DUBLIN--(BUSINESS WIRE)--The "Portable Power Inverter Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Phase, Output Voltage, Application, Power" report has been added to ResearchAndMarkets.com's offering.
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.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Portable Power Inverter Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Portable Power Inverter Market - Ecosystem Analysis
4.4 Expert Opinion
5. Portable Power Inverter Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Penetration of Electric Vehicles
5.1.2 Continuous Increase in Demand from Residential Sector
5.2 Market Restraints
5.2.1 Higher Product Cost and Long Life Span
5.3 Market Opportunities
5.3.1 Increasing Adoption of Solar Energy
5.4 Future Trends
5.4.1 Increasing Government Initiatives to Reduce the Emission of Greenhouse Gas (GHG)
5.5 Impact Analysis of Drivers and Restraints
6. Portable Power Inverter Market - Global Market Analysis
6.1 Global Portable Power Inverter Market Overview
6.2 Global Portable Power Inverter Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Portable Power Inverter Market Analysis - By Phase
7.2 Portable Power Inverter Market, By Phase (2020 and 2028)
8. Portable Power Inverter Market Analysis - By Output Voltage
8.2 Portable Power Inverter Market, By Output Voltage (2020 and 2028)
8.3 Up to 240 Volts
8.4 Above 240 Volts
9. Portable Power Inverter Market Analysis - By Application
9.2 Portable Power Inverter Market, By Application (2020 and 2028)
10. Portable Power Inverter Market Analysis - By Power
10.2 Portable Power Inverter Market, By Power (2020 and 2028)
10.3 0W to 2500W
10.4 0W to 5000W
11. Portable Power Inverter Market - Geographic Analysis
12. Portable Power Inverter Market - COVID-19 Impact Analysis
13. Industry Landscape
13.2 Market Initiative
13.3 New Product Development
14. Company Profiles
- Cobra Electronics Corporation
- Energizer Holdings, Inc.
- Kisae Technology Inc.
- Rally Manufacturing
- Osram GmbH
- Ring Automotive Ltd.
- Growatt New Energy
For more information about this report visit https://www.researchandmarkets.com/r/lm4orx