The Global Portable Battery Pack (Power Banks) Market was valued at US$ 986.9 Million in 2021 and is expected to surpass US$ 1985.5 Million by 2030, registering a CAGR of 8.3% during the forecast period (2022-2030), according to the Global Portable Battery Pack (Power Banks) Market, By Battery Type (Li-ion (Lithium ion) Battery, Li-polymer (Lithium-Polymer) Battery, Nickel Metal Hydride Battery and Ni-Cd (Nickel Cadmium) Battery), By Capacity Segment (1,000 mAh to 2,500 mAh, 2,500 to 5,000 mAh, 5,000 to 7,500 mAh, 7,500 to 10,000 mAh and Above 10,000 mAh), By Product Type (Mobile Phones, Tablets and Others (portable media players and other electronic devices), By Price Range (Low, Mid and High), and by Region (North America, Latin America, Europe, APAC and Middle East & Africa), published by Coherent Market Insights.
Power banks are used for providing portable power to charge battery-powered items such as mobile phones and other similar items that have a USB interface. These power banks are used to charge mobile phones, tablets, and other portable media players and other electronic devices. These power banks are offered in various capacities including 1,000 mAh to 2,500 mAh, 1,000 mAh to 2,500 mAh, 5,000 to 7,500 mAh, and 7,500 to 10,000 mAh.
Smartphones are being adopted across emerging economies such as Indonesia, China, and Brazil at a rapid pace. This is typically owing to growing internet penetration and popularity of social networking in these countries. According to Coherent Market Insights’ analysis, shipments of smartphones worldwide reached 1.2 billion units in 2014 from 1.1 billion units in 2013. In this, around 45% of smartphones units were shipped to China in 2014. Moreover, growing trend of mobile shopping, e-banking, and bring your own device (BYOD) is accelerating the demand for smartphones worldwide is expected to propel growth of the global portable battery pack (power banks) market during the forecast period.
Key Developments
- Key companies are focused on product development, in order to enhance their product portfolio. For instance, in August 2022, Energizer Holdings, Inc., a manufacturer, and distributor of specialty batteries, and household batteries. Introduced a new power bank series with 3 different battery capacities 10000 mAh, 20000 mAh, and 30000 mAh.
- Key companies are focused on product development, in order to enhance their product portfolio. For instance, in February 2020, Xiaomi, a designer, and manufacturer of consumer electronics introduced two power bank variants with 10,000 mAh and 20,000 mAh.