Power Bank Market to Witness Tremendous Growth in Forecasted Period 2022-2031

Power banks are portable charging devices through which batteries are charged by the transfer of energy. These products are small and easy to carry in pockets. Power banks are widely used to charge electrical devices such as smartphones, tablets/laptops, and cameras. Requirement of frequent charging of electronic gadgets has resulted in the rise in demand for power banks. Increase in tourism and fast lifestyle are also key factors driving the demand for power banks. People travelling for longer durations use power banks to charge their electronic devices. Generation X and the millennial population tend to work more on laptops and use smartphones extensively. Thus, demand for power banks has been rising among these segments.

People are increasingly opting for power banks with high charging capacity mostly above 20,000 mAh, as they prefer to charge multiple gadgets at the same time. Additionally, electronic devices with increased efficiencies require efficient battery performance. Usage of power banks is not just limited to indoors; people are increasingly using power banks while hiking, camping, traveling, and during other outdoor activities. This is expected to boost the demand for power banks during the forecast period.

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Introduction of hydrogen cells and solar power banks has reduced the dependence on the electrical energy source to some extent. The usage of power banks has undergone a change; from a backup charger, power bank has become an independent source of energy, as the battery of solar and hydrogen cell power bank charges itself. There is no need for an electric point. The best solar power banks are reviewed and rated on different e-commerce websites so that customers can make an informed decision before making the purchase.

Customers are increasingly looking for convenient options such as fast charging in a portable battery. Wireless power bank is one of the best power banks in the market where the charging can be done by touching the wire or by just tapping the power bank. Manufacturers are also carrying out innovations in portable charging cases to diversify their product portfolios.

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Based on product type, portable power banks segments holds the largest share of the power bank market. Increase in usage of electronic devices such as smartphones, tablets, iPads, and laptops across the globe has resulted in a rise in demand for portable power banks. The primary benefit of portable battery chargers is their ability to provide stable power in times of need. Everyone is always online these days. Hence, these devices need constant power to keep up with the way the owners use them.

The average daily social media usage of internet users across the globe amounted to 147 minutes per day in 2022, up from 145 minutes in 2021. Currently, the country with the most time spent on social media per day is the Philippines, with online users spending an average of three hours and 53 minutes on social media each day. The daily time spent on social media in the U.S. is just two hours and three minutes. Hence, companies are increasing the availability of some of the best portable phone chargers in the market.

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Smartphones is the primary target market for power banks. In terms of application, the smartphones segment holds the largest share of the power bank market. Smartphones are the most used electronic devices for recharging through power banks around the globe, followed by laptops and tablets. This is due to the presence of higher number of smartphones compared to any other electronic device across the globe.

In 2021, there were ~6.648 billion smartphone users globally, which makes it 83.72% of the world's population. This number is expected to increase to 7.33 billion by the end of 2025.

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