Power Banks Market Size, Share, and Growth Forecast for 2025 - 2032

Power Banks Market by Capacity Range (Up to 3,000 mAh, 3,001 mAh to 8,000 mAh, 8,001 mAh to 20,000 mAh, Above 20,000 mAh), Energy Source (Electric, Solar), Battery Type, Distribution Channel, and Regional Analysis from 2025 to 2032

Industry: Consumer Goods

Published Date: January-2025

Format: PPT*, PDF, EXCEL

Delivery Timelines: Contact Sales

Number of Pages: 181

Report ID: PMRREP33479

Report Price

$ 4995*

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Power Banks Market Size and Share Analysis

The global power banks market is estimated to reach a size of US$ 12.4 Bn in 2025. It is predicted to rise at a CAGR of 7.4% through the assessment period to attain a value of US$ 20.6 Bn by 2032.

Growing smartphone penetration and rising population of outdoor enthusiasts are driving the global demand for portable power banks. Surging reliance on power-backed devices, such as smartphones, laptops, and tablets, has led to a rising demand for power banks with larger capacities, typically over 20,000mAh.

Coupled with developments in fast-charging technology, such as USB-C Power Delivery (PD) and Quick Charge, consumers are seeking products that can charge their devices faster and more efficiently. Brands offering these high-capacity, fast-charging power banks are becoming increasingly popular among tech-savvy users.

Based on energy source, the solar segment is anticipated to witness a significant CAGR of 17.1% through 2032 due to increasing demand for eco-friendly, off-grid power solutions. It is particularly evident among outdoor enthusiasts and consumers in regions with unreliable electricity access, as well as growing trend toward sustainable energy sources.

power banks market Outlook, 2019-2032

Key Highlights of the Market

  • Rising smartphone penetration in less electrified countries is set to propel demand for power banks.
  • Growing population of new generation hiking and trekking enthusiasts is driving demand for portable power banks.
  • Adoption of wireless charging technology is set to create a rising demand for power banks among premium smartphone users.
  • North America is estimated to witness a CAGR of 18.5% through 2025 due to rising adoption of hybrid work models in the U.S.
  • South Asia and Oceania is surging at a significant pace due to increasing smartphone adoption and rising demand for affordable charging solutions.
  • Based on distribution channel, the online segment is anticipated to hold a share of 53% in 2025.
  • In terms of capacity range, the 8,001 to 20,000 mAh segment is projected to account for a share of 69% in 2025.

Market Attributes

Key Insights

Power Banks Market Size (2025E)

US$ 12.4 Bn

Projected Market Value (2032F)

US$ 20.6 Bn

Global Market Growth Rate (CAGR 2025 to 2032)

7.4%

Historical Market Growth Rate (CAGR 2019 to 2023)

3.9%

North America Sees Steady Growth as Smartphone Shipments Skyrocket

North America, particularly the U.S., dominates the global power banks market due to high smartphone penetration and substantial smartphone shipments. With a penetration rate of around 89%, the U.S. leads globally in smartphone adoption, reflecting a tech-savvy consumer base that relies heavily on portable devices. This high usage creates a strong demand for supplementary charging solutions like power banks to ensure uninterrupted connectivity.

North America is projected to hold a share of 26% in 2025. The U.S. recorded smartphone shipments of 130 million units in 2023, underscoring its robust consumer electronics market. The country’s unique retail infrastructure and widespread availability of premium power bank brands further boost sales.

North America's inclination toward outdoor activities, travel, and hybrid work models amplifies the need for portable power solutions. This is set to solidify its position as the most prominent market for power banks globally.

Demand for Above 20,000 mAh Power Banks Surges with Reliance on Portable Gadgets

High-capacity power banks have become increasingly popular among consumers seeking prolonged battery life and the ability to charge multiple devices. With rising dependence on portable gadgets such as smartphones, gaming consoles, and laptops, power banks with capacities of 20,000mAh and above are becoming essential.

The devices cater to heavy-duty users by providing extended power backup and are often equipped with novel features like fast charging and Power Delivery (PD) standards. The preference for high-capacity power banks reflects the broad consumer trend of prioritizing performance and reliability in portable charging solutions.

Shift toward high-capacity power banks mirrors consumer priorities for performance and efficiency in portable charging solutions. Recent product launches demonstrate manufacturers' focus on innovation to meet evolving demands. For instance,

  • In November 2024, Anker Innovations launched the Zolo Power Bank 25K with a massive 25,000mAh capacity and 165W output, featuring built-in retractable USB-C cables.
  • In August 2024, Xiaomi introduced the Power Bank 4i in India, a 20,000mAh device designed for extended use.
  • Similarly, in May 2024, Samsung launched high-capacity power banks with 20,000mAh capacity and 45W fast charging, capable of charging three devices simultaneously.

Such products demonstrate the industry’s focus on addressing consumer needs for reliable and powerful portable charging solutions. Owing to the aforementioned factors, the above 20,000 mAh segment is projected to witness a CAGR of 6.4% through 2032.

Companies Launch Solar Power Banks in Remote Areas Needing Cost-effective Solutions

Introducing solar power banks in the low-price segment offers a valuable opportunity for the global power banks industry. As demand for eco-friendly and affordable charging solutions grows, solar-powered power banks cater to these needs by providing a renewable, off-the-grid power source.

The devices are particularly appealing in regions with limited access to electricity, such as parts of Southeast Asia, Sub-Saharan Africa, and Latin America, where power outages or lack of infrastructure make conventional charging methods difficult. Solar power banks can serve as a reliable alternative for charging mobile devices in remote areas.

Rising penetration of smartphones in emerging markets further amplifies the need for affordable and sustainable charging solutions. As the price of solar panels continues to decrease, the cost of manufacturing solar power banks has become more affordable, allowing companies to introduce these products at lower price points. This trend makes solar power banks accessible to budget-conscious consumers, especially in developing regions where affordable power banks are in high demand.

Solar power banks align with the global push for renewable energy and sustainability. Consumers, particularly in developing economies, are increasingly becoming aware of environmental issues and are seeking products that reduce dependency on fossil fuels and minimize carbon footprints. These power banks offer a green solution that helps address energy shortages while promoting sustainability. Due to the above mentioned factors, the segment will likely witness a CAGR of 17.1% through 2032.

Power Banks Market Introduction and Trend Analysis

The global power banks market is rapidly evolving, with multi-functional power banks emerging as a key trend. Consumers today demand products that offer versatility, convenience, and unique functionalities beyond traditional charging capabilities.

Multi-functional power banks now incorporate features like wireless charging, built-in retractable cables, multiple device charging, and even phone stands, catering to increasing reliance on portable devices. For example,

  • In February 2024, Ambrane India Pvt Ltd. launched the AeroSync Quad, a 4-in-1 device combining a power bank, wireless charger, wireless power bank, and phone stand.
  • Similarly, in October 2024, Xiaomi introduced the Power Bank Lite Set globally. It is a 10,000mAh power bank equipped with two USB Type-A ports and one USB Type-C port, enabling simultaneous charging of up to three devices.

Wireless charging technology is revolutionizing the global power banks industry, driven by rising adoption of wire-free charging devices and increasing consumer demand for convenience. Wireless power banks eliminate the need for multiple charging cables, offering a sleek, clutter-free, and efficient solution for users on the go.

Innovations in Qi2-certified technology have made wireless charging faster and more reliable, establishing itself as a key feature in modern power banks. This innovation aligns with consumer preferences for cutting-edge technology and seamless usability, making wireless charging a key differentiator in the competitive market. For example,

  • In September 2024, Anker, a leading brand launched the MagGo Qi2 Slim Power Bank 5K, featuring 15W Qi2-certified wireless charging. The company also extended its Qi2-compatible lineup with products like the MagGo Wireless Charging Station and MagGo Power Bank. These are designed to meet Qi2 MPP standards and support devices such as the iPhone 12 series.

power banks market insights and key trends

Historical Growth and Course Ahead

The global power banks market recorded a CAGR of 3.9% in the historical period from 2019 to 2023. The sudden drop in sales of smartphones due to COVID-19 pandemic and slowdown in economies resulted in a lower growth rate in the market. However, the shift toward online distribution channels has sustained the supply of power banks.

Demand for power banks is set to bolster through 2032 owing to rising demand for wireless portable chargers. With the introduction of wireless charging technologies, several smartphone manufacturers are shifting toward the new charging technology.

Power banks are positioned to gain momentum during this transition. Also, the introduction of multi-purpose power banks and solar-backed power banks has boosted demand from trekking and hiking enthusiasts as they seek long duration portable charging options.

Market Growth Drivers

Rising Smartphone Users and Increased Screen Time to Boost Demand

Rapid growth in the number of smartphone users globally, coupled with a significant increase in screen time, has become a critical driver for the global power banks market. For instance,

  • According to recent data, the number of smartphone users worldwide has surpassed 6.8 billion in 2024, representing around 85% of the global population.

The widespread adoption has been further amplified by the surge in affordable devices and increased internet penetration. It is especially evident in emerging economies such as India, Brazil, and Southeast Asia.

Smartphones are becoming essential tools for communication, entertainment, education, and remote work. Hence, users now spend an average of 4 to 6 hours daily on their devices. This includes 2 hours and 23 minutes scrolling through social media, 1 hour and 25 minutes streaming music, and 49 minutes listening to podcasts.

Notably, most of this screen time, i.e. 3 hours and 50 minutes, is spent using mobile devices. This rising reliance has led to increasing concerns over battery life, creating a robust demand for power banks as a reliable solution to sustain device functionality throughout the day.

Hiking and Trekking Enthusiasts to Augment Demand Worldwide

Rise of new generation hiking and trekking enthusiasts is boosting demand for portable power banks. Outdoor activities like hiking, camping, and trekking have grown in popularity, especially among millennials and Gen Z. For example,

  • According to a 2023 Outdoor Industry Association report, over 58 million people in the U.S. participated in these activities, which was a 15% increase in five years.
  • Globally, adventure tourism is gaining momentum in regions like Europe and Asia Pacific.

Portable power banks are essential for powering smartphones, GPS devices, cameras, and wearables that are critical tools for navigation, safety, and capturing moments. Devices with high capacity (10,000mAh+), fast charging, multiple ports, and solar charging capabilities are highly sought after. Solar-powered models, in particular, are favored by trekkers for their eco-friendly and sustainable energy solutions.

Market Restraining Factors

Low Energy Efficiency of Wireless Power Banks May Hamper Demand

Wireless charging power banks offer convenience but face criticism for lower energy efficiency compared to wired models, with up to 30% energy loss during transmission, according to the U.S. Department of Energy. This inefficiency increases electricity consumption and greenhouse gas emissions, raising environmental concerns.

For consumers, less efficient systems lead to high electricity bills, while the added energy demand strains power grids and increases reliance on non-renewable energy, exacerbating climate change. As sustainability becomes a priority, these inefficiencies face growing scrutiny, particularly among eco-conscious individuals.

To address this, manufacturers are working to improve efficiency through developments like resonant charging systems that reduce energy loss. However, high development costs and infrastructure needs may delay widespread adoption.

Key Market Opportunities

Rising Adoption of Wearable Devices like Smartwatches to Create Opportunities

Rapid adoption of wearable devices and IoT applications presents a significant growth opportunity for the global power banks industry. Wearables like fitness trackers, smartwatches, and health monitors rely on battery power, but their compact size limits battery capacity, driving demand for portable charging solutions. Similarly, IoT devices such as smart home gadgets and outdoor sensors often require periodic charging, especially in remote areas where traditional power sources are unavailable.

Power banks provide a practical solution for these devices, particularly in scenarios like camping, travel, or fieldwork. Specialized power banks with features like wireless charging, multi-device compatibility, and fast-charging capabilities are increasingly appealing. Novel models with USB Type-C ports and AI-powered power management enhance charging efficiency, further boosting their utility.

As wearables and IoT devices continue to surge in functionality and usage, demand for portable power solutions is anticipated to rise significantly. It is estimated to help in solidifying power banks as essential accessories for consumers and businesses alike.

Competitive Landscape for the Power Banks Market

The global power banks industry is dominated by several China-based players due to technological and raw material advantage in the manufacturing of cheap and high performance power banks. However, key players from emerging markets are posing a tough competition with their low-price product segments.

The power banks industry is classified as fragmented with the presence of several market participants. However, the top players account for one-fifth of the market share. New players in the market are focusing on creating environmentally friendly batteries from recycled materials.

Established players are still focused on launching new products with modifications in designs, energy efficiencies, and charging technologies. Most of the players are focusing on fast charge and wireless power banks segments that are in high demand in the market.

Recent Industry Developments

  • In May 2024, Samsung launched two new power banks featuring triple-port charging capabilities, allowing users to charge smartphones, cameras, and gaming consoles simultaneously. These developments underscore the high focus on multi-functional power banks to meet diverse consumer requirements.
  • In August 2024, Xiaomi launched a new line of products in India. The product lineup includes Power Bank 4i, Pocket Power Bank Pro, redmi Watch 5Active. Power Bank 4i has a capacity of 20000mAH whereas Pocket Power Bank Pro has a capacity of 10000mAH.
  • In October 2024, Anker Innovations launched a new collection of Zolo chargers and power banks.  The power bank series features built-in USB-C cables and is available in two models 10,000mAh and 20,000mAh. Additionally, the charger series is available in 30W and 20W models and offers features such as temperature control and fast charging. Both charger and power bank series include digital display enabling an individual to monitor the product's battery life in real-time.
  • In June 2024, Belkin announced the launch of a new lineup of BoostCharge Pro Magnetic Power Bank. These power banks feature Qi2 wireless charging, with the capacity options of 5000 and 10000. These are available in five colors including sand, cyber lime, gold, blue, and pink. The product lineup is available on Apple.com and selected retail stores of Apple across the globe.
  • In October 2024, OtterBox announced the launch of a wireless power bank for hazardous environments. This device is certified with UL solutions that aid in hazardous locations. It also offers unique technology streamlining efficiency, communication, and safety in energy work and manufacturing environments. The power bank is compatible with Defender Series Division 2 iPhone case line.

Power Banks Market Report Scope

Attributes

Details

Forecast Period

2025 to 2032

Historical Data Available for

2019 to 2023

Market Analysis

US$ Billion for Value

Units for Volume

Key Regions Covered

  • North America
  • Europe
  • East Asia
  • South Asia and Oceania
  • Middle East and Africa
  • Latin America

Key Market Segments Covered

  • Capacity Range
  • Energy Source
  • Battery Type
  • Distribution Channel
  • Region

Key Companies Profiled in the Report

  • Anker Technology Co. Ltd.
  • Xiaomi Corporation
  • Samsung SDI Co., Ltd.
  • RAVPower (by Sunvalley)
  • AUKEY
  • Ambrane India Private Ltd.
  • ASUSTeK Computer Inc.
  • Lenovo Group Ltd.
  • Sony
  • Otterbox
  • Mophie
  • Philips
  • GoalZero
  • Baseus

Report Coverage

  • Market Forecast and Trends
  • Company Share Analysis
  • Competitive Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization and Pricing

Available upon request

Power Banks Market Segmentation

By Capacity Range   

  • Upto 3000 mAh
  • 3001 to 8000 mAh
  • 8001 to 20000 mAh
  • Above 20000 mAh

By Energy Source

  • Electric
  • Solar

By Battery Type

  • Lithium-ion
  • Lithium Polymer

By Distribution Channel

  • Online
  • Offline

By Region

  • North America
  • Europe
  • East Asia
  • South Asia and Oceania
  • Latin America
  • Middle East and Africa

To know more about delivery timeline for this report Contact Sales

Companies Covered in This Report

  • Anker Technology Co. Ltd.
  • Xiaomi Corporation
  • Samsung SDI Co., Ltd.
  • RAVPower (by Sunvalley)
  • AUKEY
  • Ambrane India Private Ltd.
  • ASUSTeK Computer Inc.
  • Lenovo Group Ltd.
  • Sony
  • Otterbox
  • Mophie
  • Philips
  • GoalZero
  • Baseus

Frequently Asked Questions

The power banks industry size is set to be US$ 12.4 Bn in 2025.

Lithium polymer batteries are in high demand for power banks.

In North America, the market is set to witness a CAGR of 18.5% through 2032.

The industry in India is set to rise from US$ 0.7 Bn in 2025 to US$ 1.3 Bn by 2032.

A few of the leading players in the market are Xiaomi, Anker, Belkin, Lenovo, and Ambrane.

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