Now it is close to the end of 2020. But the people of COVID-19 are still a high number there.
We are all tired of the endless info on the epidemic. Almost all the industries have suffered a tough time this year, including the power bank industry.
The power bank is used for charging on the go. So it is related to the travel industry. However, the travel industry is expected to decrease by 25% because of coronavirus. So does it mean that the power bank industry will shrink the 1/4 market as well?
Let’s explore more.
Google trend is a powerful tool for getting market information. From the above data, we can see that the power bank search volume kept dropping from January to April. But after the lowest point at the beginning of April, it rebounds again.
Although we do not know how the trend will be in the next period, it gives us some confidence to move forward.
Information from Power Bank Companies
After discussing with some experts in different power bank companies, here is the information.
1.The demand of the Chinese and Korean markets are coming back because they are recovering.
2.The U.S and European power bank order drop 15%-20% from March.
3.The demand for higher capacity power banks is increasing because many people buy them for emergencies.
4.Most companies believe the business will be good in the 2nd half of next year.
Often we make our tough times even more challenging by fretting about the past, I don’t know about others, but Morui team try to focus on now because that’s the only part of the story we can change.
This year, we have developed some unique new wireless power bank series with PD charging. Of course, our orders for the U.S and Europe decreased by around 17%, but for the Chinese and Korean markets, it increased by 36% till December.
At Morui, we believe that the power bank market will recover faster than other markets. The power bank is not a high price item. It helps people to stay connected. Also, there is a trend that people like to wait longer before upgrading to new smartphone models. The battery efficiency will go down so that people will need more power banks for a supplement.