Global Portable Power Station Market Growing Steadily: Projected to reach USD 554.4 Million by 2028
Published | 11 January 2022
Growing recreational activities, rising tourism to countries with camping facilities, growing military expenditures, and growing demand for walkie-talkies are driving the growth of portable power station market. Furthermore, the booming EV industry is generating another potential income stream for the portable power station market, which is expected to spur the demand for portable power devices for charging EVs in remote areas with little to no direct access to electricity.
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 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 growing number of tourists visiting camping and recreational destinations, coupled with increasing military expenditures worldwide due to geopolitical tensions, and growing demand for electric vehicles in the world are contributing to the growth of the global portable power station market. Additionally, the staggering number of camping activities across developed nations and rising vaccination rates is driving the global portable power station market
Rising number of electric vehicles driving the demand for portable power stations
Over the past few years, electric vehicles have become increasingly popular worldwide. As outlined in the Global EV Outlook Report of 2021, EV sales grew by 43% in 2020, reaching 10 million as against 2019, despite the COVID-19 pandemic. China happens to be the biggest country in the EVs sector in terms of sales, with an estimated 4.5 million electric cars running on the roads in 2020. As against this, Europe registered the highest annual increase by registering 3.2 million in sales in just a year. Since electric vehicles are powered by electricity, they may run out of power in the middle of nowhere, which offers great opportunities to the global portable power station market. However, the number of EV charging stations is stagnant, leaving consumers with no choice but to look for alternatives, such as portable power stations of higher capacities, which has become a driving factor for the growth of the global portable power station market.
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.
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Global Portable Power Station Market: Regional Insights
The global portable power station market is segmented into five regions— North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these regions, North America held the largest share in the global portable power station market in 2021. In contrast to this, Europe is anticipated to register the fastest CAGR in the coming years. The U.S. houses a large number of manufacturers and consumers due to the widespread use of direct power stations, which enable portable power stations to be charged even in remote areas. However, with the increasing number of adventure sports and tourists flocking to Romania, which saw an increase from 11,7 million to 12,8 million in 2018-2019, Europe is also gaining ground as the fastest-growing market, thus driving the global portable power station market.
COVID Impact Analysis - Global Portable Power Station 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 are Jackery Inc., ChargeTech, EcoFlow Inc., Duracell Inc., Genius Media Group Inc., Li power Shenzhen technology Co. Ltd., LionEnergy LLC, Goal Zero LLC, Scott Electric Corp., Midland Radio Corp., Anker Innovations Technology, Bluetti Power Inc., VTOMAN Technology, Milwaukee Electric Tool Corporation, and other prominent players. The global portable power station market is moderately fragmented in nature with numerous players specialized in the production of such electronic devices. In addition, the presence of multiple industry players has led to a growing competition in the global portable power station market.
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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