Former DJI Employee Turns Startup into Global Leader with $8 Billion Revenue in One Year

A former DJI employee born in the 1980s has launched a startup that has generated nearly 8 billion yuan in revenue within a year, securing the title of global leader in the portable energy storage market. Online comments refer to him as a “middle-class harvester.”

Introduction

At just 37 years old, Dr. Wang Lei is selling “mobile power banks” and has built a remarkable business worth 8 billion yuan! Recently, while the trend of “moving camping” has slightly cooled, “lightweight camping” has gained popularity. Today’s young people no longer carry pots, pans, and heavy bags to the mountains but instead embrace a minimalist and free lifestyle with “one vehicle, one tent, and the freedom to go at any moment.”

A previously niche product—the portable energy storage device, also known as the “power box”—is rapidly transitioning from the backpacks of professional adventurers to the trunks of everyday consumers. It has become not only a camping essential but also a reliable source of energy for emergency preparedness at home and for those looking to make a living through street vending.

In the vast ocean of cross-border e-commerce, a Chinese company named EcoFlow has risen to the forefront of the global portable energy storage industry within just eight years, achieving revenues close to 8 billion yuan. Wang Lei, the founder, previously worked in the battery research and development department at DJI. While some jokingly refer to him as merely “selling mobile power banks,” he has successfully built a business valued in the hundreds of billions globally.

The Outdoor Economy Boom

The shift in camping trends illustrates the broader market dynamics at play. Over the past year, camping enthusiasts on social media platform Xiaohongshu have quietly shared lighter packing lists. While items like tarps, folding chairs, and coffee pots remain standard, the most notable addition is the portable power source. This device can illuminate remote areas, cook meals, and keep devices like drones, cameras, and phones charged. Without it, the experience of exquisite camping is significantly diminished.

This is not merely a trend among niche players. According to analysis from Frost & Sullivan, the global portable energy storage market is projected to reach 62.7 billion USD by 2024, representing a staggering year-on-year growth of 73%. The China Chemical and Physical Power Industry Association forecasts that this market will surge to 88.23 billion yuan by 2026.

The market boom is driven by two main factors: 1) the rise of outdoor lifestyles. Following the pandemic, people have grown weary of confined urban spaces, turning to outdoor experiences as a means of stress relief. Camping, self-driving, and RV travel have become wildly popular across China and Western countries, making power supply a crucial aspect of outdoor consumption. 2) The increasing demand for disaster preparedness. With frequent extreme weather events and natural disasters like hurricanes in the U.S. and earthquakes in Japan, power outages have become common, and backup power sources are increasingly viewed as necessities rather than luxuries.

According to reports from CCTV Finance, many outdoor mobile power sources available in Japanese electronics stores are manufactured in China, with over half being Chinese brands. One Japanese office worker, Yūshi Harada, who experienced prolonged blackouts during the March 11 earthquake, has become a loyal customer of outdoor power sources, stating that his Chinese brand energy storage device can provide emergency power for about a week and can even be used to send rescue signals.

Interestingly, the scenarios for using “power boxes” extend far beyond camping: some use them to power food carts, while others keep them at home as a backup during outages or rely on them for lighting and refrigeration during road trips. This seemingly simple “battery box” has become a core product in a booming global market worth billions, driven by multiple usage scenarios including camping, home emergencies, and disaster relief.

The Entrepreneurial Journey of a DJI PhD

The story of Wang Lei’s entrepreneurial journey often proves to be as impactful as the products he creates. Born in 1988 and a PhD graduate from Hong Kong Polytechnic University, Wang once led the battery R&D department at DJI. His work significantly contributed to the flight duration of the drones we see today.

However, in 2017, he made a sudden decision to leave his executive position at DJI and teamed up with former colleagues to venture into a field that few believed had potential at the time—portable energy storage. When asked why he took this risk, Wang candidly stated in an interview, “High-impact research papers may have zero influence on the real world. I want to make a tangible impact.” His idealistic view explains his willingness to leave a stable job for the uncertainties of entrepreneurship. His mentor had warned him, “Be prepared to sit on the cold bench for ten years,” a sentiment Wang frequently shares with his team.

Initially, he and his partners faced challenges with tight finances and a lack of buyers for their products. Fortunately, soon after, well-known tech investors like Li Zesheng and Gan Jie provided them with their first round of funding. In 2019, they launched their first groundbreaking product, the DELTA 1300, which effectively addressed two critical pain points: slow charging and the inability to support high-power appliances. This product quickly sold out in overseas markets.

Thanks to continuous technological and design advancements, the EcoFlow team has received multiple accolades, including Forbes’ “30 Under 30 Energy” and the Red Dot Design Award, rapidly increasing their industry recognition.

Wang Lei is known for his famous saying: “Any good technology can and should serve everyone.” This philosophy has shaped EcoFlow’s product strategy: to meet the extreme needs of hardcore outdoor enthusiasts while also catering to the everyday scenarios of average households. For instance, their RIVER 2 Pro series is priced more affordably while balancing performance and portability, making the “power box” accessible for ordinary consumers.

By 2022, EcoFlow’s sales exceeded 1 billion USD, approximately 7.25 billion yuan. In 2023, their market share reached 35%, surpassing the combined sales of the second to fourth ranked brands, firmly establishing them at the top of the global mobile energy storage market. In 2024, EcoFlow was ranked 43rd on the Google x Kantar BrandZ China Globalization Brands 2024 list, with annual revenues nearing 8 billion yuan.

Wang Lei’s entrepreneurial journey, from buying trash cans in labs to building a battery R&D system at DJI, and then leading EcoFlow to become the global leader, embodies his own summary: entrepreneurship is essentially a process of increasing complexity, evolving from single-celled to multi-cellular organisms, from one person to a team. However, only focus and determination can lead to success.

EcoFlow’s Global Strategy: Breaking Into the Market

EcoFlow’s globalization strategy illustrates a new approach for Chinese brands venturing abroad. In the European and American markets, EcoFlow focuses on the “outdoor lifestyle” theme. The trends of camping, RVing, and self-driving tours have turned portable energy storage into a “lifestyle accessory.” Thus, EcoFlow emphasizes high-power appliance compatibility and support for renewable energy concepts in its marketing, communicating with consumers through storytelling to transform power sources from cold tools into essential guarantees for outdoor freedom.

Conversely, the Japanese market presents a different scenario. Frequent natural disasters like earthquakes and typhoons have created a strong demand for “disaster preparedness power sources” among households. EcoFlow’s marketing in Japan emphasizes reliability during critical moments, positioning its products as essential safety reserves for home use. Wang Lei explained, “Japanese consumers have lifestyles similar to those in the West, but in disaster preparedness scenarios, their conversion rates can even surpass those in the U.S.,” which is one reason Japan was chosen as a priority market.

In terms of distribution channels, EcoFlow employs a multifaceted approach. Online, established e-commerce platforms like Amazon and Japan’s Rakuten form the backbone of their strategy. EcoFlow also operates its own independent site while leveraging platforms like TikTok to build brand awareness, ensuring sales while accumulating first-party data and user assets. Offline, they have strategically placed products in international retail giants like Walmart, Costco, and Decathlon. Unlike purely online sales, physical retail allows consumers to directly experience attributes like weight, power, and charging speed, enhancing purchase confidence. This dual-channel strategy has rapidly increased EcoFlow’s market penetration.

As of 2022, EcoFlow’s overseas revenue accounted for over 70%, making it one of the most representative Chinese brands in the portable energy storage sector.

Challenges Ahead

However, globalization is not without its challenges. In the U.S. and European markets, competitors like Anker, Jackery, and local energy firms are vying for the same market share. The complexities of battery safety certifications, logistics tariffs, and other factors across different countries may impact long-term development. Yet EcoFlow’s exploration demonstrates that Chinese manufacturing is not merely synonymous with “OEM” but can carve out a path of branding and internationalization within niche markets. EcoFlow’s journey serves as a reference template for other Chinese hardware companies: focus on pain points, create barriers, and leverage storytelling and deep channel engagement to elevate Chinese manufacturing onto the global stage.

Conclusion

The portable energy storage market is an enticing opportunity, but competition is fierce. Research from Fortune Business Insights indicates that the global battery storage market is set to reach 25.02 billion USD in 2024, with projections showing it could grow from 32.63 billion USD in 2025 to 114.05 billion USD by 2032, reflecting a compound annual growth rate of 19.58% during the forecast period. While the potential is vast, the share available for each player is always limited.

Anker Innovations reported total revenues of 24.71 billion yuan last year, marking a 41% increase, with its energy storage business alone exceeding 3 billion yuan, showing an impressive growth of 184%. Haicheng Energy ranks third globally in terms of shipments, serving customers in over twenty countries and reaching a valuation of 30 billion yuan.

Domestic giants like Huawei and Xiaomi are also active, leveraging their brand and channel advantages to introduce cost-effective products, thereby expanding their overseas market share and putting direct pressure on specialized energy storage companies.

For EcoFlow, the challenges are evident. High-power products require advanced technology, with core competencies in inverter efficiency and battery thermal management being crucial. The overseas market also presents dual uncertainties regarding price fluctuations and tariff adjustments. Compared to Anker and Haicheng, EcoFlow is still in its growth phase concerning global brand recognition and channel development, making the road to internationalization challenging. Whether it can continue to outperform remains to be seen.

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