| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 11.78 Billion |
| Market Size (2029) | USD 17.89 Billion |
| CAGR (2024-2029) | 7.05% |
| Fastest Growing Segment | 10,000 mAh–13,000 mAh |
| Largest Market | Asia Pacific |
Market Overview
The global market for mobile power banks was estimated to be worth USD 11.78 billion in 2023 and is expected to grow at a strong rate during the forecast period, with a compound annual growth rate (CAGR) of 7.05% through 2029.
Download Free Sample Ask for Discount Request Customization
Key Market Drivers
Increasing Smartphone Adoption
One of the main factors propelling the expansion of the global mobile power bank market is the growing use of smartphones worldwide. Smartphones are now commonplace and offer much more functionality than just basic communication. Mobile power banks are an essential accessory since the need for dependable and practical power sources has increased due to smartphones' increasing influence in our daily lives. The use of smartphones has increased dramatically across a range of demographics, from urban to rural. Numerous important factors are driving this proliferation, including Cost-effectivenessA wider range of people can now own a smartphone thanks to the availability of reasonably priced models. The need for power banks has increased as a result of the democratization of technology access.
Technological DevelopmentsWith features like bigger screens, better cameras, and quicker processors, smartphones are always getting better. Although these developments improve the user experience, they frequently use more power, making the need to use a power bank more urgent. Numerous Use CasesSmartphones are tools for work, entertainment, education, and health in addition to being communication devices. Power banks provide the longer battery life that is consistently needed due to the variety of smartphone use cases. Internet connectivityAs 4G and 5G networks become more widely available, smartphones enable users to access a variety of internet-based services and applications, ranging from e-commerce to social media and streaming. The increased dependence on smartphones as a result of this connectivity makes additional power sources necessary.
Global ConnectivitySmartphones' portability makes it possible to connect and access information anywhere in the world, which is essential for both personal and professional purposes. Power banks are a necessity for business professionals, digital nomads, and travelers who depend more and more on their smartphones for navigation and remote work.
Emergency PreparednessUsers must make sure their smartphones are charged because they are lifelines in an emergency. By acting as a backup power source in an emergency, power banks give people a sense of security. Mobile power banks have become incredibly popular as a result of these factors. Users of smartphones are becoming increasingly concerned about the limitations of built-in batteries, and these portable chargers offer a workable solution. Whether they are traveling, commuting, or just out and about, users can now charge their devices while they are on the go. It is anticipated that the demand for mobile power banks will continue to increase as smartphone adoption rises and technology becomes more integrated into our daily lives, eventually becoming a necessary accessory for millions of smartphone users globally.
Battery Life Concerns
Concerns about battery life have been a major factor in the expansion of the worldwide market for mobile power banks. The need for a dependable and long-lasting power source is more important than ever in the hyperconnected world of today, where smartphones have become an essential part of our daily lives. Individuals use smartphones for a growing number of purposes, ranging from work and navigation to communication and entertainment. But even with improvements in mobile technology, battery life is still a constraint. Although smartphones now have better batteries, the rate of advancement in battery technology hasn't kept up with the needs of contemporary users. Having to continuously check and preserve battery life throughout the day has become frustrating as a result, especially when traveling or spending a lot of time away from electrical outlets.
Mobile power banks have become a well-liked remedy in response to these issues. By extending the lifespan of smartphones and other devices, these portable charging devices help users stay connected and productive. Whether they are traveling, commuting, or in places with unstable power supplies, power banks have become an essential accessory for people who cannot afford to be permanently connected to a wall outlet. Furthermore, smartphone batteries are under more stress due to the growth of power-hungry apps like gaming, streaming, and GPS navigation. Consequently, this increases the demand for additional power sources. Users can rest easy knowing that their devices won't die when they need them most thanks to power banks' multiple capacities and quick charging capabilities. In conclusion, there is a significant and expanding need for mobile power banks as a result of ongoing worries about smartphone battery life. In an increasingly mobile and digital world, these gadgets have successfully closed the gap between the capabilities of contemporary mobile devices and the expectations of their users, guaranteeing that people can remain connected and productive. The worldwide market for mobile power banks is anticipated to continue expanding due to the growing demand for portable power solutions as long as battery life is an issue.
Key Market Challenges
Price Competition
In the global mobile power bank market, price competition is a double-edged sword that can both spur market expansion and present serious obstacles for producers and customers. Excessive price pressure can hurt the market in a number of ways, even though competition frequently results in cheaper prices and greater affordability. Reduced Profit MarginsManufacturers' profit margins may be weakened by the fierce price competition in the mobile power bank market. Companies may have to make cost reductions, use inferior parts, or start price wars in an effort to offer competitive prices, all of which have an effect on their bottom line.
Decreased Innovation InvestmentManufacturers may turn their attention away from R&D when they are primarily concerned with price competition. This may make it more difficult to develop new features and technologies that would improve the quality of the final product and the user experience. Short-Term ViewpointPrice-driven competition frequently gives priority to quick sales turnover and short-term profits. This strategy may result in less attention being paid to long-term sustainability and client loyalty. Manufacturers may choose to use short-term, inexpensive fixes that don't always produce dependable, long-lasting goods.
Quality SacrificeSome manufacturers may sacrifice the safety and quality of their products in an effort to cut expenses and provide lower prices. Customers may be at risk if this leads to inferior power banks that don't adhere to safety regulations. Market ConsolidationSmaller manufacturers may find it difficult to compete with larger, price-aggressive rivals as a result of price competition. This may restrict customer options and lessen market diversity. Confusion among consumersToo much price competition may lead to an overabundance of inexpensive, subpar power banks that are hard for buyers to tell apart from better ones. Confusion, postponed purchases, and occasionally unhappy customers can result from this.
Download Free Sample Ask for Discount Request Customization
Counterfeit Products
One enduring and worrisome issue that could potentially hurt the global mobile power bank market is the spread of fake goods. Both consumers and genuine manufacturers are at risk from counterfeit power banks, which makes it a complicated problem that calls for constant attention to detail and preventative action. Consumer SafetyBy utilizing subpar materials and components, counterfeit power banks frequently take short cuts in terms of quality and safety. Users may be seriously at risk for overheating, short circuits, and even fires as a result. Customers might unintentionally buy these counterfeit goods, endangering their gadgets and personal security.
Damage to ReputationThe reputation of genuine manufacturers and brands is damaged by counterfeit power banks. When a fake product doesn't work as intended, customers might mistakenly think that the bad experience is related to the real thing, which damages brand loyalty and trust. Revenue LossThe popularity of fake goods can have a big effect on the earnings of genuine producers. Since fake power banks are so common, they frequently undercut the prices of real ones, which forces legitimate manufacturers to cut their prices in order to stay competitive. Research and development investment may be hampered and profit margins may be lowered as a result.
Intellectual Property InfringementUnauthorized use of patents, designs, and trademarks is a common feature of counterfeit goods, which results in infringement of intellectual property rights. For genuine manufacturers, the financial and legal expenses of defending their brand and going after counterfeiters can be high. Market ConfusionSince consumers find it difficult to tell the difference between authentic and counterfeit goods, counterfeit power banks may lead to market confusion. This ambiguity may postpone decisions to buy and impede the expansion of the market. Supply Chain IssuesThe distribution of genuine power banks may become more difficult if fake goods infiltrate the supply chain. Customers may find it challenging to track down the origin of their purchases and secure appropriate warranties or customer service as a result.
Various stakeholders, such as governments, trade associations, and genuine manufacturers, can take the following actions to address these issues and lessen the detrimental effects of counterfeit goodsEnhanced AwarenessConsumer education initiatives can educate people about the dangers of fake goods and offer tips on how to spot authentic power banks. Strict Regulation and EnforcementGovernments have the authority to pass and implement stringent legislation and sanctions to prevent the production, sale, and distribution of counterfeit goods. Trademark ProtectionTo protect their intellectual property and brand identity, legitimate manufacturers should make significant investments in strong trademark protection plans.
Improved Packaging and Authentication FeaturesTo make it harder for counterfeiters to copy their products, manufacturers can add sophisticated packaging and authentication features. Cooperation and ReportingTo enable prompt action against counterfeiters, industry associations, manufacturers, and consumers should collaborate to identify and report instances of counterfeit products. Customs and Border Control MeasuresTo stop fake power banks from reaching the market, customs authorities can impose strict inspections and controls at ports of entry.
E-commerce Platform VigilanceStricter guidelines and verification procedures can be put in place by e-commerce platforms to identify and eliminate listings for fake goods. By adopting these preventative steps, all parties involved can work together to tackle the problem of fake power banks, safeguard consumers, maintain the good name of genuine producers, and guarantee the sustained expansion and viability of the worldwide mobile power bank industry.
Rapid Technological Advancements
Rapid technological advancements have contributed to the expansion of the global market for mobile power banks, but they also pose possible risks and difficulties for the sector. These developments may help or hurt the market in a number of ways
Product ObsolescenceBecause technology is developing so quickly, power banks may soon become outdated. Better energy storage technologies, more effective batteries, and new charging standards are always being developed. Older power bank models may become less popular as a result, which would make it challenging for producers to keep up their product lines. Problems with CompatibilityPower banks need to adapt as device ports and charging technologies change in order to work with the newest devices. Customers may become frustrated if their old power banks don't work with their newer gadgets, which could result in lower customer satisfaction and the need to buy new accessories.
Higher Manufacturing CostsResearch and development expenditures, as well as the use of more costly materials and components in power bank designs, are frequently necessary to stay on the cutting edge of technological advancements. Increased manufacturing costs may have an effect on product prices and profit margins. Product ComplexityPower banks may get more complicated as new features and technologies are added. While some consumers find advanced features appealing, others who prefer simpler, more direct solutions may be put off by a higher level of complexity.
Developing Battery TechnologiesBy providing more portable, larger-capacity, and quicker-charging options, innovative battery technologies like solid-state batteries and supercapacitors have the potential to upend the market for mobile power banks. Traditional power banks might face fierce competition if these technologies gain traction. Market CompetitionMore manufacturers are entering the mobile power bank market as a result of rapid advancements. Established brands may find it difficult to hold onto their market positions as a result of the increased competition, which may drive down prices and profit margins. Consumer ConfusionAs consumers attempt to stay up to date with the newest trends and standards, ongoing technological advancements may cause them to become confused. Delays in buying decisions and slower market expansion could arise from this misunderstanding.
Impact on the environmentAs technology develops, electronic devices are frequently replaced more quickly, which increases the amount of electronic waste produced. The industry needs to address the environmental issues surrounding the recycling and disposal of older power banks. Manufacturers of power banks must prioritize quality, innovation, and adaptability in order to overcome these obstacles. To remain technologically competitive, they must make research and development investments while maintaining product usability and device compatibility. In order to solve environmental issues, manufacturers can also investigate sustainable practices and appropriate disposal techniques. In an ever-changing technological landscape, the market for mobile power banks can continue to flourish by skillfully handling these obstacles.
Key Market Trends
Wireless Charging Integration
The integration of wireless charging has the potential to significantly expand the global market for mobile power banks. The need for power banks with wireless charging capabilities is growing as more and more consumer electronics adopt this feature. There are numerous important factors driving this trend, PracticalityWireless charging makes charging more convenient and hassle-free by doing away with bulky cables. Charging is made easier for users by allowing them to just set their devices on the power bank's charging surface.
CompatibilityWireless power banks are now compatible with a large variety of devices thanks to the major smartphone manufacturers' adoption of Qi wireless charging standards. This all-around compatibility serves a wider range of customers. PortabilityWireless power banks are very portable due to their small size and low weight. They are convenient for users to carry in their pockets or bags, guaranteeing that they will always have a backup power source.
Decreased Cable ClutterAs people carry more gadgets, wireless power banks make it easier to keep cables organized in desks and bags. Users who appreciate a tidy and orderly workspace will find this feature especially appealing. Efficiency and safetySafety features like temperature control, short circuit prevention, and overcharge protection are all included in wireless power banks. Additionally, they are typically energy-efficient, maximizing charging and reducing waste.
FutureproofingWireless power banks provide some futureproofing as more gadgets adopt wireless charging. Because these power banks will work with future devices, users can purchase them with assurance. Incorporating wireless charging technology not only improves the functionality of the mobile power bank but also reflects the general consumer preference for cable-free and convenient products. In order to meet the changing demands of contemporary consumers, wireless charging integration is therefore expected to remain a key factor in the expansion of the worldwide mobile power bank market.
Segmental Insights
Charging Mode Insights
In 2023, the market for mobile power banks worldwide was dominated by wireless charging modes.
One of the main factors driving this market trend is the widespread use of smartphones, wearable technology, and other portable electronics with wireless charging capabilities. Wireless charging is becoming a standard feature of the newest device models as top tech companies integrate it into their products more and more. Customers are looking for flexible and future-proof charging options, which has increased demand for wireless power banks due to their broad compatibility. Tech-savvy consumers have responded favorably to the ease of just setting a device on a charging pad without having to worry about port compatibility, which has further accelerated the growth of the market.
The efficiency and speed of wireless power banks have greatly increased due to advancements in wireless charging technology, allaying earlier worries about slower charging times when compared to wired options. Wireless power banks are now more competitive thanks to advancements like quick wireless charging and increased energy transfer efficiency. The market base has grown as a result of these technological advancements, which have also made wireless charging more appealing and broadened its use in a variety of contexts, from travel and outdoor activities to home and office use.
Wireless charging has become increasingly popular due to the trend toward clutter-free and minimalist spaces. Customers are increasingly choosing sleek, contemporary solutions that improve the visual appeal of their surroundings and lessen cable clutter. This lifestyle choice is well suited to wireless power banks because of their sleek and sophisticated design. The demand for wireless charging solutions is anticipated to keep rising as people's preferences for more simplified and effective living arrangements increase, securing the Wireless Charging Mode segment's dominant position in the global mobile power bank market.
Regional Insights
In 2023, Asia Pacific held a dominant position in the global mobile power bank market.
The demand for power banks in the Asia Pacific region is further driven by the spread of digital lifestyles and the increasing dependence on mobile devices for a variety of tasks, such as communication, entertainment, and employment. In emerging economies, where access to dependable power infrastructure may be limited, this trend is especially noticeable, making portable charging solutions essential. The growing middle class and rising disposable incomes in the area also fuel the market's expansion by increasing demand for consumer electronics like power banks.
The Asia Pacific region's standing in the global market is strengthened by the existence of major market participants and the developing manufacturing capacities in nations like China and South Korea. In addition to meeting domestic demand, these nations are significant global exporters of mobile power banks. The market landscape is further stimulated by government and industry stakeholder initiatives to support the adoption of clean energy solutions and encourage digitalization, which encourages innovation and technological advancements in mobile power bank offerings.
All things considered, the Asia Pacific region is well-positioned to hold onto its leadership in the global mobile power bank market, propelling steady growth and innovation over the course of the forecast period thanks to its expanding population, rising smartphone penetration, changing consumer preferences, strong manufacturing ecosystem, and encouraging regulatory environment.
Download Free Sample Ask for Discount Request Customization
Recent Developments
- In April 2024, Xiaomi introduced a new 20,000mAh power bank to the Chinese market, featuring an integrated USB Type-C cable. This latest offering from Xiaomi is designed to cater to the growing demand for high-capacity, versatile charging solutions. The substantial 20,000mAh capacity ensures that users can charge multiple devices multiple times, making it ideal for extended use during travel, work, or emergencies.
Key Market Players
- Xiaomi Group
- Lenovo Group Limited
- Panasonic Holdings Corporation
- Philips International B.V.
- Sony Group Corporation
- ADATA Technology Co. Ltd
- Intex Technologies
- Samsung SDI Co. Ltd.
|
By Capacity Range |
By Charging Mode |
By Region |
|
|
|
|
|
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy