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.
The portable power station market is segmented based on type, capacity, application, battery type, and geography.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. 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.
The United States is the worst-hit country in North America, with thousands of infected individuals facing severe health conditions across the country.Majority of the manufacturing facilities operated with limited staff, or halted their manufacturing processes momentarily.
Thus, the supply chain of components and parts was disrupted. These are a few of the notable issues faced by the North American countries.
The penetration of smartphones in the US in 2020 was around 81.6% which could increase to only 82.2% in 2021. This impacted the demand for portable power stations required for charging the smartphones during outings. Also The Canadian and Mexican Portable power station market also witnessed a negative impact and are experiencing similar tremors owing to the widespread of COVID-19 pandemic. However, the market witnessed a positive impact as the demand for portable power stations started growing in the US, Canada, and Mexico after easing in the restrictions in 2021.
The overall portable power station market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the portable power station market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the portable power station market.
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