Global Power Banks Market

Global Power Banks Market Set for Steady Growth: Poised to Reach US$ 20.6 Bn by 2032

The global power banks market is on a solid upward trajectory, with market size projected to expand from US$ 12.4 billion in 2025 to US$ 20.6 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.4% during the forecast period. The surge in demand is primarily fueled by the proliferation of smartphones, growing reliance on portable gadgets, and the rise of outdoor recreational activities worldwide.

According to Persistence Market Research, these key trends are reshaping the portable power landscape, pushing manufacturers to prioritize innovation, capacity, and convenience in their offerings.

Smartphone Penetration and Outdoor Enthusiasm Drive Market Demand

The increase in global smartphone adoption — now surpassing 6.8 billion users — combined with rising screen time, has significantly elevated the importance of supplementary charging solutions. From mobile gaming to remote work, the dependency on battery-powered devices continues to grow.

In parallel, the growth of outdoor hobbies such as hiking, trekking, and camping, particularly among Gen Z and millennials, has driven up demand for high-capacity and solar-powered power banks. The ability to stay connected in off-grid environments has made power banks a critical accessory for adventure-seeking consumers.

As per Persistence Market Research, these trends are expected to intensify, particularly in developing regions, as smartphone usage and outdoor tourism continue to expand.

Technological Advancements Propel Product Innovation

The power banks industry has witnessed a paradigm shift towards high-capacity and fast-charging devices. Power banks with capacities between 8,001 to 20,000 mAh are anticipated to account for nearly 69% of total sales in 2025, catering to consumers who demand long-lasting battery backup.

Furthermore, above 20,000 mAh models are gaining popularity among heavy users, enabling multiple charges and compatibility with larger devices such as laptops and gaming consoles. Devices supporting USB-C Power Delivery (PD) and Qualcomm® Quick Charge have become standard among premium offerings.

Recent innovations include:

• Anker’s Zolo Power Bank 25K with 165W output and built-in USB-C cables (launched Nov 2024),

• Xiaomi’s Power Bank 4i, a 20,000mAh high-performance model (launched Aug 2024),

• Samsung’s 20,000mAh fast-charging triple-port model capable of powering multiple devices (launched May 2024).

These developments underscore the growing emphasis on efficiency, capacity, and user-centric design.

Solar Segment Emerges as Fastest Growing by Energy Source

With a projected CAGR of 17.1% through 2032, the solar-powered power banks segment is experiencing explosive growth. These eco-friendly solutions are in high demand, especially in regions where electricity access remains unreliable or infrastructure is underdeveloped.

Markets in South Asia, Sub-Saharan Africa, and Latin America are key drivers for this segment. Decreasing manufacturing costs for solar panels have enabled brands to introduce solar-powered models at competitive prices, targeting budget-conscious consumers.

Persistence Market Research emphasizes that solar power banks represent a strategic opportunity to blend sustainability with accessibility — aligning with global efforts to reduce fossil fuel dependency.

Regional Outlook: North America and Asia Lead the Charge

North America is set to experience a robust 18.5% CAGR through 2025, fueled by increased smartphone penetration, hybrid work adoption, and a well-established retail infrastructure. In 2023 alone, the U.S. recorded 130 million smartphone shipments, equivalent to 38% of its total population.

The region also holds a strong consumer base for high-end and multi-functional power banks, accounting for nearly 26% of the global market share in 2025.

Meanwhile, South Asia and Oceania are gaining momentum with the proliferation of affordable smartphones and growing interest in low-cost portable charging solutions. As digital inclusion initiatives continue in countries like India, Indonesia, and the Philippines, these markets are expected to be significant contributors to global demand.

E-Commerce Revolution: Online Distribution Dominates

The shift toward digital commerce has fundamentally reshaped the way power banks are bought and sold. By 2025, online distribution channels are expected to account for 53% of total sales, reflecting the global consumer trend toward convenience and accessibility.

From platforms like Amazon to regional giants such as Flipkart and JD.com, brands are increasingly leveraging digital storefronts to reach broader audiences, offer exclusive bundles, and enable faster delivery.

Wireless Charging Becomes a Differentiator

The global push toward wireless charging technology is transforming the power banks industry. Devices certified with Qi2 standards are setting new benchmarks in speed, reliability, and energy efficiency.

Recent examples include:

• Anker’s MagGo Qi2 Slim Power Bank 5K with 15W wireless charging (launched Sept 2024),

• Belkin’s BoostCharge Pro Magnetic Power Bank with 5,000 and 10,000 mAh variants (launched June 2024),

• OtterBox’s rugged wireless power banks designed for hazardous industrial environments (launched Oct 2024).

These innovations cater to both general consumers and specialized industries, enhancing portability and streamlining the user experience.

Wearables and IoT Devices Unlock New Growth Opportunities

With wearables like smartwatches and health monitors gaining mass adoption, power banks are finding new utility beyond traditional mobile phones. These compact devices often lack battery endurance, creating a niche demand for compact and multi-device compatible power banks.

Moreover, the expansion of Internet of Things (IoT) applications in smart homes and remote monitoring systems presents untapped market potential. Power banks with AI-driven power management, USB Type-C support, and enhanced efficiency are well-positioned to address these evolving needs.

Market Challenges: Addressing Efficiency in Wireless Models

Despite convenience, wireless power banks face scrutiny over lower energy efficiency, with up to 30% energy loss during wireless transmission. As sustainability becomes a critical purchasing factor, consumers and regulators alike are calling for improvements.

While next-gen charging technologies are being developed, including resonant systems and enhanced energy conversion modules, the challenge remains for manufacturers to balance efficiency, cost, and scalability.

Competitive Landscape: Fragmented Yet Innovation-Driven

The power banks market is highly fragmented with a large presence of Chinese manufacturers who dominate the affordable, high-performance segment due to supply chain advantages and low production costs.

However, global players and regional brands continue to make waves through innovation and niche targeting. As per Persistence Market Research, the top-tier manufacturers account for approximately 20% of the total market share, with the rest being fragmented among mid-sized and emerging players.

Key companies include:

• Anker Technology Co. Ltd.

• Xiaomi Corporation

• Samsung SDI Co., Ltd.

• RAVPower (Sunvalley Group)

• AUKEY

• Ambrane India Pvt. Ltd.

• Lenovo Group Ltd.

• Otterbox

• Mophie

• Belkin

• GoalZero

• Baseus

Startups are also entering the space with sustainable power banks using recycled materials and modular charging systems — addressing rising consumer awareness around environmental impact.

Final Outlook

With rising mobile device adoption, outdoor lifestyle trends, and the ongoing digital revolution, the global power banks market is set to remain vibrant and innovation-focused through 2032. Consumer preference for fast, multi-functional, and sustainable solutions is reshaping the industry at every level.

According to Persistence Market Research, future opportunities lie in solar integration, wireless technology, and AI-enhanced power management, as the power banks market continues to evolve alongside a connected global population.