Portable Solar Chargers Sales Soar as Established Markets to Portray Significant Growth after First Half of Forecast Period, Projects Fact.MR
Published : 10 Dec 2019 Industry: Consumer Goods
The recent past has witnessed a significant surge in the adoption of sustainable technology. Consumer preference for for long term durability and usage of on-the-go technologies has fueled adoption of portable solar chargers. North America continues to lead in the demand for portable solar chargers, accounting for more than 30% of the market share. The trade war between United States and China has gnawed into profits of domestic as well as foreign portable solar charger manufacturers. However, market is expected to show a northward trend, due to substantial increase in demand from adventure seeking millennials and Generation Z. While Europe and North America can be construed as established markets for portable solar chargers, significant is expected in later half of forecast period.
Key Takeaways from the Portable Solar Charger Market
- North America accounts for 1/3rd stake in portable solar chargers market, and is expected to present a gradual growth trend. The trade war with China has affected raw material inflow like solar panels for portable solar chargers for United States based manufacturers.
- Asia Pacific region is expected to present nearly 2X growth over value in 2019. Growth trend in East Asia is expected to be higher than in South Asia.
- European Union still remains at the forefront for solar power adoption and is expected to show substantial growth in demand for portable solar chargers.
- Monocrystalline solar panels are expected to govern portable solar chargers for regions in growth stage like North America and Europe. In global portable solar chargers market, share lost by polycrystalline solar panels is captured by monocrystalline solar panels.
- Polycrystalline panels in portable solar chargers are projected to portray a bearish trend, similar to its erstwhile historical decline.
- Foldable segment of portable solar chargers is a leading segment in terms of value. However, small portable solar chargers lead the market in terms of volume.
“Customers of portable solar chargers are highly price sensitive, which is also reflected in terms of the fragmented structure of the market. Mid-to-small sized companies offering low-priced portable solar chargers account for a significant share, however, a transformation in the market structure is expected in the coming decade. An anticipated consumers’ shift towards established brands with a higher price tag is expected to witness a spurt in demand. ”,says the Fact.MR analyst
Portable Solar Charger Manufacturers banking on Untapped Markets for Profitability
Currently portable solar chargers market is highly fragmented, with tier 1 players accounting for only one fifth of total market share. Key competitors in the market have focused on increasing their product portfolio and domestic market presence. Majority of top players in portable solar chargers market are based in United States, but expansion in other regions is being observed. Jackery Inc. one of the major companies in portable solar charger market, has entered Japan. Expansion in Japan is with establishment of manufacturing facilities and partnership with JVCKENWOOD Corporation. Even though companies have focused on establishing a foothold in domestic markets, the trend of regional expansion is expected to be carried out by other portable solar charger manufacturers as well.
Find More Valuable Insights on Portable Solar Chargers Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global portable solar chargers market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the portable solar chargers market on the basis of product type (small portable, foldable and semi portable), panel type (monocrystalline, polycrystalline and others) and panel size in terms of wattage (less than 10W, 10W to 50W and more than 50W) across seven major regions.
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About the Retail and Consumer Goods Division at Fact.MR
Being a consortium of large number of sub-industries, not many market research companies are being able to fulfil the requirements of consumer product clients. Though, Fact.MR retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio.