Portable Solar Charger Market
By Product Type (Solar Trickle, Clamshell, Folding and Backpacks); By End-User (Individual Consumers, Military and Transportation) – Global Industry Demand Analysis & Opportunity Assessment 2016–2023
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By Product Type (Solar Trickle, Clamshell, Folding and Backpacks); By End-User (Individual Consumers, Military and Transportation) – Global Industry Demand Analysis & Opportunity Assessment 2016–2023
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The global portable solar charger market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, North-America dominated the global portable solar charger market by contributing a market share of 41.8% in 2016 owing to the rapid development of easy to carry and efficient portable solar charger and rising trend of wearable devices in the region. Additionally, the huge and massive transition from traditional to renewable energy, U.S. and Canada is expected to help North-America to maintain its dominant stance across the globe during the forecast period. After North America, Europe is the second largest revenue contributor in the global portable solar charger market. The spiked growth in sale of electronic gadgets, urbanization and rising adoption of portable solar products is expected to propel the Europe & North-America portable solar charger market growth in the upcoming years.Further, the Asia-Pacific portable solar charger market is expected to showcase a tremendous growth by the end of 2023 by registering a CAGR of 15.3% over the forecast period.
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The lack of energy resources is the major concern among the population living in the under-developed regions. Further, the growing demand for efficient portable solar chargers in urban areas is creating a huge pressure on the manufacturers to enhance the efficiency of the chargers. These factors have driven the manufacturers to progressively work on the development of efficient and affordable portable solar chargers. The rising sales of smartphones, tablets, cameras and other electronic gadgets combined with the inclination of consumers towards the clean energy are some of the major reasons which are creating huge opportunities for the portable solar charger players to introduce their products in the market. The highly efficient and portable solar chargers have the market growth potential across the globe and are believed to supplement the growth of the portable solar charger market with a CAGR of 13.2% between the period 2017 and 2023. Furthermore, the global portable solar charger market is expected to gain revenue of USD 47,913.3 Million by the end of 2023, rising its way up from USD 20,498.4 Million in 2016.
By Product Type
The global portable solar charger has been segmented by product type into solar trickle, clamshell, folding and backpack solar chargers, out of which, the clamshell solar charger segment drove the portable solar charger market with dominating market share which was trailed by folding solar charger segment with 31.6% of market share in 2016. The demand for the clamshell portable solar chargers is estimated to remain highest in upcoming years due to the rising sale of electronic gadgets such as smartphones, cameras and others. Further, the backpack solar charger segment is predicted to contribute 18.7% of market share by the end of 2023.
By End-User
The global portable solar charger market is divided by end-users into individual consumers, military and transportation. Among these segments, the individual consumers segment accounted for the highest market share of 58.1% during 2016 and is expected to dominate the end-user segment with market share of more than 55% by 2023. Further, the rising use of portable solar chargers to charge military gadgets such as SAT phone, GPS and others is penetrating the market for portable solar chargers. The military segment is believed to expand with highest CAGR of 14.7% over the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Indicators
The global portable solar charger market is thriving on the back of rise in the need for portable renewable power products due to the growing demand for portable, convenient and time saving power products among the consumers. In addition to that, the recent technological developments & increased efficiency of solar chargers combined with environmental concerns such as reducing carbon emission and increasing consumer awareness are penetrating the market for solar powered products.Additionally, various government initiatives and rising consumer awareness regarding benefits of non-conventional energy resources are believed to aid the growth of the global portable solar charger market to in near future.
The low efficiency of the portable solar charger and its limitations for operating capacity are the major factors behind their slow adoption rate. Additionally, less disposable income along with lack of government initiatives and awareness in under-developed countries is believed to hinder the growth of the market.
Some of the affluent industry leaders in the global portable solar charger market are Philips Electronics, Cobra Electronics, SolarTab, Poweradd, Solio, Solar Frontier, GoalZero, Anker, Suntrica and Empo-Ni.
Solio Inc., a U.S. based company specializing in designing and manufacturing of portable renewable energy products is engaged in the manufacturing of portable solar chargers, mobile phone accessories, and outdoor rechargeable products like headlamps, action cameras, water purifiers and GPS watches. In order to expand their business in UK, the company is partnered with Apple UK to sell their products in the UK region.Moreover, other key and niche players are working towards the expansion of product portfolio along with investing in high quality R&D to develop energy efficient and innovative technologies in order to gain competitive edge in the global portable solar charger market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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