The U.S. high capacity power banks market is expected to grow significantly over the forecast period, growing at a CAGR of over 20% from 2015 to 2022. This growth can be attributed to high demand from consumer electronics appliances. Power banks above 20,000 mAh typically fall under this category,
Increased consumer purchasing power, better living standards, and rapid economic developments, have positively affected the commercial as well as consumer electronic market. However, these devices come with low battery capacity thereby driving external batteries’ demand. Growing demand across robotics, security, construction, general business and resource extraction sector is also anticipated to fuel demand.
Proliferation of smartphones has fuelled market growth globally. Increased demand and usage of tablets, mobile phones, phablets and other such digital gadgets has spurred market growth. Additionally, organizations have adopted the trend of Bring Your Own Devices (BYOD) which has given rise to the concept of mobile workforce. This growing need to keep portable consumer electronics charged owing to the nature and complexity of work in corporate and commercial sector is anticipated to have fuelled the demand significantly.
An increase in the number of electricity outage incidences, owing to rise in both weather-related and non-weather-related disasters in the region is expected to have triggered the demand for high-capacity backup solutions.
The market incorporates significant opportunities over the forecast period for manufacturers in the area of product enhancement in order to meet multi-application needs. Growing preference for high power efficiency and green energy adoption in industrial applications is anticipated to offer considerable opportunities for the future growth.
Key industry participants are poised to invest heavily in R&D activities for developing innovative techniques in order to manufacture cost-efficient and light-weight products. Vendors are increasingly developing external batteries that run on renewable sources of energy such as solar, in order to maintain environmental stability and produce fuel-efficient products.
However relatively unknown brands and several Chinese manufacturers resort to incorporating recycled batteries for the reduction of manufacturing cost which compromises safety. Furthermore, lower grade external batteries with no quality certifications are being introduced to a larger extent offering lesser stability and safety with higher chances of explosion.
Chances of explosions can further be attributed to factors which include insufficient circuit design and improper usage. Hence such risks associated with the product are presumed to challenge industry growth.
The U.S. high capacity power banks market is segmented on the basis of application vertical into consumer electronics and industrial applications. Consumer applications include personal use, emergency, marine, backpacking, hiking and camping, and other application such as events, hunting and fishing.
Industrial applications of the product include usage in healthcare, robotics, law enforcement, security, construction, and other application such as fire and rescue, resource extraction, event management, photography, and telecom utility.
Backpacking, hiking & camping is expected to emerge as a lucrative application sector. Smartphones have grown in prominence and have elevated to become a key component in these activities as they help users to click pictures of their memories and help them navigate to their destination with the help of GPS which consumes a lot of battery.
The trend of posting pictures about the adventures on social media has percolated to individuals all across the globe. Additionally, smartphones help in various activities associated with backpacking, hiking & camping such as hotel reservations, booking flight tickets, booking train tickets, and renting cars.
As power banks above 20,000 mAh guarantee multiple charging cycles and charging of multiple devices at a time (multi-port), they are expected to gain popularity throughout the forecast period for such activities.
In case of natural disasters, electricity outages, or any other unforeseen situations where consumer electronics devices cannot be charged via traditional chargers, high capacity external batteries ensure their operation during such emergencies to establish contact with family members as well as access important news pertaining to emergencies.
Healthcare is expected to emerge as a lucrative application sector. Medical devices such as the Automated External Defibrillators (AED), cardiac monitors such as ECG/EKG or heart rate monitor and hemodynamic monitoring devices such as blood pressure monitor, blood glucose monitor, and blood gas monitor can use such external sources in case of absence of main electricity supplies or on the move.
Over the next few years, robotics is poised to emerge as a key adopter of these external batteries. They are used as motor controllers in case the main supply is cut off, thereby ensuring smooth operation. Mobile robots also require portable supplies for maneuvering and operating their attached peripherals.
The market is consolidated with a few industries dominating the overall revenue share. Key players include Charles Industries, EC Technology, Epctek, INTECRO GmbH, Lenmar Enterprises, Lizone, Philips, Poweradd, and VINSIC.
Key business strategies adopted by the aforementioned players in the industry include certifying products; leveraging e-commerce platforms to drive sales, product innovation and strengthening distribution channel.
Apart from the aforementioned companies, Sandberg A/S and Ravin Group are some of the players developing solar-energy based power banks.
Owing to significant degree of competition in the industry, manufacturers have been forced to compete on price, thereby eroding profit margins. This is expected to generate a potential opportunity for manufacturers to offer innovative and differentiated products.
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