Technavio’s latest report on the global battery market for point of sale (POS) terminals market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global battery market for point of sale (POS) terminals from 2017-2021. (Graphic: Business Wire)
Thanikachalam Chandrasekaran, a lead research analyst from Technavio, specializing in research on energy storage sector, says, “Increased penetration of POS terminals in the retail and hospitality sectors is driving the market. The need for secure transactions by the merchants in these sectors will likely fuel the market growth during the forecast period. The rise in the number of retail outlets is another major factor contributing to the growing sales of POS terminals.”
The replacement of old POS terminals and increased demand from new enterprises is estimated to fuel the sales growth. The growing adoption of EMV cards, rising need for effective information management from merchants, and increasing penetration of NFC-based payments are leading to higher unit shipments of POS terminals. However, the rising penetration of mobile card readers that offer superior benefits such as better handling and convenience will hamper the sales of conventional POS terminals.
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The top three emerging trends driving the global battery market for POS terminals according to Technavio energy research analysts are:
Demonetization in India
On November 8, 2016, the Indian government announced the 500 and 1,000 rupees notes as no longer a legal tender, and it will not be accepted anywhere. This step was taken by the prime minister to deal with corruption and eliminate black money from India. This move had many positive as well as adverse effects on the people and the Indian economy.
“During this period, when the government was dealing with crash crunch, many small businesses across urban and semi-urban areas were busy requesting their respective banks to set up or provide them with a card-swipe machine or a POS terminal so that they can compete with tech-savvy rivals,” according to Thanikachalam.
Wider adoption of contactless payment systems
Contactless payment systems are gaining popularity among merchants. In these systems, the transaction takes place with the help of NFC technology, which is present in transmitters (card, smartphone, and smartwatches) and readers. The cards issued by Visa or MasterCard have a symbol that is unique to contactless payments.
Contactless payment systems are the fastest mode of making payments but are not safe. They do not require a personal identification number (PIN) to a certain limit (which varies across countries); therefore, lost cards are vulnerable to fraud until they are reported.
Growth of manufacturing hubs in Southeast Asia
The uncertain economic scenario in Japan over the past five years has compelled Li-ion manufacturing companies to shift their production base from Japan to China. The Japanese economy has been registering slow economic growth because of reduced investments and declining exports. The Chinese economy, however, has been making concerted efforts and has succeeded in becoming a robust economy with a strong currency even during the recessionary phase of 2008-2009.
Appreciation of the Chinese currency in 2008-2009 has been a focal point from an economic perspective, especially since the economy had an exchange rate that was fixed or pegged for a long period. It was only in 2005 that the country experienced a shift from fixed to a floating exchange rate. This encouraged international capital flow into the country.
The key vendors are as follows:
- LiPol Battery
- Overlander
- Panasonic
- Shenzhen Glida Electronics
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