The Power Banks Industry is Booming | News & Insights

Power Banks Market:
The global market for power banks is poised to reach $13.2 billion by 2023, driven by a robust compound annual growth rate (CAGR) of 15.5%. By 2033, revenues are projected to surge to $55.6 billion. This growth is fueled by the increasing reliance on portable electronic devices like smartphones, tablets, and power banks themselves, which are becoming essential for communication, entertainment, and work.
The demand for extended battery life has intensified as these devices become central to daily life. Power banks market are gaining popularity for their convenience and portability, offering a practical solution for keeping devices charged on the go.
Several factors are propelling the industry's expansion, including the shift to 3G and 4G networks, the growing consumption of digital content, and the increasing power of modern devices. The draft National Policy on Electronics (NPE), issued by the Ministry of Information Technology, aims to develop the electronics sector to generate $400 billion in revenue by 2025, with 40% coming from mobile phones. According to Persistence Market Research (PMR), power bank revenues grew at a CAGR of 3.6% from 2018 to 2022, with an anticipated 3% increase in global sales from 2023 to 2033. Despite advancements in smartphone battery technology, the high demand for power due to resource-intensive apps and features often outpaces battery life, making power banks a critical accessory.
The market is also seeing an influx of new companies due to the relatively straightforward setup of manufacturing power banks, positioning them as fast-moving consumer electronics. Additionally, the rise of solar charging and hydrogen cells is contributing to a growing preference for power banks that offer alternative energy sources. As solar-powered power banks gain traction, their market share is expected to expand, providing users with a reliable means to extend device battery life and maintain uninterrupted internet connectivity.