INCREASE IN PURCHASING POWER
In today’s developing and modern era, people are switching more towards the electronic gadgets such as mobile phones, laptops, tablets and many more. The electronic gadgets have become a necessity of life, due to which there is an increase in the purchasing power of power banks. Power banks are the portable battery charger which is used to charge the digital products’ secondary cell or rechargeable battery. Growth in the economic development, better standard of living, digitalization, electricity shortage and advancement in the technology are some of the factors which are contributing in the rise of demand of purchasing power of power banks.
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Power bank are used to solve queries by letting the electronic devices work to meet up the requirement of the consumer. Hence to make work simpler without any stoppage, people prefer power bank. Another reason is its versatility and mobility feature along with different shapes, size and colour.
DETERIORATION IN THE PRICES
The price of the power bank varies from brand to brand, along with its features, specification, usage, technology being used as well as the manufacturing cost. For instance, Anker PowerCore Speed 20000mAh, 3.0 portable charger which cost USD58.99 where as uNu Superpak I6 15000 mAh has an ability to recharge 3 USB products which cost USD129.99.
Another reason might be due to the schemes or the offers related to the products each company offers due to growing completion in order to increase their sales or to do a stock clearance. This affects the company’s profitability but sometimes might affect company’s sales. Now a days customer mostly prefer buying the products online from different sites such as amazon, flipkart, Think Geek, Radio Shack, eBay and many more by making a short study about the features as well as low price which are affordable to them. For instance, In Amazon shopping site Anker Power Core 10000mAh cost USD25.99 whereas in eBay site Anker Power Core 10000mAh costs USD32.4.
GROWING USAGE OF SMART PHONES, TABLETS AND LAPTOPS
Today in the world of digitalization and science and technologies, smartphone and laptops have become a necessity in everyone’s life. These products have made work easier and faster. Smartphone has become a necessity part of our life which helps people in fulfilling their needs such as telephone, GPS navigation, camera, clock, calculator, games and many more whereas laptops and tablets being used in office and by students for their work and study purposes. Thus due to the more usage of application of the smartphones more consumption of energy took place thereby need for a power bank arises so as to fulfill the time and the work loss and keep the electronic devices awake. Now a days, internet is shifting towards 3G to 4G, hence more utilization of internet speed and battery life and on the other side technologies is also developing rapidly, however batteries of those have limited capacity therefore emergence of power bank arises as this helps in charging the rechargeable battery. With the growing demand of these electronic gadgets amongst people with respect of introduction of different features, local manufacturers too are producing in lump sum amount along with every price range from low to high. From this people too are attracted towards the new gadgets which automatically help in catering the need of power banks.
Following are few of the statistics which states growing usage of smartphones, tablets and laptops:
Hence this shows that more development of the electronic device is due to the more usage of smart phones, laptops and tablets.
TECHNOLOGICAL ADVANCEMENTS IN POWER BANK MARKET
Power bank manufacturers are continuously enhancing its features due to the array of technological advancements taking place to make the product more updated, advanced and time consuming. Enhancing advanced technologies in respect of replacement of 2 USB with 3 USB outputs, large battery life, light weighted, multi-port configuration type and many more are being done by the manufacturer. Continuous research and development activities are taking place in order to introduce more innovative products, to promote solar or hydrogen cells and usage of lithium batteries. With the continuous involvement in the product development, company will remain competitive as well as will in the profitable state.
Following are few of the statistics which states technological advancement in power bank market:
POOR QUALITY OF POWER BANKS
With the continuous manufacturing of the power banks by the local manufacturers along with the usage of poor quality of battery results in damaging the battery life of the electronic devices such as smartphones, laptops, tablets, camera and many more. This can be happen on the continuous connecting the device with the power bank. Another factor may be the power bank capacity must be suitable or matched with one’s electronic device and the connector must be original so that it will ensure stable output. Power banks without UL certification or any quality assurance comes under low quality and not every features of it are safe for any device. Power bank’s voltage less than 5.1 V draws power from the owner’s device without charging or ends up in drawing little power. Enhancement in the battery capacity of the electronic devices is also one of the factors which will hamper the growth of power bank market.
COUNTERFEIT OF POWER BANK PRODUCTS
With respect of growing usage of different electronic device as well as the need to cater the demand of potable charger, fake products are make along with the attached brand names with similar prices. As a result this has impacted the company’s profitability and has decreased the sales unit. For instance, after Xiaomi (MI) power bank became popular in the market due to its cheaper price, quality product with better specification, fake product do arises. Few of the facts are as fake product consists of similar 20 digit code on packaging but with a sticker to save cost, Micro USB cable comes with MI label on it but on real it does not have any print of its brand name. Fake power bank do have milk white color on the Standard USB port but in reality it has rice white color. After pressing the buttons LEDs blink and it would not turn off if it is pressed. And in real the lights gets on only if hands are removed from button. Fake does not carry any branding on the chassis of the standard USB port but the real one has. Even the fake products do not have a brand name on the batteries and even comes in pink shade but real power bank’s batteries do have a brand name. Xiaomi (MI) does not sold the power bank with the capacity of 20800mAh
ADVENT OF SMART TECHNOLOGY IN EMERGING COUNTRIES
The exponential growth of smart technologies like smart phones, watches and others in the emerging countries and the emergence of automation and Internet of Things (IoT) in the industry are run by internet connectivity and the major applications are connected to the cloud to store their data. This cloud based services will help to boost the market of AWS and so as for the AWS managed service providers.
As per Indian government, the cloud computing policy maker’s first draft is working for government’s cloud computing policy in which the data generated in India is stored within the country’s boundaries.
Development of the different power based technologies such as electric, solar and hydrogen fuel cell based power bank will lead the consumer attract towards it according to their needs and facilities. Hence more companies will try innovating new thing in order to earn more profit and to remain completive. Various methods and schemes are being adopted such as new product development, product differentiation along with preferences as well as people and income class in order to make customer make loyal towards their product. For instances,
INCREASING COST OF RECYCLING LITHIUM ION BATTERIES:
Growing popularities of smartphones, laptops and tablets increases the usage of lithium ion batteries which on other hand automatically increases the cost of the metal and constituent mineral. Basically manufacturing of lithium ion name cobalt is very expensive to manufacture. Recycling of the Li ion based batteries is more complicated because it took long time and gives lower yield. The extracted raw material barely pays the labor charges which include the charges of transport, separation of metallic and non-metallic materials, purification and neutralizing hazardous substances. Therefore, due to these reasons only few of the companies recycle the Li ion batteries. For instance, Rockaway Recycling is the company which recycles the lithium ion batteries from cell phones, laptops and from other electronics.
Some of the major players operating in the market Anker Technology Co. Limited, Beijing Xiaomi Technology Co., Ltd., Lenovo Group Ltd., Microsoft Corp., Panasonic Corp., Sony Corp, Adata Technology Co., Ltd., Asustek Computer Inc., Intex Technologies (India) Ltd., UNU Electronics Inc., Portronics Digital Pvt. Ltd. and Century New Energy Battery Co. Ltd. among others.
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Power Bank Market to Witness CAGR of 22.1% in the Forecast Period of 2019 to 2026