Power Bank Market Size

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.

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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.