ID: MRFR/E&P/6919-HCR | February 2021 | Region: Global | 111 pages
Portable solar charger market size is projected to reach USD 430.35 million by 2025 from an estimated USD 2,024.2 million, with 18% CAGR from 2020 to 2027.
The primary growth drivers of the global portable solar charger market include the increased adoption of portable and smart portable solar devices.
The global market is projected to grow at a high rate during the forecast period. Due to the rising impact of automobiles on the environment, a proper regulation of air quality index is required. In line with this, alternate vehicles including hybrid and electric vehicles are introduced to the automotive industry as a part of corrective measures for improving environment pollution. Moreover, the adoption of electric hybrid vehicles in developing countries would present an opportunity for the global market players. However, the high initial cost of hybrid EV batteries is one of the major restraints that could hinder the global hybrid EV market.
Major players are manufacturing portable solar chargers that are highly competitive and provide significant efficiency to the end users. They focus on new product development as a key strategy in order to offer the suitable portable solar chargers. For instance, in April 2017, Suzuki Motor Corporation, Denso Corporation, and Toshiba Corporation signed an agreement on establishing a joint venture for producing automotive lithium-ion hybrid car batteries in India. The joint venture company will be capitalized at USD 18.4 billion, providing opportunities to the players to enhance their business in India and in Asia for hybrid batteries and auxiliary solar battery chargers. Other major players are also involved in introducing innovative products.
The global portable solar charger market has been segmented based on type and application. By type, the global market is classified into lithium-ion, nickel-metal hydride, lead-acid, and others. The Lithium-ion battery segment is set to dominate the global market owing to its superior high-temperature performance and high energy efficiency. By application, the market is segmented as plug-in hybrid EV, battery electric vehicles, and hybrid electric vehicles. The hybrid electric vehicles segment is poised to grow with the highest CAGR during the forecast period as the hybrid batteries are most compatible with hybrid electric vehicles, improving the overall performance of the vehicle.
The global market for portable solar charger is expected to grow at 19.25% CAGR during the forecast period.
The key players operating in the global portable solar charger market are Renogy, HQST (Canada), Goal Zero (US), Go Power (Canada), Acopower (US), Voltaic Systems (US), EMPO-NI off-grid solutions (Germany), Anker Innovations Limited (US), Instapark, Suntactics (US), X-DRAGON, Powertraveller International Ltd (UK), and IceTech.
The market is expected to witness high growth during the forecast period owing to the increasing fuel efficiency and stringent emission regulations driving portable solar charger industry sales.
By region, the global market is segmented as Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest portable solar charger market share due to the huge number of EVs in China and India. These countries are the potential markets presenting opportunities for EV hybrid battery manufacturers to set up their business in these countries owing to an increase in the purchasing power and huge population.
|Market Size||2025:USD 2,024.2 Million|
|CAGR||18% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Renogy, HQST (Canada), Goal Zero (US), Go Power (Canada), Acopower (US), Voltaic Systems (US), EMPO-NI off-grid solutions (Germany), Anker Innovations Limited (US), Instapark, Suntactics (US), X-DRAGON, Powertraveller International Ltd (UK), and IceTech.|
|Key Market Opportunities||Adoption of electric hybrid vehicles in developing countries|
|Key Market Drivers||Increased adoption of portable and smart portable solar devices.|
Frequently Asked Questions (FAQ) :
portable solar charger market is expected to record a substantial market valuation of USD 1.7 billion by 2025.
portable solar charger market is projected to register a moderate 19.25% CAGR in the forecast period.
The lithium-ion segment is slated to expand as the fastest-growing segment.
The plug-in hybrid EV segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global portable solar charger market are Instapark, Suntactics (US), Powertraveller International Ltd (UK), X-DRAGON, among others.