Portable Solar Charger Market Dynamics and Competitive Scenario through 2023
In today’s fast moving world, people are adopting on-the-go friendly products and with growing awareness of depletion of energy sources, there is a hike in the demand for environment friendly based gadgets. Factors such as these are driving the manufacturers to come up with innovative solutions with efficient and affordable energy saving products. The growing trend of solar energy and its benefits have steered the demand for portable solar chargers among people. The rising sales of smartphones, tablets, cameras and other electronic gadgets combined with the inclination of consumers towards the clean energy are the major reasons which are creating huge opportunities for the portable solar charger players to introduce their products in the market which is further believed to supplement the growth of the global portable solar charger market with a CAGR of 13.2% over the period 2017-2023. Moreover, various government initiatives and rising consumer awareness is believed to supplement the growth of the global portable solar charger market to flourish its way up from USD 20,498.4 Million in 2016 to a significant market valuation of USD 47,913.3 Million by the end of 2023.
The global portable solar charger market is divided into product type and end-user, out of which, the product type is further segmented into solar trickle, clamshell, folding and backpack solar chargers. Among these segments, the clamshell solar charger segment held the dominant share in 2016 and is believed to remain highest in upcoming years. This can be attributed to the rising sales of electronic gadgets such as smartphones and cameras among others. The second largest shareholder in the market was the folding solar charger segment with 31.6% market share in 2016. Further, the folding charger segment is expected to achieve Y-O-Y growth rate of 14.3% in 2023 owing to the convenience while carrying them. Moreover, these chargers are ideal for charging multiple devices at a time.
Increasing Popularity of Efficient Energy Products to Escalate the Demand for Portable Solar Chargers in Future
The global portable solar charger market is thriving on the back of growing demand for portable, convenient and time saving power products around the globe.
Technology Development – The high adaptability and encouragement of new technologies in developed regions is penetrating the market for portable solar chargers.
Environment and Energy Saving Concerns – The consumer electronic industries are transitioning from non-renewable energy products to renewable energy products due to environmental concerns such as global warming and pollution.
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