According to this new research study, titled “Portable Power Inverter Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Phase, Application, Power, Output Voltage and Geography,” the market is projected to reach US$ 2,206.57 million by 2028 from US$ 1,359.21 million in 2021. It is expected to grow at a CAGR of 7.2% from 2021 to 2028.
Portable power inverters are used in a wide range of automotive and manufacturing industries. They are powered by plugging into a socket, using a fuse panel, or directly connecting to the battery terminals. The rising penetration of electric vehicles, increasing commercial usage of recreational vehicles, the surging adoption of solar power, and the growing number of government initiatives to reduce the emission of Greenhouse Gas (GHG) are driving the portable power inverter market.
The portable power inverter market in European countries is growing at a decent rate year over year. The key reason behind the growth of the portable power inverter market is the presence of a large number of manufacturers of portable power inverters across the region. The portable power inverter market players present in Europe enjoy contracts for supplying their products to various end-users ranging from commercial end-users to industrial end-users. However, the residential sector accounts for the majority of the procurement of portable power inverters in the region. Nonetheless, the growth rate of commercial and industrial sectors in countries such as Russia, Italy, the UK, and Germany is expected to be the key catalyzer for the portable power inverter market during the forecast period.
The rising concerns about global warming and increasing measures to minimize dependency on fossil fuels are also leading to increased uptake of solar energy. According to the International Energy Agency (IEA) estimates, solar energy generation capacity is expected to reach 3,300 TWh by 2030. Several countries, including Italy, India, and Germany, are attempting to build large solar power-producing facilities to harness solar energy. The demand for solar inverters is increasing due to the surge in the application of large-scale devices that store solar energy for later use. These factors are expected to offer lucrative opportunities to portable power inverter market players during the forecast period.
The COVID-19 outbreak resulted in the shutdown of the manufacturing of several electronics products and services, including portable power inverters. The pandemic had a negative impact on a number of industries, including electronics & semiconductors. Trade obstacles further hampered the outlook for demand and supply. The overall production process was significantly disrupted as governments in many countries announced a complete lockdown and a temporary industry shutdown in 2020.COVID-19 drastically affected the consumers and the economy. Electronic manufacturing hubs were temporarily shut down to minimize the spread of COVID-19 among persons. This has significantly impacted the semiconductor supply chain, resulting in a shortage of materials, components, and finished goods.
The portable power inverter market is assessed on the basis of power, output voltage, power, application, and geography. Based on power, the portable power inverter market is segmented into single-phase and three-phase. Based on output voltage, the portable power inverter market is categorized into up to 240 Volts and above 240 Volts. By application, the portable power inverter market is segmented into residential, industrial, and commercial. Based on power, the portable power inverter market is divided into 1000W to 2500W and 2500W to 5000W. In terms of geography, the portable power inverter market is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
A few key players in the portable power inverter market are Omron GmbH; Growatt New Energy Technology Co., Ltd.; KISAE Technology Inc.; Cobra Electronics; Energizer Holding Inc.; Ring Automotive Limited; Eaton; COTEK; Rally Manufacturing; EXCELTECH. These companies are focusing on various strategic initiatives to create a noteworthy business model. Several other companies are also contributing significantly to the market’s growth.
Asia Pacific is estimated to surface as the prominent regional market in the coming years due to the rise in industrialization and urbanization. Increasing automotive and manufacturing industries in APAC, especially in countries, such as China, India, and Japan, are also expected to give a significant boom to factory automation and industrial control solutions in the portable power inverter market over the forecast period. China and India are the fastest-growing economies in this region. Moreover, the industries in these countries have witnessed some evolutionary changes in the past few decades in terms of its application in manufacturing plants, transport industry, and other critical infrastructural application areas, which are driving the growth of the portable power inverter market in the region.
In 2020, North America accounted for the largest share in the global market, followed by APAC and Europe. For instance, Delphi Technologies PLC invested in PolyCharge America, Inc. in January 2018 to market a revolutionary capacitor technology. The discovered technology is expected to aid in the construction of high-power inverters that are smaller, lighter, and more resistant to high temperatures in the near future. Thus, the surge in automotive production, with the growing focus on electric vehicles and increasing product development by key market players, is driving the portable power inverter market.
Reasons to Buy
Portable power inverters are used in a wide range of automotive and manufacturing industries. They are powered by plugging into a socket, using a fuse panel, or directly connecting to the battery terminals. The rising penetration of electric vehicles, increasing commercial usage of recreational vehicles, the surging adoption of solar power, and the growing number of government initiatives to reduce the emission of Greenhouse Gas (GHG) are driving the portable power inverter market.
The portable power inverter market in European countries is growing at a decent rate year over year. The key reason behind the growth of the portable power inverter market is the presence of a large number of manufacturers of portable power inverters across the region. The portable power inverter market players present in Europe enjoy contracts for supplying their products to various end-users ranging from commercial end-users to industrial end-users. However, the residential sector accounts for the majority of the procurement of portable power inverters in the region. Nonetheless, the growth rate of commercial and industrial sectors in countries such as Russia, Italy, the UK, and Germany is expected to be the key catalyzer for the portable power inverter market during the forecast period.
The rising concerns about global warming and increasing measures to minimize dependency on fossil fuels are also leading to increased uptake of solar energy. According to the International Energy Agency (IEA) estimates, solar energy generation capacity is expected to reach 3,300 TWh by 2030. Several countries, including Italy, India, and Germany, are attempting to build large solar power-producing facilities to harness solar energy. The demand for solar inverters is increasing due to the surge in the application of large-scale devices that store solar energy for later use. These factors are expected to offer lucrative opportunities to portable power inverter market players during the forecast period.
The COVID-19 outbreak resulted in the shutdown of the manufacturing of several electronics products and services, including portable power inverters. The pandemic had a negative impact on a number of industries, including electronics & semiconductors. Trade obstacles further hampered the outlook for demand and supply. The overall production process was significantly disrupted as governments in many countries announced a complete lockdown and a temporary industry shutdown in 2020.COVID-19 drastically affected the consumers and the economy. Electronic manufacturing hubs were temporarily shut down to minimize the spread of COVID-19 among persons. This has significantly impacted the semiconductor supply chain, resulting in a shortage of materials, components, and finished goods.
The portable power inverter market is assessed on the basis of power, output voltage, power, application, and geography. Based on power, the portable power inverter market is segmented into single-phase and three-phase. Based on output voltage, the portable power inverter market is categorized into up to 240 Volts and above 240 Volts. By application, the portable power inverter market is segmented into residential, industrial, and commercial. Based on power, the portable power inverter market is divided into 1000W to 2500W and 2500W to 5000W. In terms of geography, the portable power inverter market is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
A few key players in the portable power inverter market are Omron GmbH; Growatt New Energy Technology Co., Ltd.; KISAE Technology Inc.; Cobra Electronics; Energizer Holding Inc.; Ring Automotive Limited; Eaton; COTEK; Rally Manufacturing; EXCELTECH. These companies are focusing on various strategic initiatives to create a noteworthy business model. Several other companies are also contributing significantly to the market’s growth.
Asia Pacific is estimated to surface as the prominent regional market in the coming years due to the rise in industrialization and urbanization. Increasing automotive and manufacturing industries in APAC, especially in countries, such as China, India, and Japan, are also expected to give a significant boom to factory automation and industrial control solutions in the portable power inverter market over the forecast period. China and India are the fastest-growing economies in this region. Moreover, the industries in these countries have witnessed some evolutionary changes in the past few decades in terms of its application in manufacturing plants, transport industry, and other critical infrastructural application areas, which are driving the growth of the portable power inverter market in the region.
Key Findings of Study:
In 2020, North America accounted for the largest share in the global market, followed by APAC and Europe. For instance, Delphi Technologies PLC invested in PolyCharge America, Inc. in January 2018 to market a revolutionary capacitor technology. The discovered technology is expected to aid in the construction of high-power inverters that are smaller, lighter, and more resistant to high temperatures in the near future. Thus, the surge in automotive production, with the growing focus on electric vehicles and increasing product development by key market players, is driving the portable power inverter market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global portable power inverters market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global portable power inverters market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Portable Power Inverter Market Landscape
5. Portable Power Inverter Market - Key Market Dynamics
6. Portable Power Inverter Market - Global Market Analysis
7. Portable Power Inverter Market Analysis - By Phase
8. Portable Power Inverter Market Analysis - By Output Voltage
9. Portable Power Inverter Market Analysis - By Application
10. Portable Power Inverter Market Analysis - By Power
11. Portable Power Inverter Market - Geographic Analysis
12. Portable Power Inverter Market - COVID-19 Impact Analysis
13. Industry Landscape
14. Company Profiles
15. Appendix
List of Tables
List of Figures
Executive Summary
The global portable power inverter market is expected to grow from US$ 1,359.21 million in 2021 to US$ 2,206.57 million by 2028. It is estimated to grow at a CAGR of 7.2% from 2021 to 2028.The rising penetration of electric vehicles across the globe is one of the major factors driving the growth of the portable power inverter market. Automobile sales are reaching new heights due to the growing popularity of trucks and SUVs and the rising demand for compact sedans. Toyota, Hyundai, Nissan, Subaru, and Kia reported sales increases in the double digits. In 2020, 78 million vehicles were produced globally, and China, Japan, and Germany were the top automobile and commercial vehicle manufacturers. With such massive vehicle manufacturing volumes, the scope of electric vehicle (EV) manufacturing is also gaining momentum, resulting in growth in the portable power inverter market. Also, few OEMs aim to reconfigure their product lines to manufacture only electric vehicles. The need for power inverters is expected to spike with the rise in adoption of EVs, which is further expected to catalyze the portable power inverter market size.
In addition, truck manufacturers, such as MAN, Daimler, Scania, Volvo, and Renault, seek the all-electric future. Inverters are required for power management to/from battery packs to motors and for on-board systems in all forms of electric cars, such as hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs). Both electric and internal combustion engine (ICE) vehicles use vehicle inverters. Several trends, such as in-wheel microinverter systems and increased incorporation of inverters that operate on AC power in electric vehicles, are boosting the portable power inverter market. For example, Delphi Technologies PLC introduced the first combined inverter and DC/DC converter in February 2018. Such innovations and developments are attracting several customers worldwide, which is driving the portable power inverter market growth.
The adoption of inverters for personal usage in the residential sector has been around for decades. In the current scenario, the attention toward portable power inverters has risen stupendously due to portability and lower energy consumption advantage. The increase in attraction toward varied models of these inverters is driving the portable power inverter market growth. Further, the uptake of portable power inverters is foreseen to grow over the years, as procurement of solar PV portable inverters is rising among end users in the residential sector, propelling the portable power inverter market size.
Additionally, the rapid increase in energy demands necessitates utilizing alternative energy sources, further driving the portable power inverter market growth. Renewable energy sources, especially solar energy, are now being used to generate electricity. The increasing uptake of solar energy for electricity generation is expected to drive the demand for portable power inverters, thereby, boosting the portable power inverter market size.
The portable power inverter market includes prominent players, such as Cobra Electronics Corporation, ENERGIZER HOLDINGS, INC., Kisae Technology Inc., COTEK, Rally Manufacturing, EXELTECH, OSRAM GmbH, Ring Automotive Ltd., Growatt New Energy, and Eaton. These companies dominate the portable power inverter market through new product developments, acquisitions, and expansion strategies. In April 2021, ENERGIZER HOLDINGS, INC. announced a global, multi-year partnership with Red Bull Racing Honda, the four-time Formula 1 World Champion team. As the auto cleaning & care partner of Red Bull Racing Honda, Armor All will leverage the partnership to expand its international marketing efforts, grow brand awareness, and connect with new consumers.
Impact of COVID-19 Pandemic on Portable Power Inverter Market
The pandemic had negative impact on a number of industries, including electronics & semiconductors. Trade obstacles further hampered the outlook for demand and supply. The overall production process was significantly disrupted as governments in many countries announced a complete lockdown and a temporary industry shutdown in 2020. The portable power inverter market was no different and has decently hit by the outbreak.
COVID-19 drastically affected the consumers and the economy. Electronic manufacturing hubs were temporarily shut down to minimize the spread of COVID-19 among persons. This has significantly impacted the semiconductor supply chain, resulting in a shortage of materials, components, and finished goods. Due to a lack of business continuity, revenue, shareholder returns, and revenue were severely affected, causing financial disruptions. The portable power inverter market is expected to recover during the forecast period as the lockdown has ended, and the logistics operations are again functional post continual vaccine drives
Moreover, companies operating in the portable power inverter market space were constantly trying to ease the negative impact of the COVID-19 pandemic by launching innovative products in the portable power inverter market. For instance, in April 2020, Estonia-based TalTech Power Electronics Research Group and start-up Ubik Solutions developed a hybrid inverter solution that combines a micro-inverter and a power optimizer. According to the company, this new solution could offer 30% more power than earlier micro-inverters under partially shaded conditions. Additionally, in February 2020, Enphase Energy partnered with CREATON GmbH, one of Europe's top residential roof manufacturers, to supply photovoltaic (PV) in-roof systems to solar consumers in Germany, thus, resulting in the portable power inverter market growth.
The overall portable power inverter market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the portable power inverter market. The process also serves the purpose of obtaining overview and forecast for the portable power inverter market size with respect to all the segments. It also provides the overview and forecast for the global portable power inverter market size based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the portable power inverter market.
Companies Mentioned
- Cobra Electronics Corporation
- Energizer Holdings, Inc.
- Kisae Technology Inc.
- Cotek
- Rally Manufacturing
- Exeltech
- Osram GmbH
- Ring Automotive Ltd.
- Growatt New Energy
- Eaton
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 163 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 1359.21 Million |
| Forecasted Market Value ( USD | $ 2206.57 Million |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
