DUBLIN--(BUSINESS WIRE)--The "Portable Power Station Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Capacity, Application, and Battery Type" report has been added to ResearchAndMarkets.com's offering.
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 one of the technologically advanced regions, with the presence of major economies such as the US, Canada, and Mexico.
The developed countries in the region are known for the adoption of advanced technologies, high standards of living among people, and developed infrastructure in different sectors. The automotive, transportation, electronics, and telecommunications industries in the region are expanding their production scales to cater to surging consumer demands.
The huge adoption of consumer electronics, such as smartphones, personal computers, tablets, music players, washing machines, and TVs, in North America is ascribed to the high disposable incomes and technological advancements. The flourished consumer electronics industry is augmenting the growth of the portable power station market in the region.
According to the North American camping report 2021, the number of households participating in hiking activities increased to 48.2 million in 2020, while the number of active households participating in these activities in the US increased to 86.1 million from 71.5 million in 2014.
Thus, a surge in camping activities in North America, including trekking, fishing, and climbing, is boosting the adoption of portable power stations. Furthermore, the cost of rechargeable lithium-ion batteries is expected to drop in the coming years, thereby encouraging the adoption of these products.
Compared to lead-acid batteries, lithium batteries are more efficient, have a longer battery life, and last longer. According to Bloomberg NEF, the cost of lithium-ion batteries has decreased by US$ 156 per kilowatt-hour since 2010 when it was US$ 1,183 kWh/hr. Lithium-ion batteries are widely employed in smart gadgets, and they require the provision of reliable rechargeable power, which may drive the use of power stations.
Report Scope
- Based on type, the market is bifurcated 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 bifurcated into sealed lead acid battery and lithium-ion battery. The lithium-ion battery segment represented a larger share of the overall market in 2020.
- In 2020, North America accounted for a significant share in the global market.
Key Market Dynamics
Market Drivers
- Increasing Use of Portable Power Stations During Power Outages
- Elevating Use of Smart Grid Services and Energy in Remote Areas, and Aging Electricity Grid Infrastructure
Market Restraints
- Limited Operational Capabilities of Portable Power Stations Compared to Portable Fossil Fuel Generators
Market Opportunities
- Growing Popularity of Outdoor and Camping Activities
Future Trends
- Rising Use of Smart Electronic Devices
Major Players Operating in the Market
- ChargeTech
- Drow Enterprise Co., Ltd.
- Duracell
- EcoFlow
- Goal Zero
- Jackery, Inc.
- Lion Energy
- Midland Radio Corporation
- Shenzhen Lipower Technology Co., Ltd
- SUAOKI
For more information about this report visit https://www.researchandmarkets.com/r/180s10
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