Global Portable Power Station Market on an Upward Growth Trajectory-Projected to Reach Worth USD 554.4 Million by 2028 | BlueWeave

Delhi, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Growing recreational activities, rising tourism to countries with camping facilities, growing military expenditures, and growing demand for walkie-talkies are driving the growth of Portable power station market. Furthermore, the booming EV industry is generating another potential income stream for the Portable Power Station market, which is expected to spur the demand for portable power devices for charging EVs in remote areas with little to no direct access to electricity.

A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global portable power station market reached USD 359.4 million in 2021. The market is further expected to reach USD 554.4 million by 2028 and is projected to grow at a CAGR of 6.4% during 2022-2028 (forecast period). The growing number of tourists visiting camping and recreational destinations, coupled with increasing military expenditures worldwide due to geopolitical tensions, and growing demand for electric vehicles in the world are contributing to the growth of the global portable power station market. Additionally, the staggering number of camping activities across developed nations and rising vaccination rates is driving the global portable power station market

Rising number of electric vehicles driving the demand for portable power stations

Over the past few years, electric vehicles have become increasingly popular worldwide. As outlined in the Global EV Outlook Report of 2021, EV sales grew by 43% in 2020, reaching 10 million as against 2019, despite the COVID-19 pandemic. China happens to be the biggest country in the EVs sector in terms of sales, with an estimated 4.5 million electric cars running on the roads in 2020. As against this, Europe registered the highest annual increase by registering 3.2 million in sales in just a year. Since electric vehicles are powered by electricity, they may run out of power in the middle of nowhere, which offers great opportunities to the global portable power station market. However, the number of EV charging stations is stagnant, leaving consumers with no choice but to look for alternatives, such as portable power stations of higher capacities, which has become a driving factor for the growth of the global portable power station market.

Growing camping preference among GenZ is expected to drive the growth of the global portable power stations market

In the forecast period, GenZ, the generation born in the mid-to-late 90s through the early 2010s, is expected to be the largest group of campers and is anticipated to be a major driver for the global portable power station market growth during the forecast period. As a result of income restrictions, GenZ campers will be unable to acquire RVs, resulting in an increase in demand for portable power station, which in turn will support the growth of the global portable power stations market.

In the North American Camping Report for 2021, Generation Z campers are the most likely of all generations to camp with friends and/or partners (43% each). Additionally, 38% of GenZ campers prefer a moderate connection that allows them to stay connected to social media. The report further claims that roughly 42% of GenZ campers believe COVID-19 and vaccination will have minimal impact on their vacation plans in 2021. The growing prominence of GenZ in social media is likely to further support the growth of portable power station market by drawing attention towards application of portable power stations in remote camping where getting power is a major issue. Therefore, all these factors can be major drivers for the growth of the global portable power station market during the forecast period.