Power Banks Market Expands as Consumers Seek Portable Power Solutions


The global power banks market is on a steady upward trajectory, fueled by booming smartphone penetration, evolving consumer lifestyles, and the growing demand for portable, sustainable energy solutions. According to a recent analysis by Persistence Market Research, the market is projected to expand from US$ 12.4 billion in 2025 to an impressive US$ 20.6 billion by 2032, registering a compound annual growth rate (CAGR) of 7.4% during the forecast period.

This robust growth reflects profound shifts in how consumers engage with mobile devices and underscores technological innovation in portable energy solutions.

Smartphone Proliferation and Outdoor Lifestyles Propel Demand

As highlighted by Persistence Market Research, the power banks market’s momentum is intimately linked to rising smartphone adoption and a burgeoning global community of outdoor enthusiasts. The world is witnessing unprecedented digital connectivity, with over 6.8 billion smartphone users reported in 2024 — roughly 85% of the global population. With average daily screen time reaching between 4 to 6 hours, the need for reliable power sources has become paramount.

This digital dependency extends beyond communication to entertainment, remote work, navigation, and health monitoring, making portable charging solutions a necessity. Consumers demand devices that sustain connectivity throughout the day, fueling strong sales of power banks across diverse demographics.

Additionally, the market is seeing heightened demand from a new generation of hikers, trekkers, and adventure tourists. A 2023 report from the Outdoor Industry Association revealed that over 58 million Americans engaged in hiking and trekking activities — a 15% increase over five years. Such trends amplify the importance of portable energy solutions capable of supporting navigation, photography, and communication during extended outdoor excursions.

Technological Innovation Drives Market Dynamics

Innovation is reshaping the competitive landscape, as brands pivot toward high-capacity, fast-charging solutions. Power banks with capacities exceeding 20,000mAh have surged in popularity, reflecting consumers’ growing appetite for high-performance devices capable of charging multiple gadgets simultaneously.

Industry giants are continually launching new products featuring advanced technologies like USB-C Power Delivery (PD) and Qualcomm® Quick Charge. For instance:

  • In November 2024, Anker Innovations unveiled the Zolo Power Bank 25K with a 25,000mAh capacity and 165W output, integrating retractable USB-C cables for convenience.

  • In August 2024, Xiaomi rolled out its Power Bank 4i in India, boasting 20,000mAh capacity for extended usage.

  • Samsung’s May 2024 release introduced power banks featuring 20,000mAh capacity and 45W fast charging, supporting simultaneous charging for up to three devices.

These innovations exemplify the market’s pivot toward devices that combine efficiency, speed, and user-friendly designs. As stated by Persistence Market Research, this trend is expected to drive the segment for power banks above 20,000mAh to achieve a CAGR of 6.4% through 2032.

Sustainability Trends Spark Solar Power Bank Boom

Sustainability is emerging as a crucial influence on consumer decisions. Solar power banks, once niche, are gaining mainstream traction as eco-friendly alternatives, particularly in regions facing inconsistent electricity access. Persistence Market Research forecasts the solar power banks segment to grow at a staggering CAGR of 17.1% through 2032.

Solar power banks serve a dual purpose — addressing sustainability goals and providing off-grid charging solutions. Their popularity is particularly pronounced in parts of Southeast Asia, Sub-Saharan Africa, and Latin America, where power outages and limited infrastructure present daily challenges.

Falling costs of solar panels have lowered manufacturing expenses, enabling companies to offer solar-powered devices at more affordable price points. This affordability is crucial in emerging markets where consumers seek budget-friendly solutions without compromising environmental considerations.

Consumers’ heightened awareness of environmental impact further fuels this shift. Solar power banks appeal to eco-conscious users eager to reduce their carbon footprint while maintaining seamless connectivity, whether for outdoor adventures or routine urban life.

Wireless Charging: A New Frontier for Power Banks

Wireless charging technology is transforming the power banks market, delivering convenience and eliminating cable clutter. With growing consumer interest in seamless experiences, wireless power banks have emerged as premium offerings.

Innovations in Qi2-certified technology have enabled faster, more reliable wireless charging. For example:

  • In September 2024, Anker introduced the MagGo Qi2 Slim Power Bank 5K, delivering 15W Qi2-certified wireless charging capabilities. The company also expanded its Qi2-compatible ecosystem with the MagGo Wireless Charging Station, catering to users of devices like the iPhone 12 series.

These developments are meeting the demand for wire-free solutions, although the segment faces challenges related to energy efficiency. Wireless charging can result in up to 30% energy loss during transmission, raising concerns over increased electricity consumption and environmental impacts. Nonetheless, manufacturers are exploring resonant charging systems and other technological advances to improve efficiency.

Regional Outlook: North America and Emerging Markets Drive Growth

North America remains a significant market for power banks, driven by high smartphone penetration and a culture of mobility and outdoor recreation. The region accounted for about 26% of the global market share in 2025 and is projected to grow at a strong CAGR of 18.5% through 2025, driven by hybrid work models and tech-savvy consumers.

Emerging markets, particularly South Asia and Oceania, are witnessing rapid growth fueled by increasing smartphone adoption and demand for affordable charging solutions. Online retail channels are proving particularly effective in these regions, with the online segment projected to hold 53% of the market share in 2025.

Wearables and IoT Expand Market Horizons

Beyond smartphones, the explosive adoption of wearable devices and Internet of Things (IoT) technologies presents new opportunities for the power banks industry. Fitness trackers, smartwatches, and other wearables have limited internal battery capacity, necessitating external charging solutions for users on the move.

IoT applications, particularly in smart homes and remote monitoring, further expand market potential. Power banks equipped with fast-charging capabilities, multiple ports, and wireless charging are increasingly essential to support these interconnected ecosystems.

Competitive Landscape and Strategic Moves

The power banks market remains fragmented, with several established players and emerging competitors vying for market share. Chinese manufacturers dominate due to technological capabilities and cost advantages, yet brands from emerging markets are gaining ground with affordable solutions.

Leading players continue to innovate:

  • In May 2024, Samsung launched power banks with triple-port charging, targeting users with diverse device portfolios.

  • In October 2024, OtterBox introduced a rugged wireless power bank certified for hazardous environments, showcasing niche applications for industrial and energy sectors.

New entrants focus on sustainability and innovative designs, including eco-friendly batteries crafted from recycled materials. Persistence Market Research anticipates continued momentum in product innovation, with the market poised to expand further as consumers demand high-performance, sustainable, and versatile charging solutions.

A Promising Road Ahead

The power banks market is evolving from simple portable batteries into an ecosystem of multifunctional, high-tech solutions tailored to modern lifestyles. As consumers increasingly prioritize mobility, sustainability, and convenience, industry players are well-positioned to capitalize on these trends.

With technological advancements reshaping product offerings and emerging markets presenting new growth frontiers, the global power banks market looks set for dynamic expansion well into the next decade.

Persistence Market Research concludes that this vibrant sector will continue to serve as an indispensable pillar of the global consumer electronics landscape, ensuring connectivity and power whenever — and wherever — it’s needed most.

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