Report Overview

The growth of the global portable power stations market can be primarily attributed to the increasing demand for consumer electronic products and smarter devices. There has been a high growth opportunity for consumer electronics products because of augmenting investments in electronic appliances such as smart homes, smart cities which require them to stay connected. The latest smart devices to help them in this. These factors are expected to drive the global Portable Power Station market during the forecast period...

Global Portable Power Station Market - Industry Trends & Forecast Report 2028

The global portable power station market was worth USD 359.4 million in 2021, registering a strong CAGR during 2018-2021. The market is further expected to reach USD 554.4 million by 2028 at a CAGR of 6.4% during the forecast period (2022-2028). This can be attributed to the increasing demand for consumer electronic products and smarter devices. There has been a high growth opportunity for consumer electronics products as a result of augmenting investments in electronic appliances such as smart homes, smart cities which require them to stay connected. The latest smart devices to help them in this.

Portable Power Station Overview

A portable power station is a device used for storing electrical power in an internal battery and transferring that power to various devices when the battery is depleted. Among the devices could be smartphones, flashlights, tablets, walkie-talkies, and other devices that may be needed in remote locations. Portable power supplies enable people traveling to remote areas to have enough battery capacity to charge their battery devices and stay connected. Portable power stations can be charged in a variety of ways, including using a solar panel, an electrical outlet available at a nearby motel, or even using a gas-powered inverter generator.

Global Portable Power Station Market Trend

Growth Drivers

Growing military expenditure across some of the developed and developing nations

The military bases of every other country are all located in remote areas with little or no network or electricity. Due to this, they rely on military walkie talkies and similar products for communicating pivotal information across the border. Military electronic devices for transferring data files, transmitting voice or audio, transferring radio signals, using portable GPS for location, laser rangefinders for detecting radiation and gas sensors all require electricity to operate. As a result, there are no options for military personnel other than to opt for alternatives to communicate their messages to headquarters due to the limited access of the military stations. For this reason, portable power stations are used in such remote locations. As of the latest World Bank Estimates 2020, Saudi Arabia (8.4%), Algeria (6.7%), the UAE (5.6%) along with some developing African nations have topped the list in terms of military expenditures as a percent of GDP. As a result of geopolitical tensions in the Middle East & North Africa, there has been an inclining trend in the demand for walkie-talkies, which has been driving the demand for portable power stations.

Rising number of electric vehicles driving the demand for portable power stations

Electric vehicles have grown in popularity over the last several years all around the world. These electric cars need the power to keep them working, which increases the opportunities to use portable power stations. Vehicle manufacturers and policymakers are increasing their focus and actions on electric vehicles (EVs). EV technologies include full battery electric and plug-in hybrid electric vehicles are appealing solutions for achieving environmental, socioeconomic, and health goals. Following a decade of tremendous expansion, there were 10 million electric automobiles on the world's roads at the end of 2020, according to the data provided by International Energy Agency. Despite the pandemic-related global decline in car sales, which saw global car sales fall by 16% in 2020, electric car registrations climbed by 41%. For the first time, Europe surpassed the People's Republic of China ("China") as the world's largest electric vehicle (EV) market, selling approximately 3 million vehicles (a 4.6 percent sales share).

The government's continuous drive, combined with the expanding footprint of charging infrastructure, has resulted in an increase in EV sales this year. In addition, the price of automotive fuels, such as petrol and diesel, has been steadily rising. With services like battery swapping and battery-as-a-service (BaaS) in the horizon, sales in the area might skyrocket. Due to the fact that electric vehicles are fueled by energy, they may run out of power in the middle of nowhere, which presents significant prospects for the worldwide portable power station market. However, the number of EV charging stations is stagnant, leaving consumers with little choice but to seek alternatives, such as higher-capacity portable power stations, which has become a driving force in the global portable power station market's growth

Restraints

Higher costs making it an expensive affair for some nations

A portable power station would be extremely useful in areas with little or no electricity, but with plenty of renewable energy sources, such as solar energy, that could solve the electricity supply problem. Despite this, the rising semiconductor shortages have contributed to the increasing price for portable power stations, which have made its purchase increasingly costly for some developing nations like Burundi, Sudan, Kenya, Libya, and Jordan, which not only have some of the lowest income levels, but also some of the highest military expenditures. With certain developing countries, such as Nepal and Pakistan, experiencing increasing electricity shortages, they are unable to buy portable power stations that might cost up to USD 1197.42, which is more than their annual GDP per capita of USD 1155 and USD 1188, respectively.

Impact of COVID-19 – Global Portable Power Station Market

As soon as the COVID-19-pandemic broke out, the governments of different countries shut down some businesses to prevent the spread of the virus and reduce the severity associated with the mutations caused by the virus. The move also brought some supply-side risks, including the suspension of raw materials needed for manufacturing portable power stations. However, even if the government permitted production at some locations, the efficiency of production suffered due to the reduced workforce and increased workload at the time, which limited the overall growth of the market. In addition, demand side factors were equally effective in disrupting the global portable power stations market. Pandemic restrictions caused people to be cooped up inside their homes for months, resulting in a sudden decline in tourism, which is one of the biggest contributors to the growth of the portable power station market worldwide.

Global Portable Power Station Market: By Power Type

Based on power types, the global portable power station market is grouped into direct and hybrid.  Amidst the segmentation, the direct segment accounted for the largest market share in 2021 and is anticipated to grow at a high CAGR during the forecast period. Hybrid segment accounted market share of 32.67% in 2021 and is expected to grow a CAGR of 7.0% during the forecast period. Since such power stations happen to generate electricity using both plug-on as well as the other renewable energy means, they have a much lower carbon footprint. The growing investments in solar energy projects and subsidies across the world have benefited the sales of such hybrid portable power stations. In March 2021, the Department of Energy, United States announced a sanction of USD 128 million to reduce the costs associated with solar energy. This is expected to lead to a sharp fall in the cost of hybrid portable power stations, thus creating a demand for such devices in the coming years.

Global Portable Power Station Market: By Application

Based on applications, the global portable power station market is segmented into emergency power supply, off-grid power supply, automotive charging, defense, and others. Amidst the segmentation, the off-grid power supply segment accumulated the largest share in the global portable power station market in 2021. In contrast to this, automotive charging segment are projected to witness the fastest growth in the coming years. The growing demand for outdoor recreational activities over the past few months with rising vaccination rates have significantly contributed to the growth of the global portable power station market. In addition to this, recent tourist arrivals to Spain (13.7%) and Canada (3.69%) have demonstrated a growing demand for such electronic devices, thus contributing to the growth of the global portable power station market.

Global Portable Power Station Market: Regional Insights

The global portable power station market is segmented into five regions— North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among these regions, North America garnered the largest share in the market in 2021.  The growth of the region can be attributed to the rising geopolitical tensions at the Mexican borders. As the Trump administration allocated more funds toward the military, the expenditure as a percentage of GDP registered an increase from 3.4% to 3.7% for 2019-2020, indicating an increasing need for military electronic equipment. Consequently, it has been driving demand for portable power stations for charging these devices, thereby contributing to the growth of the portable power station market in North America.

Competitive Landscape

The global Portable Power Stations market is characterized by the presence of many local, regional, and global vendors. The leading players in the global portable power station market include Goal Zero, EcoFlow Inc, Anker, Jackery Inc., Bluetti, ChargeTech, Duracell Inc., Li power Shenzhen technology Co. Ltd., Chafon, CharegTech, Imuto, Klein Tools, Aimtom and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers and collaborations.

Recent Developments

• July 2021: US start-up unveils 3.6 kWh portable battery for independent power supply. The system has the potential to be upgraded to a capacity of up to 25 kW. EcoFlow, a start-up based in the United States, has already raised nearly €4 million on the Kickstarter crowdfunding platform for its portable power supply solution.
• May 2021: Siemens Energy and IRENA sign sustainable energy partnership agreement. Agreement aimed at facilitating the global renewable energy transition in support of sustainable development goals and climate action. The organizations will cooperate, facilitate, and strengthen collaboration in areas to progress the global energy transition to renewable energy under the terms of the agreement.

Scope of the Report

By Power Type

• Direct
• Hybrid

By Capacity

• Below or equal to 250wh
• 500-1000wh
• 1000-1500wh
• Above or equal to 1500wh

By Application

• Emergency Power Supply
• Off-Grid Power Supply
• Automotive Charging
• Defense
• Others

By Sales Channel

• Online
• Offline

By Region

• The Asia-Pacific
• North America
• Europe
• The Middle East & Africa
• Latin America