Asia Pacific is expected to witness substantial growth over the forecast period owing to the rising demand for portable lithium power stations
The global portable lithium power station market size is expected to reach USD 282 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 per cent 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,” read the study
It continued, “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.”
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.
What segments are growing
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 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 strategies adopted by big 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.
