Press release
Portable Power Inverter Market to hit US$ 2,206.57 million, Globally, by 2028 at 7.2% CAGR: The Insight Partners
The Insight Partners
The increase in the number of household appliances purchased worldwide is one of the key factors responsible for the growth in demand for portable power inverters. Over the past couple of years, the work-from-home scenario has displayed an increase in the usage of laptops, desktops, and other consumer electronics at homes, which require a continuous power supply. Due to this, the need for and uptake of portable power inverters has risen remarkably across the world.
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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 catalyst for the portable power inverter market during the forecast period.
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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.
Market: Competitive Landscape and Key Developments
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.
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In 2022: Eaton announced has completed the acquisition of Royal Power Solutions, a U.S.-based manufacturer of high-precision electrical connectivity components used in electric vehicles, energy management, industrial, and mobility markets.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.
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