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A11700 | Pages: 336 | Charts: 58 | Tables: 227 |
The global portable power station market size was valued at $4.0 billion in 2021, and portable power station industry is projected to reach $5.9 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031.
A portable power station is a rechargeable battery generator that is used to charge small appliances such as smartphones, tablets, laptops, fans, mini-refrigerators, electric blankets, and mini-refrigerators. The increase in popularity of smart electronic devices and the demand for uninterruptible power supplies, emergency power supplies, off-grid power supplies, and other applications are the main factors driving the growth of the portable power station market.
Due to the increasing demand for uninterruptible power supplies for powering various electronic devices, the global portable power station market is expected to witness growth at a significant rate during the forecast period. The global electronics industry engages in countless processes such as sales channel design, development, manufacturing, assembly, and distribution to reach end users. The high penetration rate of Internet services in various fields and their affordability allow numerous consumers to use multiple devices at the same time.
The growing trend of online posting of content and more screen time is creating a demand for power to enjoy endless entertainment. The use of consumer products in household applications has increased, such as video game systems, water purifiers, refrigerators, ovens, communication systems, televisions, radio systems, music players, and other products that are widely powered by electricity. The increase in the disposable income of middle-class families and the improvement of living standards are promoting the growth of consumers' purchasing power.
The portable power station market is segmented into type, application, sales channel, and region. By type, the market is divided into less than 500 Wh, 501-1000 Wh, 1001-1500 Wh, and 1500 Wh or more. By application, the portable power station market is divided into emergency power, off-grid power, and automotive. By sales channel, the portable power station market is divided into online and offline. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
[TYPEGRAPH]
On the basis of type, the 501-1000Wh segment accounted for 37.3% of the portable power station market share in 2021 and is expected to maintain its dominance during the forecast period. This is owing to its application in the off-grid and emergency power.
[APPLICATIONGRAPH]
By application, it is divided into emergency power, off-grid, and automotive. The emergency power segment accounted for the largest revenue share in the global portable power station market in 2021. This growth in demand can be attributed to the progression of rural areas and the increase in the construction of residential renewable power generation systems such as solar and wind power plants.
[SALESCHANNELGRAPH]
On the basis of sales channel, the offline segment accounted for 53.0% of the portable power station market share in 2021 and is expected to maintain its dominance during the forecast period. This is owing to an increase in commercial activities and the need for leisure activities among people which has led to the demand for offline stores.
[REGIONGRAPH]
Region-wise, North America accounted for the largest market share in the market and is projected to grow at a CAGR of 3.6% during the forecast period. Presence of well-established applications such as emergency power (residential & commercial end users), off-grid power, and automotive is expected to provide lucrative opportunities for the growth of the portable power station market.
North America dominated the market in 2021 due to the existence of well-established applications like emergency power (for residential and commercial end users), off-grid power, and automotive. The North American portable power station market is anticipated to experience significant growth during the forecast period. North America has the world's largest portable power station market, and this trend is expected to continue during the forecast period due to the increased use of portable power stations in the U.S. The market in the area is propelled by an increase in the popularity of outdoor recreation such as camping, the use of smart electronic devices, and the resulting demand for connectivity, which needs power. The abovementioned elements will offer numerous opportunities for the growth of the portable power station market in this area.
Asia-Pacific is estimated to witness rapid growth and the highest potential for portable power stations among all regions globally. Asia-Pacific is among the fastest-growing regions due to the presence of countries such as India, China, and Japan. Growing economies of the region fuel growth in an array of sectors, such as emergency power and automotive.
South Asia Market Outlook
India is considered one of the largest end-user bases of consumer electronics with a double-digit growth rate which is estimated to have a positive impact on the market in the forecast period. Portable power station producers in the South Asia-Pacific region have to fulfill various demands from the end users such as price, quality, and other key needs. Furthermore, the surge in population and housing enhancement from South Asia-Pacific regions such as ASEAN and Australia have been augmenting the market growth.
Germany, France, and the UK are the top three countries in Europe, which is one of the major players in the global portable power station market. The market in the area is driven by the growing emphasis on camping and outdoor recreational activities as well as the growing use of smart electronic devices. Energy storage and charging technologies could see a significant increase in demand as more people become aware about them.
Between 2020 and 2030, the Asia-Pacific region is anticipated to dominate the global market for portable power stations due to increased investments and developments in the field of renewable energy, particularly in emerging markets such as China and India. Investments in the nation are anticipated to rise even further with more renewable energy projects planned during the forecast period. An increase in investment in the growth of various manufacturing sectors will offer plenty of opportunities for market expansion.
Due to increased investments and advancements in the renewable energy sector, the market for portable power stations in LAMEA is anticipated to expand significantly over the course of the forecast period. The UAE is anticipated to be one of the major markets for portable power stations due to the widespread use of portable power units, particularly for off-grid and emergency power supplies in the Middle East and Africa. Brazil is predicted to dominate the South American market. The above-mentioned elements are expected to offer numerous opportunities for the market growth.
Impact of Covid-19 on the global portable power station market
The COVID-19 pandemic led to a decline in the demand for the portable power station market due to a decline in tourism activities across the globe. In addition, due to strict travel restrictions, investments in recreational activities decreased significantly. As most people were spending maximum time in their homes, the need for portable power stations declined sharply. The outbreak of COVID-19 affected the availability of raw materials for this sector. Due to the temporary closure of manufacturing units, non-availability of the workforce, and logistics problems, the portable power station market faced hindrances. During the post-pandemic period, the market is expected to rise, due to an increase in tourism activities across the globe. In addition, the government initiatives to develop the economy through tourism will have a positive impact on the market.
Key players in the portable power station industry Alpha ESS Co., Ltd., Anker Technology, Bluetti, Chilwee Group Co., Ltd, Duracell, GES Group Limited Company, Jackery Inc., Lion Energy, Milwaukee Tool, Mitsubishi Corporation, NRG Energy, Inc., Scott Electric Company, and Suaoki.
Manufacturers Strategy
These players have adopted various strategies to gain a higher share or retain leading positions in the market. Many leading manufacturers and suppliers have longstanding contracts with end users to supply fuel dispensers. Further, manufacturers are focused on establishing their manufacturing facilities in the countries such as the UK, the U.S., and China to cater to increasing demand in the region.
Key Market Segments
Key Market Players