Industry: Consumer Goods
Published Date: January-2025
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 181
Report ID: PMRREP33479
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.
Key Highlights of the Market
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, 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.
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,
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.
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.
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,
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,
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.
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,
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,
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.
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.
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.
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
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 |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization and Pricing |
Available upon request |
By Capacity Range
By Energy Source
By Battery Type
By Distribution Channel
By Region
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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.