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Portable Power Station Market Future Plans, Business Distribution, Application, Trend Outlook and Competitive Landscape | COVID-19 Effects
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According to our latest market study on “Portable Power Station Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Capacity, Application, and Battery Type,” the market was valued at US$ 211.03 million in 2021 and is projected to reach US$ 295.91 million by 2028; it is expected to grow at a CAGR of 4.9% from 2021 to 2028.
Camping is becoming a popular leisure activity in the US, and over 40.5 million people participated in these activities in 2016. This number encompasses travelers who camp in automobiles and tents, recreational vehicles, and backyards. A portable power station can be used to power a mini-fridge to keep meat and seafood fresh and light up the camping venue. According to the North American Camping Report of 2019, the annual count of camper households in the US has climbed by 7 million since 2014, and the percentage of people preferring camping activities has increased by 72%. In addition to the increasing number of new campers, 38% of the Gen X population and 32% of millennials have begun to go camping regularly. According to Tourism Research Australia, total tourism in 2019 accounted for US$ 152 billion, which includes both domestic and foreign tours. People visiting hotels, motels, and resorts accounted for 24% of visitors in Australia, followed by those going caravanning and camping, which accounted for 14%. According to Eurostat, the UK, France, Germany, Italy, and the Netherlands account for two-thirds of all European campsites. Demands for laptops, cellphones, rechargeable trekking headlights, camping lamps, fridges, and cooler backpacks are growing with an urge among millennials to stay connected to the real world while camping. All of these devices require power to function, which justifies the potential for portable power stations.
In remote locations of developing countries, traditional centralized networks are incapable of addressing the basic, cost-effective electricity needs in time. The potential of remote and dispersed power systems to supply electricity across the world is supporting the portable power station market growth in developing countries. Concerns about CO2 and greenhouse gas emissions have attracted considerable global investments in renewable energy generation. Portable power stations are frequently utilized to store renewable energy and deliver electricity when needed. Thus, the global portable power stations market is predicted to grow during the forecast period as a result of the technological transformations in renewable energy generation. The AC inlet and USB socket on the portable power station constitute a reliable power source. Furthermore, power stations are gaining further popularity as their reach can be extended to remote locations. As a result, a large number of customers are prepared to invest in a portable power station for personal use, which is driving the portable power station market progress.
The global portable power station market is segmented on the basis of type, capacity, application, battery, and geography. Based on type, the market is bifurcated into direct power and solar power. Based on capacity, the market is segmented into below 500 Wh, 500–1500 Wh, and above 1500 Wh. By application, the global portable power station market is segmented into emergency power, off-grid power, and others. Based on battery type, the market is bifurcated into sealed lead-acid and lithium-ion.
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Impact of COVID-19 Pandemic on Portable Power Station Market
The European portable power station manufacturers witnessed a lower demand from the entire Europe. Germany, the UK, Italy, Russia, France, and Spain are among the most affected countries due to respective restrictions and limitations. The European electronics products manufacturers have observed and are also experiencing tough times to supply their products in adequate quantities to respective customers due to the significant disruption in the raw material supply chain business.
The electronic components or battery manufacturers are experiencing two or more weeks of delay in receiving raw materials, which is pressurizing the manufacturers to slow down the production pace and is exhibiting the declination trend in revenue generation. With the closure of borders and restrictions on international flights, the traveling of tourists reduced notably. With the temporary closure of tourist places, the outing of Europeans and international tourists declined drastically. As per the 2021 annual Economic Trends Report conducted by the World Travel and Tourism Council (WTTC), the travel & tourism sector in Europe suffered drastic losses since March 2020. This negatively impacted the demand for portable power stations required in outing and during the expeditions. Additionally, the UK, France, Germany, and Italy experienced the second wave of COVID-19 outbreak, which has again compelled the manufacturers to restrict their production unit workforce, resulting in deceleration in portable power station demand.
Midland Radio Corporation; ALLPOWERS Industrial International Co., Ltd.; ChargeTech; EcoFlow; Drow Enterprise Co., Ltd.; Duracell Inc.; Goal Zero; Jackery Inc.; SHENZHEN CHAFON TECHNOLOGY CO., LTD; Lion Energy LLC; and Hyundai Power Products are among the key players profiled during the study of the portable power station market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
Portable Power Station Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Direct Power and Solar Power), Capacity (Below 500 Wh, 500-1500 Wh, and Above 1500 Wh), Application (Emergency Power, Off-Grid Power, and Others), and Battery Type (Sealed Lead Acid Battery and Lithium-Ion Battery)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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Contact Person: Sameer Joshi
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