail channels. In addition, the introduction of new technologies in consumer electronics like artificial intelligence and IoT coupled with growing penetration of internet usage has surged the usage of gadgets, thereby, expected to drive the power bank market growth.

Further, cost reduction in power banks is expected to fuel the market growth.  The growing domestic production of power banks and the emergence of new market players have reduced power bank prices. Intense competition among industry players has led to competitive pricing for power banks. The global market is highly competitive due to the presence of domestic and international market players.

Capacity Range Insights

The market, based on the capacity range, is segmented into 8001 mAh-20,000 mAh, 3,000 mAh, 3,001 mAh-8,000 mAh, and above 20,000 mAh. In 2019, the 8,001 mAh-20,000 mAh segment held the largest market share of more than 34% and was projected to account for maximum revenue during the forecast period. The growing trend of digitalization is a key factor fueling the segment growth. The ongoing trend of online shopping, food ordering, and e-banking has increased the usage of smartphones, thereby, expected to propel the demand for high-capacity range power banks.

The high adoption of smartphones led to a rise in data consumption which continuously drains the battery power due to running multiple applications such as internet browsing, sending emails, gaming, messaging, personal entertainment, and other activities. Therefore, the ability of the power banks to charge these devices multiple times is expected to drive the segment growth in the next few years.

Battery Type Insights

Based on battery type, the market is fragmented into lithium-ion and lithium polymer. In 2019, the lithium-ion segment accounted for more than 80.0% market share due to its several advantages such as high energy density, low maintenance, and lower self-discharge. However, these batteries have an expensive production process due to high material costs and complex manufacturing processes.

The Li-polymer battery is expected to emerge as the fastest-growing segment during the forecast period. These batteries are moldable, flat in shape, and lightweight, thereby offer sleek and compact power banks. Key manufacturers operating in this market are Hitachi Maxell; OnePlus; Panasonic Corporation; and China Bak Battery Inc.

Energy Source Insights

Based on the energy source, the market is segmented into solar and electric. In 2019, the electric segment accounted for the largest market share, as it offers several benefits like compactness, low cost, lightweight, and easy availability. On the other hand, the solar segment is projected to grow with the fastest CAGR of over 19.0% during the forecast period. This growth is attributed to the increasing awareness regarding energy-efficient and eco-friendly products among consumers.

These days, the majority of people carry multiple electronic devices that create a need for a portable energy source to recharge their devices. Therefore, power banks help to recharge these electronic devices when users cannot access the electric plug pint. These power banks are majorly used while traveling as well as in emergencies. On the other hand, solar power banks are expected to gain popularity due to their benefit of recharge without electricity.

Distribution Channel Industry Insights

By distribution channel, the power banks market is segmented into brick & mortar and e-commerce. The e-commerce segment is expected to witness substantial growth during the forecast period owing to the high penetration of internet and smartphone users. This segment is projected to grow with the highest CAGR in the Asia Pacific due to robust industrial development in countries like China, South Korea, India, Japan, and others. Moreover, digitalization and growing penetration of the internet across several end-use verticals are key factors projected to further boost the segment growth in these countries. Companies such as Flipkart and Alibaba offer online retail channel platforms for consumers to provide a wide range of consumer electronics devices which is expected to propel the market growth in the next few years.

The online distribution channel is gaining traction across the globe. Multi-category retailers and multi-brand are fueling e-commerce-channel growth. In the past, this distribution channel was associated with apparel, appliances, and electronic gadgets; however, currently, it’s becoming more popular in several industries and sectors. In the market, the online channel segment has gained significant market share in Europe and North America. On the other hand, MEA and the Asia Pacific are expected to gain momentum in the next few years, as they majorly depend on direct selling and hypermarkets. The rapid growth of online distribution channels is driving significant demand for power banks due to factors like the availability of offers & discounts and a wide range of brands and price ranges.

Regional Insights

In 2019, Asia Pacific led the global market due to the growing trend of digitalization, penetration of e-commerce portals, and availability of power banks with affordable cost. This region is projected to gain significant market share during the forecast period. This is due to the growing demand for power banks coupled with an increasing number of electronic devices users.

Further, Asia Pacific is expected to emerge as the fastest-growing region throughout the forecast period due to the increasing demand from several countries such as China, Japan, South Korea, India, and Southeast Asian countries and they are also becoming manufacturing hubs.

Impact of COVID-19

The consumer electronics industry is affected adversely due to the outbreak of the COVID-19 pandemic across the globe. Hypermarkets, supermarkets, and showrooms of leading brands have been shut down which led to a decrease in sales of various consumer electronics products including power banks. Several countries are dependent on China as they import consumer electronics in a large amount. Their import has been hit hard due to the COVID-19 outbreak which has highly affected the sales of power banks.

However, some market players are launching new products to strengthen their footprints despite the pandemic situation. For instance, in June 2020, Xiaomi introduced a massive 30,000 mAh power bank along with quick charge technology. Hence, the introduction of new products is expecting a speedy recovery for this industry.

Power Bank Market Share Insights

The key players include in this market are Panasonic Corporation; Sony Corporation; Beijing Xiaomi Technology Co. Ltd.; Microsoft Corporation; Lenovo Group Ltd.; AsusTeK Computer Inc.; Anker Technology Co.; Ambrane India Private Limited.; and Intex Technologies. Companies such as Beijing Xiaomi Technology Co., Ltd.; Sony Corporation; and Microsoft Corporation are adopting strategies like new product launches to offer advanced devices and expand their geographical presence across the globe For example, in 2017, Xiaomi introduced Mi Power Bank 2i Range that includes 10,000 mAhMi Power Bank 2, and 2,000 Mahi Power Bank 2.

Key players are also focusing on partnerships with domestic industry players to expand their footprints in emerging countries. For example, in 2018, Microsoft Corporation partnered with InMobi to power a new cloud-based enterprise (Microsoft Azure) platform. This partnership allows InMobi and Microsoft Corp. to collaborate on technology and combines marketing strategies.

Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global power bank market report based on capacity range, distribution channel, battery type, energy source, and region:

• Capacity Range Outlook (Revenue, USD Billion, 2016 - 2027)
    • Up to 3,000 mAh
    • 3,001 mAh-8,000 mAh,
    • 8,001 mAh-20,000 mAh
    • Above 20,000 mAh

• Energy Source Outlook (Revenue, USD Billion, 2016 - 2027)
    • Electric
    • Solar

• Battery Type Outlook (Revenue, USD Billion, 2016 - 2027)
    • Lithium-ion
    • Lithium Polymer

• Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2027)
    • E-commerce
    • Brick and Mortar

• Regional Outlook (Revenue, USD Billion, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • U.K.
        • Germany
        • France
    • The Asia Pacific
        • China
        • Japan
        • India
    • South America
        • Brazil
    • Middle East & Africa