According to a new report published by Allied Market Research, titled," Portable Power Station Market By Capacity And Application: Global Opportunity Analysis And Industry Forecast, 2021-2030," the global portable power station market size was valued at $3.9 billion in 2020, and is projected to reach $5.8 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030.
A portable power station is a battery-powered generator that can be used to charge various devices, such as fans, mobile phones, computers, and other electronic devices. Charging capacity, minimal maintenance, safety and portability are the advantages of these portable power station. In recent years, the growth of the portable power station market has grown significantly, thanks to the increase in the use of smart devices, the aging of the network infrastructure and the increase in the use of energy in remote areas.
The main factors driving the growth of the global market are the increasing demand for smart devices (including smartphones and smart watches), as well as the demand for uninterruptible power supplies for applications such as emergency power supplies, automobiles and off-grid power supplies. However, the longer charging time and high cost of portable power stations are factors that are restraining the global portable power station market growth.
The portable power station market analysis has been done into capacity, application and region.
By capacity, the 501-1,000 Wh segment is expected to hold the largest market share during the forecast period.
By application, the market is divided into emergency power, off-grid power and automotive. The off-grid power segment is estimated to grow at the fastest rate during the forecast period due to the increasing use of smartphones and also increase in camping and other recreational activities.
By region, North America holds the largest market share as the region houses major portable power station companies, especially in the US. Moreover, increasing use of smart electronic devices is driving the growth in this region.
The major companies profiled in this report include Anker Technology, Bluetti, Duracell, EcoFlow, Goal Zero, Jackery, Lion Energy, Milwaukee Tool, Scott Electric, and Suaoki. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.
Key findings of the study
- By region, North America is projected to grow at the highest CAGR of nearly 4.1%, in terms of revenue, during the portable power station market forecast period.
- By application, the emergency power segment accounted for the largest portable power station market share in 2020.
- By capacity, the 501-1,000 Wh segment garnered the largest market share in 2020.
Impact of COVID-19 on the global portable power station market
As people remain isolated in their homes, COVID19 continues to have a major impact on tourism and air travel globally. Closed destinations and hotels, as well as travel restrictions, camping and outdoor recreation will affect travel and tourism. According to data from the World Tourism Organization (UNWTO), all tourist destinations in the world have implemented travel restrictions, 97 destinations (45%) have totally or partially closed their tourist borders, and 65 destinations (30%) have been totally or International flights partially suspended, and 39 destinations (18%) are closing borders, prohibiting passengers from certain countries of origin. COVID19 has already affected the Asia-Pacific region, Europe, the Middle East, and North America. Additionally, impact of COVID-19 on camping and other outdoor portable power station market industry affecting the sales. The above restrictions have directly impacted the portable power station market globally.