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Portable Power Station Market Size, Share & COVID-19 Impact Analysis, By Application (Off-Grid Power, Emergency/Backup, and Others), By Power Source (Hybrid Power and Single Power Source), By Capacity (Less than 500 Wh, 500 Wh to 1,499 Wh, and 1,500 Wh and Above), and Regional Forecast, 2023-2030

Last Updated: April 08, 2024 | Format: PDF | Report ID: FBI105508

 

KEY MARKET INSIGHTS

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The global portable power station market size was valued at USD 486.69 million in 2022 and is projected to grow from USD 545.04 million in 2023 to USD 948.19 million by 2030, exhibiting a CAGR of 8.2% during the forecast period. North America dominated the portable power station market with a share of 47.83% in 2022.


Changing lifestyles, increasing spending power, and physical and emotional benefits encourage consumers to engage in entertaining outdoor activities. Outdoor leisure activities contribute to a healthy work-life balance. An increase in people’s participation in outdoor leisure activities indicates a significant potential for the growth of this market across the globe.


Portable power has been the domain of gas generators for decades, whereas battery-powered portable power station generators are emerging to be a cleaner option for DIY, campers, tailgates, and around-the-home use.


COVID-19 IMPACT


Restrictions in Travel Plans Impacted the Global Portable Power Station Market Growth


The COVID-19 pandemic affected the market globally. The closures of public places and recreational activities led to a drop in the revenue of market players. The restrictions on travel plans and the closure of tourist destinations had a negative impact on the market. Closed tourist destinations, hotels, restrictions on travel, camping, and entertaining outdoor activities impacted the travel and tourism industry, which restrained product demand.


LATEST TRENDS


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Utilization of Smart Electronic Devices to Boost the Market Growth


The adoption of consumer electronics and smart devices has increased dramatically over the past decade. This has led manufacturers to adopt a “push” strategy, in which much smart electronic equipment is pushed into the market so that consumers can make purchases easily.


Manufacturers focus on delivering connected devices as the popularity of smart and connected products and the adoption of IoT devices. Technological advances and the introduction of the wireless network led to the development of intelligent and connected tools. The production of smart and wirelessly connected devices, which use a battery to power their products, is growing steadily. This is anticipated to create favorable opportunities for market expansion over the study period.


DRIVING FACTORS


Increase in Outdoor and Camping Activities to Drive the Product Demand in Forecast Period


There is an ascent in sporting and camp exercises such as fishing and climbing across the world. For instance, according to the 2021 North American Camping Report, the number of camping households who camped at least once in 2020 stood at 48.2 million and active households in the U.S. were 86.1 million, which saw a rise of 20.41% from 71.5 million in 2014.


By generation, camping experience was highest among the millennials (44%), followed by Gen X (46%), and Gen Z (32%). In Australia, individuals visiting lodgings, inns, and resorts represented 24%, and individuals opting for caravans and camps represented 14%. As per Eurostat, 66% of European camping areas are situated in 5 nations - the U.K., France, Germany, Italy, and the Netherlands. In 2017, guests spent USD 397 million to set up camping evenings across camping areas in the EU.


Reduction in Lithium-ion Batteries Cost to Augment the Product Demand in Forecast Period


Global governments are moving toward a low-carbon energy system to decrease global greenhouse gas emissions. Renewable energies such as solar and wind are becoming cost-effective when compared to fossil fuels. However, low-cost energy storage is needed to balance these sources and transform the transportation network.


Lithium-ion is the most common type of battery. These batteries have gained popularity as the main source of power for portable power storage devices and more units are being produced annually for their useful properties. Battery increase demand, particularly from consumer devices, has historically fueled the lithium market, which has seen its price fall in the past years.


As per research from the Massachusetts Institute of Technology in March 2021, the cost of these batteries has fallen by 97%, making energy storage commercially viable for the first time. A lithium-ion battery consists of several different parts, among which the cell is the most expensive part of any lithium-ion battery followed by electronics, assembly, and packaging.


RESTRAINING FACTORS


Low Functional Ability of the Product to Hinder Market Growth in Forecast Period


A portable power station is a portable battery-powered portable power stations power supply that does not have a wide range of functional capabilities such as those of compact diesel generators. Portable fuel generators can power camping areas and sports vehicles, whether a troop, RV (recreational vehicle), or campervan.


A continuous and reliable power supply is essential for controlling energy-intensive appliances such as water heaters, satellite T.V.s, internet switches, coolers, telephones, and workstations. Portable generators can power microwaves, fans, electric pots, and toaster ovens. In contrast, a portable or mobile power station cannot be used similarly for additional power capacity and load.


SEGMENTATION


By Capacity Analysis


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500 Wh to 1,499 Wh Capacity Segment Share to Rise Due to Long Battery Life 


Based on capacity, the market segmented into 500 Wh to 1,499 Wh, less than 500 Wh, and 1,500 Wh and above. The 500Wh to 1,499Wh segment held the largest portable power station market share in 2022 and is anticipated to grow with the highest CAGR during the forecast timeframe, owing to its long battery life and usage in various applications, including off-grid power.


Capacity plays an important part in how long a battery-powered power station lasts. Portable power stations with larger battery banks will last longer. If you tie the power station into a solar array, you have an almost infinite capacity as long as the sun shines. A small charger might charge the phone one time, while a larger one might charge the phone several times before it needs to be recharged.


By Power Source Analysis


Growth of Renewable Technologies to Power Hybrid System to Augment Segment Growth


Based on power source, the market is segmented into hybrid power and single power source. The hybrid power segment is expected to account for the largest share in the market over the estimated period.


Hybrid systems combine two or more types of electricity generation, commonly using renewable technologies such as wind turbines and solar photovoltaics. Hybrid systems offer a high level of energy security through the combination of production processes. They often integrate a storage system such as a battery and fuel cell to ensure optimum, secure, and reliable supply.


By Application Analysis 


Emergency/Backup Power to Emerge as Significant Application Owing to Increased Outdoor Recreational Activities


By application, the market is trifurcated into off-grid power, emergency/backup, and others. The off-grid power segment dominated the market owing to increased outdoor recreational and camping activities worldwide. Moreover, the emergency/backup segment also accounted for a significant share in the market. The emergency/ backup segment includes the charging of devices such as smartphones, tablets, and laptops during network and power failures. Increasing power outages due to extreme conditions such as earthquakes, storms, and lightning are likely to increase demand for portable power plants for backup power applications.


REGIONAL INSIGHTS


North America Portable Power Station Market Size, 2022 (USD Million)

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The global market has been analyzed across major regions, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.


North America has the world's largest regional market for portable power stations, predominantly due to the U.S. The trend is predicted to continue during the projected period. A growing emphasis on recreational activities, such as fishing and camping, can be observed in this region. Furthermore, an increasing number of campers are looking to use technologies such as mobiles, laptops, Wi-Fi, and other smart technologies during their camping activities, which they believe, will enhance their camping experience. The use of smart electronic devices and the subsequent need for connectivity requires power, which may drive the growth of the market in the region.


The outdoor camping market is vast and mature. Developed countries in Europe have long history of outdoor activities and strong per capita spending power. Outdoor tourism, camping, fishing, and other outdoor activities have many participants and participation frequencies. There is a large market increase demand for outdoor sports-related supplies and equipment.


The Asia Pacific portable power station market is anticipated to develop at the healthiest CAGR during the forecast timeframe. The growing urbanization and high internet penetration rate drive the demand for electronic equipment in the region.


Portable power stations comprise lithium batteries for their lightweight and longer running, and Latin America is the region with the most Lithium deposits. According to the U.S. Geological Survey (USGS), lithium is one of the most abundant resources in South America. The region is accountable for approximately 55%-60% of the world's lithium resources. Globally identified lithium resources are approximately 89 million tons, distributed across the region, such as Bolivia, 21 million tons; Argentina, 19 million tons; and Chile, 9.8 million tons.


The GCC countries are economically and technologically ahead, while the African countries are yet to expand their purchasing power and adopt advanced technologies. In addition, the ambitious clean energy target set by the countries is set to generate a combined 80 GW of renewable energy capacity by 2030. Currently, solar and wind are leading the renewable energy sector in the countries, which will drive the demand for hybrid power portable power station and eventually drives the market in this region.


KEY INDUSTRY PLAYERS


GoalZero LLC and EcoFlow to Lead with Extensive Service Profile in this Competitive Landscape


Major players include GoalZero LLC, EcoFlow, and Anker Technology (U.K.) Ltd, Duracell Power, Jackery, and others. The competitive landscape includes major companies account for around half of the market, and many regional and local players dominate the remaining market. Numerous other players operating in the industry are focused on delivering longer battery life and lightweight products catering to consumer demand.


LIST OF KEY COMPANIES PROFILED:



  • GOAL ZERO (U.S.)

  • BLUETTI Power Inc (U.S.)

  • Jackery Inc (U.S.)

  • EcoFlow (China)

  • Lion Energy (U.S.)

  • Shenzhen Sungzu Technology Co., Ltd (China)

  • iForway (China)

  • Anker Technology (U.K.) Ltd (U.K.)

  • Shenzhen Lipower Energy Co., Ltd (China)

  • Duracell Power (U.S.)

  • Klein Tools (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • April 2023 – BLUETTI unveiled a brand-new model with a bunch of improvements compared to previous portable stations such as EB150 and EB240, AC180. Further, its design kit makes it a well-deserved portable power station for emergency backup, sudden blackouts, excursions, and others.

  • April 2022 - Anker Technology (U.K.) Ltd launched the Anker 757 Powerhouse, the world's most advanced and durable portable battery generator. The Anker 757 Powerhouse is powered by a Lithium Iron Phosphate (LiFePO4) battery for long-range electric vehicles. LiFePO4 batteries have longer lifespan and offer improved discharge and charge efficiency compared to other lithium-ion batteries.

  • January 2022 – EcoFlow launched the industry-leading DELTA Pro portable home battery in Europe with a base capacity of 3.6 kWh and expandable to 25 kWh. The DELTA Pro is the industry's first portable home battery and can provide several days of backup power for families in emergencies. The company's ambitious vision EcoFlow DELTA Pro is to promote sustainability by providing a robust, low-carbon, and renewable energy solution for individuals, homes, and industries.

  • October 2021- EcoFlow launched a portable power station called RIVER mini, having a capacity of 210Wh. The RIVER mini is the most portable and compact power station in the company's product line. The product is designed to provide convenient power for every occasion and lifestyle; the company has expanded its product portfolio by launching EcoFlow River products in the market.

  • August 2021 – With the goal of net zero, the 5th generation of Yeti power was introduced with the Yeti-X line. Starting with one of the lightest model, the Yeti 200X launched with REI. The three largest models have elevated inverters that can power anything plug into the outlet.


REPORT COVERAGE


An Infographic Representation of Portable Power Station Market

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The research report highlights regional and country-level analysis to provide a better understanding to the user. Furthermore, the report provides insights into the latest market trends and analysis of technologies deployed rapidly globally. It further highlights some drivers and restraints, helping the reader extract in-depth knowledge about the industry.


Report Scope & Segmentation























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 8.2% from 2023 to 2030



Unit



Value (USD Million)



Segmentation



By Application, Power Source, Capacity, and Region



 


Segmentation



By Capacity



  • Less than 500 Wh

  • 500 Wh to 1,499 Wh

  • 1,500 Wh and Above



By Power Source



  • Hybrid Power

  • Single Power Source



By Application



  • Off-grid Power

  • Emergency/Backup

  • Others



By Region



  • North America (By Capacity, By Application, By Power Source, By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Capacity, By Application, By Power Source, By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Capacity, By Application, By Power Source, By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Capacity, By Application, By Power Source, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa (By Capacity, By Application, By Power Source, By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)








Frequently Asked Questions

A study by Fortune Business Insights states that the global market size was USD 486.69 million in 2022.

The market size of North America stood at USD 232.8 million in 2022.

Based on application, the off-grid power segment holds the dominating share in the global market.

The global market size is expected to reach USD 948.19 million by 2030.

The reduction in the cost of lithium-ion batteries is expected to propel the market growth.

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