Portable Power Station Market is Rapidly Growing with Huge Application Scope & Opportunities by 2021-2030
Increase in use of smart electronic devices and rise in concerns regarding CO2 emission drive the growth of the global market.
PORTLAND, OREGON, UNITED STATES, July 18, 2022 /EINPresswire.com/ — Allied Market Research recently published a report, titled, “Portable Power Station Market by Capacity and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030″. As per the report, the global portable power station industry was accounting for $3.9 billion in 2020, and is expected to reach $5.8 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030.
Increase in use of smart electronic devices and rise in concerns regarding CO2 emission drive the growth of the global portable power station market. However, high cost of battery-powered portable stations hinders the market growth. On the contrary, rise in outdoor and camping activities would unlock new opportunities for the market players in the future.
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The portable power station market analysis has been done into capacity, application and region.
By capacity, the 501-1,000Wh segment held the largest share in 2020, accounting for nearly two-fifths of the global portable power station market, due to increase in demand for additional power capacity and charging electronic appliances with high power requirements across North America, Europe, and Asia-Pacific regions.
By application, the market is divided into emergency power, off-grid power and automotive. The off-grid power segment is estimated to grow at the fastest rate during the forecast period due to the increasing use of smartphones and also increase in camping and other recreational activities.
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By region, the market across North America held the largest share in 2020, accounting for nearly two-fifths of the market, as the U.S. is the largest portable power station market in the world. However, the global portable power station market across Asia-Pacific is anticipated to showcase the highest CAGR of 5.0% during the forecast period, owing to rise in use of smart electronics and the increased number of incidences of power outages in countries such as China, India, and Japan.
The major companies profiled in this report include Anker Technology, Bluetti, Duracell, EcoFlow, Goal Zero, Jackery, Lion Energy, Milwaukee Tool, Scott Electric, and Suaoki. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.
Get detailed COVID-19 impact analysis on the Portable Power Station Market
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Impact of COVID-19 on the global portable power station market
As people remain isolated in their homes, COVID19 continues to have a major impact on tourism and air travel globally. Closed destinations and hotels, as well as travel restrictions, camping and outdoor recreation will affect travel and tourism. According to data from the World Tourism Organization (UNWTO), all tourist destinations in the world have implemented travel restrictions, 97 destinations (45%) have totally or partially closed their tourist borders, and 65 destinations (30%) have been totally or International flights partially suspended, and 39 destinations (18%) are closing borders, prohibiting passengers from certain countries of origin. COVID19 has already affected the Asia-Pacific region, Europe, the Middle East, and North America. Additionally, impact of COVID-19 on camping and other outdoor portable power station market industry affecting the sales. The above restrictions have directly impacted the portable power station market globally.
David Correa
Allied Analytics LLP
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