Market Synopsis
The global portable solar charger market is expected to grow at a CAGR of 17.50% from 2023 to 2032, reaching a value of US$ 0.9 billion by the end of the forecast period. The market is driven by a number of factors, including:
· Increasing awareness of the benefits of renewable energy
· Rising demand for portable and sustainable power sources
· Growing adoption of portable solar chargers by outdoor enthusiasts, campers, and hikers
· Increased government support for the development and adoption of renewable energy technologies
Key Drivers
· Increasing demand for portable solar chargers from outdoor enthusiasts, campers, and travelers
· Growing adoption of renewable energy sources
· Rising awareness about the benefits of sustainable energy solutions
· Government initiatives to promote the use of solar energy
The most important growth factors of the global portable solar charger market 2023 comprise of increase in the adoption of smart and portable solar equipment.
The global portable solar charger market is estimated to expand at a fast pace during the review period.
Due to the increasing impression of automobiles on the environment, the monitor of air quality index must be implemented. The adoption of electric hybrid vehicles in developing nations would pose an opportunity for the global portable solar charger market players. However, the high price of hybrid EV batteries is one of the constraints that may obstruct the expansion of the global hybrid EV market.
The solo chargers that are being manufactured are highly competitive and give efficiency to the end-users. The development of new products and innovation is the most important strategy to provide suitable portable solar chargers.
Key Players
· Renogy
· HQST
· Goal Zero
· Go Power
· Acopower
· Voltaic Systems
· EMPO-NI off-grid solutions
· Anker Innovations Limited
· Instapark
· Suntactics
· X-DRAGON
· Powertraveller International Ltd
· IceTech
Market Segmentation
The global portable solar charger market has been classified on the basis of application, type, and region.
On the basis of application, the market is segmented as battery electric vehicles, plug-in hybrid EV, and hybrid electric vehicles. The hybrid electric vehicles sector is expected to expand with the maximum CAGR during the review period since the hybrid batteries are most suitable with hybrid electric vehicles, making the overall performance better.
On the basis of type, the global portable solar charger market is divided into nickel-metal hydride, lithium-ion, lead-acid, and others. The lithium-ion battery vertical is likely to reign the market at a global level due to its high-temperature performance and high energy efficiency.
On the basis of region, the global portable solar charger market is divided into Europe, Asia Pacific, South America, and the Middle East and Africa. The APAC region acquires the maximum portable solar charger market share owing to the large presence of EVs in India and China.
These nations are the potential markets offering opportunities for EV hybrid battery manufacturers are to establish their business in these nations due to the rising purchasing power and the increasing population.
Regional Analysis
On the basis of region, the global market for the portable solar charger is divided into Asia Pacific, North America, Europe, the Middle East and Africa, and South America.
The APAC is one of the established markets for the portable solar charger in the world. The rising demand for alternative sources of energy due to the rising population and increasing disposable income have a substantial role to play in the expansion of the market.
Additionally, the climatic condition in India and China and other nations receive more than 290 days of sunlight, which is compatible with the solar charging devices. Therefore, the demand for the portable solar charger is expanding in India and China.
North America is likely to experience the maximum expansion in the portable solar charger market during the review period due to growing demands for environment-friendly charging devices. The growth can be accredited to the increased demands for foldable solar chargers, rise in use of several electronic surveillance equipments in the military sector, and the presence of established players play a very important role in expanding the market in the region.
In the North American market, the US is likely to seize the largest market share and is expected to acquire the highest CAGR from 2019 to 2025 owing to the rising outdoor activities. The US is anticipated to be the most developed market during the forecast period.
In Europe, Germany is the fastest growing market in the portable solar charger market, whereas the UK, Italy, France, Belgium, Spain, and the Netherlands are the other important countries to participate in the expansion of the market.
The MEA market, Saudi Arabia is the largest market for a Solar panel charger market size. Iran and South and East America is expanding at a high rate and have a significant contribution to the expansion of the market.
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