Global Portable Power Station Market is poised to augment and reach USD 554.4 Million by 2028
Published | 09 May 2022
The growing number of recreational activities coupled with the rising tourist arrivals to camping rich countries, growing military expenditure, rising demand for walkie talkies have all indicated toward a growing demand for more robust and efficient portable power station devices. Along with this, the thriving EV industry is generated another potential income source for global portable power station market and for the manufacturers, which is anticipated to propel the demand for portable power devices for charging EVs in remote areas, with little to no direct electricity supply…
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global portable power station market reached USD 359.4 million in 2021. The global portable power station market is further expected to reach USD 554.4 million by 2028 and is projected to grow at a CAGR of 6.4% during 2022-2028 (forecast period). The growth of the global portable power station market has been positively impacted by the growing number of tourist arrivals to the camping and recreational known countries, rising military expenditure across the world due to geopolitical tensions, and growing demand for electric vehicles the world. The staggering figures for camping activities across the developed nations with growing vaccination rates have also positively impacted the growth of the global portable power station market.
High Power Supply Along With Portability Is Expected To Bolster The Portable Power Station Market Growth
Portable power stations, also known as battery-powered inverter generators or gasless generators, are a rechargeable battery-powered source of electric power large enough to run your house or RV while camping. They have a combination of home AC outlets and USB ports for connecting and powering other devices. One of the primary advantages of these power sources is that they deliver both high power and portability. They typically offer energy up to 1000 W. Since they are portable and easy to carry, the best portable power stations are highly useful for use in rural places during power outages or on campsites. This broad array of benefits plays a critical role in propelling the growth rate of global portable power station market.
Off-Grid Power Supply Segment To Grow At A Higher Growth Rate During The Forecast Period
Based on applications, the global portable power station market is segmented into emergency power supply, off-grid power supply, automotive charging, defense, and others. Amidst the segmentation, the off-grid power supply segment accumulated the largest share in the global portable power station market in 2021. In contrast to this, automotive charging segment are projected to witness the fastest growth in the coming years. The growing demand for outdoor recreational activities over the past few months with rising vaccination rates have significantly contributed to the growth of the global portable power station market. In addition to this, recent tourist arrivals to Spain (13.7%) and Canada (3.69%) have demonstrated a growing demand for such electronic devices, thus contributing to the growth of the global portable power station market.
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Online segment occupied the largest market share in the sales channel category
There are two main sales channels for the global portable power station market—online and offline. The online portable power station sales channel has garnered the maximum share in the global portable power station market in 2021. The pandemic has played a major role in boosting the demand for such electronic devices via online channels, which further augmented the segment’s growth. According to UNCTAD (United Nations Conference on Trade & Development), United States recorded a jump of 3% in online retail sales for 2018-2020, whereas South Korea registered a growth of 5.1% for the same period, indicating the rapid growth in online sales channel, thus demonstrating a growing potential for the segment in the coming years.
North America Accounted for the Largest Share in the Global Portable Power Stations Market.
In terms of regional analysis, the global portable power stations market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, North America accounted for the largest share of the global portable power station market in 2021. This can be attributed to the US. Moreover, this trend is anticipated to remain the same during the forecast period. The portable charger market in the region is propelled by the rising outdoor recreational activities like camping, trekking coupled with escalating use of smart electronic devices as a result of the prevalent trend of online content posting and accelerated screen time is creating a heavy demand for power for endless entertainment. Furthermore, the consequent needs for connectivity, which requires power also plays an important role in driving market growth in the region.
Impact Of COVID-19 On the Global Portable Power Stations Market
The COVID-19 pandemic has negatively impacted the global portable power station market. As people were not able to leave their homes due to the nationwide lockdowns imposed by different countries, the investments directed toward recreational activities declined sharply. In addition to this, it led to a reduced demand for online sales of portable power stations as people didn’t require to charge their devices as they were spending the majority of the time at home. Furthermore, the production of raw materials used for manufacturing portable power stations has been negatively impacted as factories were forced to shut down as a result of government orders. However, in 2021, the consumption of such devices grew significantly in tandem with some relaxations for the production facilities, as well as fully vaccinated people, which allowed people to begin hiking and other recreational activities with their families, while leading to the growth of the global portable power station market.
The leading players in the global portable power station market include Goal Zero, EcoFlow Inc, Anker, Jackery Inc., Bluetti, ChargeTech, Duracell Inc., Li power Shenzhen technology Co. Ltd., Chafon, CharegTech, Imuto, Klein Tools, Aimtom and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
In October 2021, VTOMAN Technology, which happens to be an R&D provider for portable power solutions, announced the launch of Jump 1500, the world's first ever portable power station equipped with extra battery backup and 12V jump starter. The device is anticipated to augment the battery capacity to an astronomical 3096 Wh by connecting it to a secondary battery.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global portable power station market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global portable power station market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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