power bank Industry Insights

Industry Insights

The global power bank market size was valued at USD 6.8 billion in 2019 and is anticipated to register a CAGR of 18.4% from 2020 to 2027. The growth of this market can be attributed to the increase in adoption of smartphones and other electronic devices, rising power consumption of electronic devices due to advancements in mobile technologies, affordability of power banks, and extension in the reach of online retail platforms for end users. One of the prominent drivers of the market is the growing use of smartphones and tablets. The number of smartphones in emerging markets such as India, China, and Brazil has significantly increased owing to the reducing costs of mobile technologies. The increase in popularity of smartphones among consumers can be attributed to the changing lifestyle of consumers. This is likely to remain an important driving factor for the global power bank market.