$400+ Million Worldwide Portable Power Station Industry – Impact of COVID-19 on the Market
The “Portable Power Station Market by Operation Type, Technology Type (Lithium-ion, Sealed Lead Acid), Capacity Type (Less than 500 Wh, 500 Wh to 999 Wh, 1000 Wh to 1499 Wh, 1500 Wh and Above), Application, and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global portable power station market size is projected to reach USD 474 million by 2025 from an estimated USD 330 million in 2020, at a CAGR of 7.5% during the forecast period.
The growth of the market is attributed to the increasing use of smart electronic devices.
By technology type, lithium-ion is expected to dominate the portable power station market.
The lithium-ion segment is estimated to hold a larger share of the market during the forecast period. The anticipated growth of this segment is attributed to the availability of lithium-ion at affordable prices for portable power station operations in regions such as North America, Europe, and the Asia Pacific. The demand for lithium-ion technology is driven further by reduced operational costs for customers.
By capacity type, 500 Wh to 999 Wh segment is expected to dominate the global portable power station market.
The 500 Wh to 999 Wh segment is expected to be the largest, by capacity type, during the forecast period. The growth of this segment is owing to the rising demand for additional power capacity and charging electronic appliances with high power requirements across North America, Europe, and the Asia Pacific regions.
By region, North America is expected to lead the portable power station market, in terms of value.
North America is the largest market for portable power stations globally, followed by the Asia Pacific and Europe. The region is also projected to be the fastest-growing market during the forecast period owing to the increasing use of smart electronics and the rising number of incidences of power outages in countries such as the US, Canada, and Mexico.