portable power station Market

The global portable power station market is expected to grow from US$ 211.03 million in 2021 to US$ 295.91 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021-2028.

North America is a region known for its advanced technological capabilities and the presence of major economies such as the US, Canada, and Mexico. The region's developed countries have a reputation for adopting advanced technologies, providing high standards of living for their citizens, and having well-developed infrastructure across various sectors. The automotive, transportation, electronics, and telecommunications industries in the region are expanding their production capacities to meet growing consumer demand. The high disposable incomes and technological advancements in North America have led to a substantial adoption of consumer electronics, including smartphones, personal computers, tablets, music players, washing machines, and TVs. This thriving consumer electronics industry is driving the growth of the portable power station market in the region.

The North American camping report for 2021 revealed that the number of households participating in hiking activities rose to 48.2 million in 2020. In addition, the number of active households engaged in these activities in the United States increased from 71.5 million in 2014 to 86.1 million, indicating a significant increase. Consequently, the popularity of camping activities such as trekking, fishing, and climbing in North America is driving the adoption of portable power stations. Furthermore, the cost of rechargeable lithium-ion batteries is expected to decrease in the upcoming years, further encouraging the use of these products. Lithium batteries are superior to lead-acid batteries as they have a longer battery life, are more efficient, and last longer. The cost of lithium-ion batteries has decreased by US$ 156 per kilowatt-hour since 2010 when it was US$ 1,183 kWh/hr, according to Bloomberg NEF. As smart gadgets commonly use lithium-ion batteries, they necessitate a reliable source of rechargeable power, which may fuel the use of power stations.

The portable power station market is categorized based on type, capacity, application, battery type, and geography. Based on type, the market is segmented into solar power and direct power. The direct power segment represented a larger share of the overall market in 2020. Based on capacity, the market is categorized into below 500 Wh, 500-1500 Wh, and above 1500 Wh. In 2020, the 500-1500 Wh segment accounted for a substantial share of the market. By application, the market is segmented into emergency power, off-grid power, and others. The emergency power segment represented a larger share of the overall market in 2020. Based on battery type, the market is segmented into sealed lead acid battery and lithium-ion battery. The lithium-ion battery segment represented a larger share of the overall market in 2020. Based on geography, the portable power station market size is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. In 2020, North America accounted for a significant share in the global market.

North America, particularly the United States, has been severely impacted by the COVID-19 pandemic, resulting in many infected individuals with severe health conditions. Manufacturing facilities were forced to operate with limited staff or temporarily shut down their production, leading to disruptions in the supply chain of components and parts. These are some of the significant challenges faced by North American countries.

In 2020, the smartphone penetration rate in the US was approximately 81.6%, and it was projected to increase only to 82.2% in 2021. This had a detrimental effect on the demand for portable power stations required for charging smartphones during outdoor activities. Similarly, the portable power station market in Canada and Mexico was negatively impacted and experienced similar repercussions due to the COVID-19 pandemic. However, after the restrictions were eased in 2021, the market witnessed a positive impact as the demand for portable power stations started growing in the US, Canada, and Mexico.

The size of the portable power station market has been determined through the utilization of both primary and secondary sources. The research process commenced with comprehensive secondary research using both internal and external sources to gather qualitative and quantitative information pertaining to the market. This process enabled obtaining an overview and forecast of the portable power station market in terms of all the segments and regions, including North America, Europe, Asia Pacific, Middle East and Africa, and South America. In addition, primary interviews were conducted with industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as research analysts, valuation experts, and key opinion leaders, who specialize in the portable power station market. The objective of the primary interviews was to authenticate the data and obtain further analytical insights regarding the topic.

A few major players operating in the global portable power station market are 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; and Hyundai Power Products.