The power
bank market is projected to grow from USD 9.0 billion in 2020 to USD 13.4
billion by 2025; it is expected to grow at a CAGR of 8.1% from 2020 to 2025.
Driver:
Decline in price of power banks
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 market. This, in turn, is likely to affect the price
range of the power banks offered by these companies.
Restraint:
Poor quality of power banks
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.
Opportunity:
Development of solar and hydrogen fuel cell-based power banks
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.
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Challenge:
Highly competitive market
Power bank
manufacturers face fierce competition within the market due to the large number
of manufacturers existing in the market. Each manufacturer offers a wide range
of power banks with a variety of features that cater to customers’ needs. This
makes it difficult for a company to survive in the market unless it
periodically upgrades its power bank technology. Manufacturers constantly focus
on integrating new technologies into their power bank design to gain a
competitive advantage. For instance, in February 2019, Anker Innovations
launched PowerCore 10,000 mAh PD power bank with dual USB ports, featured with
USB Type-C port delivering power up to 18W, whereas Xiaomi in January 2019
launched the latest version of its power bank Mi Power Bank 3 Pro that supports
two-way 45W fast charging through the USB Type-C port and includes low power
support for smart wearables and nine layers of circuit chip protection.
Furthermore, the power bank market is extremely price competitive.
Manufacturers have to price their power bank devices in coordination with
prices of other power banks in the market. In such a fiercely competitive
market, it is difficult for a new entrant to survive and compete with
established players unless they innovate their offerings.
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