portable power inverter Market

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 growth of the portable power inverter market is being driven by the increasing popularity of electric vehicles worldwide. This trend is being fueled by the growing demand for trucks and SUVs, as well as compact sedans, which has led to record-high automobile sales for companies such as Toyota, Hyundai, Nissan, Subaru, and Kia. Global vehicle production reached 78 million units in 2020, with China, Japan, and Germany leading the way as top manufacturers of automobiles and commercial vehicles. The surge in vehicle production has also resulted in a rise in electric vehicle manufacturing, which in turn is contributing to the growth of the portable power inverter market. Some OEMs are even planning to shift their product lines to focus exclusively on electric vehicles, further increasing the demand for power inverters and catalyzing the growth of the portable power inverter market.

Furthermore, major truck manufacturers, including MAN, Daimler, Scania, Volvo, and Renault, are embracing an all-electric future, which requires inverters for power management to and from battery packs and motors, as well as for on-board systems in all types of electric vehicles such as HEVs, BEVs, and PHEVs. Inverter systems are used in both electric and ICE vehicles. Emerging trends, such as in-wheel microinverter systems and the increasing use of AC power inverters in electric vehicles, are contributing to the growth of the portable power inverter market. Delphi Technologies PLC, for example, introduced the world's first combined inverter and DC/DC converter in February 2018. These types of technological advancements are attracting a large customer base globally and propelling the growth of the portable power inverter market.

For many years, people have been using inverters for personal purposes in their homes. However, recently, there has been a significant increase in demand for portable power inverters due to their portability and low energy consumption. This surge in popularity for various models of portable power inverters is driving market growth. Additionally, the market is expected to continue expanding in the coming years, as end-users in the residential sector increasingly purchase solar PV portable inverters, further propelling the growth of the portable power inverter market.

Furthermore, the fast-growing demand for energy calls for the use of alternative energy sources, which contributes to the growth of the portable power inverter market. Alternative energy sources, particularly solar energy, are increasingly being utilized for generating electricity. As the adoption of solar energy for electricity generation is rising, there is expected to be a surge in demand for portable power inverters, which will further stimulate the growth of the portable power inverter market.

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. Armor All, the auto cleaning and care brand of ENERGIZER HOLDINGS, INC., revealed a global, multi-year association with Red Bull Racing Honda, a four-time Formula 1 World Champion team, in April 2021. The partnership with Red Bull Racing Honda will allow Armor All to increase its worldwide marketing initiatives, enhance brand recognition, and reach out to fresh customer bases.

Impact of COVID-19 Pandemic on Portable Power Inverter Market

The outbreak of the pandemic had a detrimental effect on various industries, including electronics and semiconductors, as trade barriers further obstructed the demand and supply outlook. The production process was significantly disrupted due to the temporary shutdown of industries announced by governments in several countries during the complete lockdown in 2020. Likewise, the portable power inverter market was not immune to the impact of the pandemic and was moderately affected.

The outbreak of COVID-19 had a significant impact on consumers and the economy as a whole. To prevent the spread of the virus, electronic manufacturing hubs were temporarily shut down, which had a significant impact on the semiconductor supply chain, leading to shortages of materials, components, and finished goods. As a result of the lack of business continuity, revenue, shareholder returns, and revenue were severely impacted, causing financial disruptions. However, with the gradual easing of lockdowns and the resumption of logistics operations due to ongoing vaccination campaigns, the portable power inverter market is expected to recover during the forecast period.

Companies in the portable power inverter market were focused on mitigating the adverse effects of the COVID-19 pandemic by introducing innovative products. For example, in April 2020, TalTech Power Electronics Research Group and Ubik Solutions, an Estonian start-up, developed a hybrid inverter solution that combined a micro-inverter and a power optimizer. This new solution was reported to offer 30% more power than earlier micro-inverters under partially shaded conditions. Similarly, in February 2020, Enphase Energy collaborated with CREATON GmbH, one of Europe's leading residential roof manufacturers, to provide photovoltaic (PV) in-roof systems to solar consumers in Germany, which led to an increase in the size of the portable power inverter market.

Primary and secondary sources have determined the portable power inverter market size. The research process began with comprehensive secondary research using internal and external sources to collect qualitative and quantitative information about the portable power inverter market. This process helped obtain an overview and forecast for the portable power inverter market size based on all the segments. It also provided an overview and forecast for the global portable power inverter market size for five major regions - North America, Europe, Asia Pacific, Middle East and Africa, and South America. In addition, primary interviews were conducted with industry participants and commentators to authenticate data and gain more analytical insights into the topic. The participants included industry experts such as VPs, business development managers, market intelligence managers, national sales managers, external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the portable power inverter market.