SAN FRANCISCO, July 6, 2021 /PRNewswire/ -- The global portable lithium power station market size is expected to reach USD 282.0 million by 2028, according to a new study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 13.2% from 2021 to 2028. With the improvement in battery technology, coupled with the increasing demand for portable power packs from the consumer electronics sector for powering notebooks, mobiles, tablets, and other smart devices, the demand for portable lithium power stations is anticipated to grow over the forecast period. Additionally, the rising demand for portable lithium power stations in a variety of application areas, including automotive, off-grid, and emergency power, is expected to create significant opportunities for the vendors operating in the market over the forecast period.
Key Insights & Findings:
By type, the solar power segment is anticipated to witness significant growth in the years to come owing to the increasing emphasis on the use of renewable energy
The 1,000 Wh to 1,499 Wh capacity segment is anticipated to witness high growth as 1,000 Wh to 1,499 Wh power stations are increasingly used for powering large-sized devices and equipment along with multiple smaller devices, such as smartphones, tablets, and laptops
The e-commerce sales channel segment is anticipated to witness significant growth over the forecast period owing to the growing penetration of digital platforms for transactions, coupled with the rising number of smartphone users
The off-gird application segment is anticipated to register the highest CAGR over the forecast period owing to the increasing outdoor recreational and camping activities across the globe, which is expected to create healthy demand for portable lithium power stations to fulfill the power requirements at remote locations
The industrial end-use segment is expected to grow at a significant rate over the forecast period owing to the growing need for continuous power and the availability of industrial-grade portable lithium power station
The key factors driving the market are the increasing penetration of smart electronic devices, rising demand for reliable and uninterrupted power, and stringent emission rules across regions. Moreover, the stringent regulations made by the government bodies on carbon emission and the growing adoption of advanced technologies by the customers are the key challenges faced by the vendors with regards to manufacturing the products that are planned with the latest demanding features and applications, which surely limits the market from expanding its reach.
The market is served by a blend of large players with international presence and capabilities to serve customers from different regions and local and domestic players that are having a strong foothold in the local markets. The key strategies adopted by these players include product launches, product development, expansions & investments, and partnerships and collaborations. New product development and launches were the most common strategies adopted in the past few years by the majority of vendors operating in the market. Moreover, partnerships and collaborations were another majorly adopted strategy by vendors to reinforce their product and service offerings and footprints across the globe. However, a decrease in the sales of electric vehicles, coupled with imposed restrictions on tourism and travel during the COVID-19 situation, is hindering the market growth. Asia Pacific is expected to witness substantial growth over the forecast period owing to the rising demand for portable lithium power stations to ensure continuous power supply during power outages, outdoor recreational activities, and camping in China, India, and Japan
Grand View Research has segmented the global portable lithium power station market based on type, capacity, sales channel, application, end use, and region:
Portable Lithium Power Station Type Outlook (Revenue, USD Million, 2016 - 2028)
Portable Lithium Power Station Capacity Outlook (Revenue, USD Million, 2016 - 2028)
Less Than 500 WH
500 WH to 999 WH
1,000 WH to 1,499 WH
1,500 WH and Above
Portable Lithium Power Station Sales Channel Outlook (Revenue, USD Million, 2016 - 2028)
Brick and Mortar
Portable Lithium Power Station Application Outlook (Revenue, USD Million, 2016 - 2028)
Portable Lithium Power Station End-use Outlook (Revenue, USD Million, 2016 - 2028)
Portable Lithium Power Station Regional Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of Portable Lithium Power Station Market
ALLPowers Industrial International Co., Ltd.
Greenway Power Co. Ltd.
Li Power (Shenzhen) Technology Co., Ltd.
Midland Radio Corporation
Westinghouse Electric Corporation
Check out other studies related to Lithium Ion Batteries and Backup Power, by Grand View Research:
Automotive Lithium-Ion Battery Market – Global automotive lithium-ion battery market is expected to witness lucrative growth over the forecast period owing to the increasing passenger vehicles and CO2 emission targets; whereas the challenges faced by market are longer duration of charging time and high internal resistance.
Rechargeable Poly Lithium Ion Battery Market – Global rechargeable poly lithium-ion battery market size was valued at USD 124.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2027.
Lithium-ion Battery Market – Global lithium-ion battery market size was valued at USD 32.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 13.0% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.