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Portable Solar Charger Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global portable solar charger products market was valued at USD 6.8 billion in 2022 and is expected to grow at a CAGR of 10.2% from 2023 to 2030. Increasing demand for green energy and technological advancements in portable solar chargers is driving the market. The rising adoption of portable solar chargers in various applications such as outdoor activities, remote locations, and emergency backup is propelling the growth of the market.
Furthermore, the launch of new products with advanced features is propelling the demand for the market. For instance, in April 2021, Voltaic Systems announced the launch of its latest solar chargers, the V72 and V44. The solar chargers are designed to be lightweight, durable and efficient. The solar chargers have a USB-C port and deliver up to an 18W output. The product also has a built-in battery to store the power and a USB-A port that supports up to 15W fast charging.
In addition, the increasing demand for renewable energy sources is fueling the demand for the market. Many countries are focusing on renewable energy sources to reduce their dependence on non-renewable energy sources and to achieve their environmental targets. For instance, in November 2021, China announced plans to invest USD 413 billion in renewable energy sources by 2025. This investment is expected to drive the demand for portable solar chargers in the country.
The growing number of solar parks and solar-powered homes is also expected to propel the growth of the market. Furthermore, the increasing disposable income of consumers is leading to increased spending on solar-powered products. For instance, in April 2021, UK consumers spent nearly USD 3.2 billion on solar-powered products. Moreover, the growing government initiatives such as subsidies and tax credits are encouraging the use of solar-powered products.
The rising trend of mobile lifestyles is also driving the market. The increasing use of mobile devices such as smartphones and tablets is leading to an increased demand for portable solar chargers. For instance, in May 2021, the Chinese mobile accessories manufacturer, Huizhou Skyee Technology, launched its new range of portable solar chargers. The solar chargers are designed to charge mobile devices and laptops quickly and efficiently. The increasing demand for these products is expected to propel the growth of the market.
Product Insights
The solar panel charger segment led the market and accounted for a share of around 60.0% in 2022. The growing demand for renewable energy sources has been driving the demand for portable solar chargers across the globe. According to an article published by Science Daily, in March 2021, the global solar energy market was valued at USD 422.7 billion in 2020 and is projected to reach USD 1,024.6 billion by 2026, growing at a CAGR of 16.4% during the forecast period. Furthermore, increasing penetration of solar photovoltaics, government initiatives to promote solar energy, and the surge in demand for portable solar devices are the key factors driving the growth of the solar panel charger segment.
The solar power banks segment is anticipated to expand at the fastest CAGR of 10.8% over the forecast period. Growing awareness regarding the importance of renewable energy sources, increasing disposable incomes, and mushrooming demand for portable solar charging devices are some of the key factors driving the growth of the solar power bank segment. In addition, the rising trend of outdoor activities such as camping and hiking is further supporting the growth of the market. According to an article published by the International Renewable Energy Agency, in October 2020, the portable solar charger market is expected to experience significant growth in the next few years due to the increasing demand for renewable energy sources.
Distribution Channel Insights
The online segment is anticipated to expand at the highest CAGR of 15.2% over the forecast period. The growth of the segment is mainly attributed to the increasing penetration of internet and the rising availability of portable solar charger products on e-commerce websites. Furthermore, many vendors are offering discounts, cashbacks, and free home delivery on portable solar charger products purchased through e-commerce websites, thus, boosting the segment’s growth.
The supermarkets and hypermarkets segment held the second-largest share of over 18.5% in 2022. Supermarkets and hypermarkets have become popular shopping destinations for consumers, offering them a wide variety of products under one roof. Moreover, the presence of retail stores offers customers the advantage to compare and choose the right product as per their convenience. Furthermore, these stores offer discounts and promotional offers on portable solar charger products, thus, driving the segment’s growth.
Type Insights
The portable solar charger segment dominated the market in 2022, accounting for a revenue share of 80.4%. The increasing demand for portable solar chargers is driven by the increasing use of renewable energy sources, rising awareness of environmental protection, and the rising number of people who are more likely to opt for renewable energy solutions. Furthermore, the increasing number of smartphone users and the increasing usage of other mobile devices such as tablets and laptops have boosted the demand for portable solar chargers.
The stationary solar charger segment is anticipated to register the highest CAGR of 11.1% over the forecast period. The increasing investments in solar power generation, the rising adoption of solar power by the residential sector, the increasing adoption of solar energy sources by commercial customers, and the growth in the number of smart homes are some of the key factors driving the growth of the stationary solar charger segment. Furthermore, the increasing need for uninterrupted power supply and the rising demand for uninterrupted and reliable energy sources are some of the other factors driving the growth of the stationary solar charger segment.
Regional Insights
Asia Pacific is expected to be a dominant region in the market and accounted for a revenue share of around 30.2% in 2022. This is owing to the rising awareness regarding the importance of renewable energy sources among the population present in countries such as India and China. Moreover, the increasing penetration of smartphones, tablets, and other electronic gadgets among consumers is also expected to drive the demand for portable solar chargers in the region.
Europe is expected to witness the second-fastest growth in the coming years. The rising environmental concern among the population has led to the adoption of renewable energy sources in the region. This factor is expected to bode well for the growth of the market. Increasing disposable income and falling prices of solar charger products are also expected to drive the growth of the market. For instance, in April 2021, the UK-based company, SunPort, launched the SolarPuff, a foldable, lightweight, and waterproof solar charger.
Financial Projections
In this part of the portable solar charger business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your portable solar charger products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for the portable solar charger products business comes from the sale of the chargers themselves, as well as any related accessories and services. Other possible sources of revenue include bulk and wholesale orders, advertising, and sponsorships.
Projecting Expenses
In this section, all the regular expenses related to keeping the portable solar charger products business running will be described. The list of operating expenses includes product research and development, manufacturing costs, marketing, shipping, and overhead costs. Other expenses may include insurance policies, taxes, and licensing fees.
Key companies & market share insights
Some of the key companies operating in the portable solar charger market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Anker Innovations launched the PowerPort Solar Lite, a portable solar panel which can charge up to two devices at once.
– In August 2022, SunPower Corporation launched the X-Series, a lightweight and portable solar panel designed to charge most portable devices.
– In October 2022, Goal Zero launched the Yeti 400, a portable solar charger designed to charge tablets, phones, and other USB-compatible devices.
Some of the prominent players in the portable solar charger market include:
– Anker Innovations
– SunPower Corporation
– Goal Zero
– EcoFlow
– RAVPower
– Xiaomi
– Solio
– Kmashi
– Suaoki
– ECEEN
Global Portable Solar Charger Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global portable solar charger products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Solar Panels
– Solar Chargers
– Solar Power Banks
– Solar Generators
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Portable
– Non-Portable
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Portable Solar Charger Technology?
[A]: Portable solar charger technology has been growing rapidly in recent years, due to its potential to provide an alternative source of energy. Portable solar chargers are an environmentally friendly and cost-effective way to power electronics, which can be used anywhere, anytime. The technology is also being used to provide electricity to remote villages and developing countries, helping to reduce their reliance on traditional energy sources.
[Q]: Who are the Key Players in the Portable Solar Charger Market?
[A]: Some of the key players in the portable solar charger market are Sanyo, Sharp, SunPower Corporation, SunEdison, and Yingli Solar.
[Q]: What are the Factors Driving the Growth of the Portable Solar Charger Market?
[A]: Factors such as the growing demand for renewable energy sources, increasing cost of conventional energy sources, increasing consumer awareness about the benefits of solar energy, and government initiatives are expected to drive market growth.
[Q]: What are the Challenges Faced by the Portable Solar Charger Market?
[A]: Some of the challenges faced by the portable solar charger market include the high cost of solar cells and the low efficiency of solar cells.
[Q]: What are the Opportunities in the Portable Solar Charger Market?
[A]: The increasing use of solar energy in the automotive sector, the emergence of new energy storage technologies, and the development of new and efficient solar cells are expected to create opportunities for the portable solar charger market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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