UNITED STATES – 04-30-2020 (PRDistribution.com) — The current COVID-19 pandemic has disrupted different industries leading to a decrease in the demand for products and services. One of the most hit industries is the $10 Billion power bank market that heavily relies on the travel and tourism industry. According to Power Bank Expert, an authoritative website about the power bank industry, currently there is a decreased demand for power banks due to limited travel and tourism activities.
According to Market and Markets, the power bank market size was estimated to grow from USD 10.7 billion in 2019 to USD 17.9 billion by 2024, at a CAGR of 10.8%. Whether this will be possible with the current crisis depends on how quickly the market will recover.
Radu Vrabie, a Senior Editor at Power Bank Expert hinted that the current crisis may have a bigger impact on the power bank market in the future.
“The demand for these devices has seen a sharp decrease with the onslaught of global lockdown measures. The dust has not yet settled enough for a complete view of the damage. It might be bigger” he observed.
The views are not different from that of Zendure, a global brand that produces different product categories such as power banks, chargers, travel adapters, cables and hubs. Bryan Liu, the founder and CEO of the global brand indicated that they are noticing different impacts on each of the categories based on the market location.
“To be more specific, China was the first country to suffer a huge decrease in the first two months in February and March, but it’s also the only country that’s recovering rapidly so far. Europe and the US witnessed huge drop in sales in general since March. Middle East has been stable until recently when GCC countries decided to implement curfew.”
He also indicated that the company has noticed an increased demand for the big capacity devices given that most of the people are now working from home hence the need for emergency high capacity back-ups such as 27,000mAh power bank with 100W PD, 100W SuperPort 4 charger and the hubs.
Vitaly Kudryn, the CEO and founder of Crave another global brand in this industry expressed almost similar views in relation to the overall outlook of the industry.
“We have seen increased demand for business class chargers, which would be higher capacity chargers with strong output ports. These devices are used ideally suited for charging laptops and tablets. At this point, it is anybody’s guess. If there is more remote work, the power bank category could see additional growth”
Power Bank Expert predicts that the coming economic recession would hit the power bank industry but the industry has an opportunity to recover faster. This is due to the fact that power banks are not high ticket items that can put a dent on the consumer budgets. Besides, they will be useful especially in the post-pandemic society where people need to stay connected. They predict that most of the consumers would consider delaying the upgrade to new smartphone models meaning that there would be a drop in the battery efficiency leading to a high demand for the power banks.
About Power Bank Expert
Power Bank Expert is a project born out of the desire to educate the public in regards to power banks and other types of charging solutions. For such important and utilitarian devices, power banks are surprisingly complex. Although small and unassuming, they pack some very advanced charging technologies. That is why we made it our mission to explain the technology behind power banks in the most simple and easy to understand way. We try not to go into deep technical explanations, but instead, we try to keep it as light as possible so that the average, non-technical person, can get a good enough understanding to know what they’re getting. To read more about our reviews and insightful articles on power banks please visit our website.
Name: Radu Vrabie
Email: [email protected]
Power Bank Expert
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