Portable Power Inverter Market Research Report and Outlook by 2028

The worldwide market for portable power inverters is projected to expand from US$ 1,359.21 million in 2021 to US$ 2,206.57 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.2% during this period.

The expansion of the portable power inverter sector is largely attributed to the rising adoption of electric vehicles (EVs) across the globe. This trend is driven by the increasing demand for various vehicle types, including trucks, SUVs, and compact sedans, resulting in record automobile sales for manufacturers like Toyota, Hyundai, Nissan, Subaru, and Kia. In 2020, global vehicle production reached 78 million units, with China, Japan, and Germany leading as the foremost automobile and commercial vehicle producers. The increase in vehicle production has also spurred the manufacturing of electric vehicles, thereby boosting the portable power inverter market. Some original equipment manufacturers (OEMs) are even planning to transition their product lines to focus solely on electric vehicles, which will further escalate the demand for power inverters and stimulate the growth of the portable power inverter market.

Moreover, leading truck manufacturers such as MAN, Daimler, Scania, Volvo, and Renault are moving towards an all-electric future, necessitating inverters for effective power management between battery packs and motors, as well as for onboard systems in various electric vehicle types, including hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs). Inverter systems are essential in both electric and internal combustion engine (ICE) vehicles. Emerging innovations, such as in-wheel microinverter systems and the growing application of AC power inverters in electric vehicles, are further propelling the portable power inverter market. For instance, Delphi Technologies PLC launched the world?s first integrated inverter and DC/DC converter in February 2018, showcasing technological advancements that are attracting a broad customer base globally and driving market growth.

Historically, inverters have been utilized for personal use in homes. Recently, however, there has been a notable surge in demand for portable power inverters, attributed to their convenience and energy efficiency. This growing interest in various portable power inverter models is significantly contributing to market growth. The market is anticipated to continue its upward trajectory in the coming years, particularly as residential users increasingly invest in solar photovoltaic (PV) portable inverters, further enhancing the growth of the portable power inverter market.

Additionally, the escalating demand for energy is prompting the exploration of alternative energy sources, which is beneficial for the portable power inverter market. Solar energy, in particular, is gaining traction as a viable source for electricity generation. As the adoption of solar energy increases, a corresponding rise in demand for portable power inverters is expected, further stimulating the market's growth.

The portable power inverter market features key players such as Cobra Electronics Corporation, ENERGIZER HOLDINGS, INC., Kisae Technology Inc., COTEK, Rally Manufacturing, EXELTECH, OSRAM GmbH, Ring Automotive Ltd., Growatt New Energy, and Eaton. These companies maintain a strong presence in the portable power inverter market through innovative product development, strategic acquisitions, and expansion initiatives. For example, in April 2021, Armor All, a brand under ENERGIZER HOLDINGS, INC., announced a global, multi-year partnership with Red Bull Racing Honda, a four-time Formula 1 World Champion team. This collaboration aims to enhance Armor All's global marketing efforts, boost brand visibility, and connect with new customer segments.

Effects of the COVID-19 Pandemic on the Portable Power Inverter Market

The COVID-19 pandemic has adversely affected numerous industries, including electronics and semiconductors, as trade barriers disrupted demand and supply dynamics. The production processes faced significant interruptions due to temporary industry shutdowns mandated by governments during the comprehensive lockdowns in 2020. Consequently, the portable power inverter market also experienced moderate impacts from the pandemic.

The pandemic's onset had profound effects on consumers and the broader economy. To curb the virus's spread, electronic manufacturing hubs were temporarily closed, severely impacting the semiconductor supply chain and leading to shortages of materials, components, and finished products. This disruption resulted in a lack of business continuity, adversely affecting revenues, shareholder returns, and overall financial stability. However, as lockdowns gradually eased and logistics operations resumed due to ongoing vaccination efforts, the portable power inverter market is anticipated to recover during the forecast period.

In response to the challenges posed by the COVID-19 pandemic, companies within the portable power inverter market have focused on innovation. For instance, in April 2020, the TalTech Power Electronics Research Group and Ubik Solutions, an Estonian start-up, developed a hybrid inverter solution that combines a micro-inverter with a power optimizer, reportedly providing 30% more power than previous micro-inverters under partially shaded conditions. Similarly, in February 2020, Enphase Energy partnered with CREATON GmbH, a leading residential roof manufacturer in Europe, to offer photovoltaic (PV) in-roof systems to solar consumers in Germany, contributing to the expansion of the portable power inverter market.

The size of the portable power inverter market has been determined through both primary and secondary sources. The research process commenced with extensive secondary research utilizing internal and external sources to gather qualitative and quantitative data regarding the portable power inverter market. This approach facilitated an overview and forecast of the market size across various segments. Additionally, it provided insights into the global portable power inverter market size across five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Furthermore, primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, research analysts, and key opinion leaders specializing in the portable power inverter market.