The Power Bank Market is projected to grow from USD 8.05 billion in 2020 to USD 26.40 billion by 2027; it is expected to grow at a CAGR of 18.5 % from 2020 to 2027. The power bank market has historically been subjected to moderate growth due to the rise in demand for consumer electronics with heavy features and usage. This is expected to drive the growth of the market during the forecast period. The recent COVID-19 pandemic has resulted in a decline in the growth rate.As a result of COVID-19, the expected growth of power bank across applications is expected to decline as the pandemic is restricting the supply chain and adoption due to the severe disruptions to businesses and the global economy.
The pandemic has resulted in limited production leading to a serious decline in business inputs.
The recovery depends on government assistance as well as the level of corporate debt and how the companies and markets cope with the lower demand. The market for 2020 is witnessing a sudden decrease due to COVID-19, which has majorly affected the R&D and supply chain of power banks. It may also affect the planned investments in this market. In addition, the per capita income of individuals has also been affected due to this pandemic. Thus, the demand for consumer electronics accessories such as power banks has decreased. With the trend of work-from-home, consumers are spending most of the time at their homes with constant access to electricity to power their devices. However, in countries such as India, where power cut is a major issue, power banks have been used to power their device during power shortage.
The power bank market has become highly competitive with the presence of a large number of players and increasing number of new entrants in the market. The companies are reducing the prices of their power banks to remain competitive and increase their customer base. For instance, since 2018, the 20,000 mAh Mi Power Bank 2i price in India declined and now retails for USD 21.8. Additionally, companies are innovating their products and focusing on launching power banks with newer technologies, which, in turn, reduce the price for older versions of power banks. Moreover, the drop in prices would not just increase the consumer base but would also affect the pricing of products provided by competitors. However, the COVID-19 had a huge impact on the financial performance of new entrants and small companies of the power bank market. This, in turn, is likely to affect the price range of the power banks offered by these companies.
Recently, a large number of players have ventured into the power bank market and are providing power banks of various capacities, prices, and designs. However, not all power banks are of superior quality as it is observed that a few power banks do not even last for six months. Poor-quality power banks can cause overheating, reduce a phone’s battery life, and in the worst scenario, may even explode. These are mostly priced low to attract consumers. A few manufacturers use recycled batteries, which, in turn, increase the risk of explosion. Thus, poor-quality power banks can hinder the growth of the market.
Direct electricity is not the only source of power for power banks that are used to recharge the batteries of electronic devices, such as smartphones, tablets, and laptops. Apart from electric power banks, various companies are manufacturing power banks that are powered by solar energy or hydrogen fuel cells. For instance, TW Horizon Fuel Cell Technologies (China) introduced a hydrogen fuel cell-based power bank named MINIPAK. It uses replaceable and refillable fuel cartridges to recharge a device. Its HYDROSTIK cartridge is certified to UN standard for metal hydrides. Uimi Technology Private Limited (India), Elixier Tech Innovatis LLP (India), Volatic Systems (US), EasyAcc (China), and Bonai (China) are among the companies that offer solar power banks. Solar power banks are an effective solution during power outages. Solar power banks are excellent solutions that utilize renewable source of energy and can function without any disruption. It does not contribute to environmental pollution and is user-friendly. These factors are expected to significantly increase the adoption of solar power banks.
The power bank market players have implemented mostly organic growth strategies, such as new product launches and developments, to strengthen their offerings in the market. ADATA (Taiwan), Anker Innovations (China), AUKEY (China), Xiaomi (China), RAVPower (US), GRIFFIN (US), Lenovo (China), mophie (US), AMBRANE (India), INTEX (India), myCharge (US), Omnicharge (US), UIMI (India), uNu Electronics Inc. (US), Zendure (US), and ROMOSS (China) are some of the major players in the power bank market. The study includes an in-depth competitive analysis of these key players in the power bank market with their company profiles, recent developments, and key market strategies.
APAC held the largest share of the power bank market in 2019. Major factors such as increasing adoption of wearables and other consumer electronic products, presence of prominent manufacturers of power banks, and increasing population and economic growth of developing countries are fueling the market growth of power banks in APAC. The power bank market in APAC is most severely impacted by the COVID-19 pandemic. The consumer electronics industry in China is witnessing a decline in production owing to the outbreak of COVID-19. However, continous product launches by leading companies might boost the growth. For instance, in June 2020, Xiaomi launched a massive 30,000 mAh power bank with Quick charge technology despite the COVID-19 situation.
The pandemic has resulted in limited production leading to a serious decline in business inputs.
The recovery depends on government assistance as well as the level of corporate debt and how the companies and markets cope with the lower demand. The market for 2020 is witnessing a sudden decrease due to COVID-19, which has majorly affected the R&D and supply chain of power banks. It may also affect the planned investments in this market. In addition, the per capita income of individuals has also been affected due to this pandemic. Thus, the demand for consumer electronics accessories such as power banks has decreased. With the trend of work-from-home, consumers are spending most of the time at their homes with constant access to electricity to power their devices. However, in countries such as India, where power cut is a major issue, power banks have been used to power their device during power shortage.
The power bank market has become highly competitive with the presence of a large number of players and increasing number of new entrants in the market. The companies are reducing the prices of their power banks to remain competitive and increase their customer base. For instance, since 2018, the 20,000 mAh Mi Power Bank 2i price in India declined and now retails for USD 21.8. Additionally, companies are innovating their products and focusing on launching power banks with newer technologies, which, in turn, reduce the price for older versions of power banks. Moreover, the drop in prices would not just increase the consumer base but would also affect the pricing of products provided by competitors. However, the COVID-19 had a huge impact on the financial performance of new entrants and small companies of the power bank market. This, in turn, is likely to affect the price range of the power banks offered by these companies.
Recently, a large number of players have ventured into the power bank market and are providing power banks of various capacities, prices, and designs. However, not all power banks are of superior quality as it is observed that a few power banks do not even last for six months. Poor-quality power banks can cause overheating, reduce a phone’s battery life, and in the worst scenario, may even explode. These are mostly priced low to attract consumers. A few manufacturers use recycled batteries, which, in turn, increase the risk of explosion. Thus, poor-quality power banks can hinder the growth of the market.
Direct electricity is not the only source of power for power banks that are used to recharge the batteries of electronic devices, such as smartphones, tablets, and laptops. Apart from electric power banks, various companies are manufacturing power banks that are powered by solar energy or hydrogen fuel cells. For instance, TW Horizon Fuel Cell Technologies (China) introduced a hydrogen fuel cell-based power bank named MINIPAK. It uses replaceable and refillable fuel cartridges to recharge a device. Its HYDROSTIK cartridge is certified to UN standard for metal hydrides. Uimi Technology Private Limited (India), Elixier Tech Innovatis LLP (India), Volatic Systems (US), EasyAcc (China), and Bonai (China) are among the companies that offer solar power banks. Solar power banks are an effective solution during power outages. Solar power banks are excellent solutions that utilize renewable source of energy and can function without any disruption. It does not contribute to environmental pollution and is user-friendly. These factors are expected to significantly increase the adoption of solar power banks.
The power bank market players have implemented mostly organic growth strategies, such as new product launches and developments, to strengthen their offerings in the market. ADATA (Taiwan), Anker Innovations (China), AUKEY (China), Xiaomi (China), RAVPower (US), GRIFFIN (US), Lenovo (China), mophie (US), AMBRANE (India), INTEX (India), myCharge (US), Omnicharge (US), UIMI (India), uNu Electronics Inc. (US), Zendure (US), and ROMOSS (China) are some of the major players in the power bank market. The study includes an in-depth competitive analysis of these key players in the power bank market with their company profiles, recent developments, and key market strategies.
APAC held the largest share of the power bank market in 2019. Major factors such as increasing adoption of wearables and other consumer electronic products, presence of prominent manufacturers of power banks, and increasing population and economic growth of developing countries are fueling the market growth of power banks in APAC. The power bank market in APAC is most severely impacted by the COVID-19 pandemic. The consumer electronics industry in China is witnessing a decline in production owing to the outbreak of COVID-19. However, continous product launches by leading companies might boost the growth. For instance, in June 2020, Xiaomi launched a massive 30,000 mAh power bank with Quick charge technology despite the COVID-19 situation.
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