The solar power bank market comprises portable battery packs that can charge smartphones, tablets and other consumer electronics via solar energy. Solar power banks have inbuilt lithium-ion batteries which can be charged outdoors using solar panels. They provide an eco-friendly alternative to traditional power banks by harnessing renewable energy sources. The rising awareness about environmental protection and fossil fuel conservation has boosted the demand for green energy products like solar power banks.
Global Solar power bank market is estimated to be valued at USD 14.67 Bn in 2024 and is expected to reach USD 25.74 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Key Takeaways
Key players operating in the solar power bank market are Anker, Aukey, RAVPower, Xtorm, and Goal Zero. These leading manufacturers offer diverse product portfolios across various power capacities and price points to appeal a wide customer base.
In terms of opportunities, the growing adoption of solar charging devices for camping, hiking and other outdoor activities is expected to drive significant growth. The Solar Power Bank Market Demand potential is vast in developing regions where non-electrical areas lack access to formal electricity.
A rising number of cross-border solar power bank businesses indicate robust global expansion underway. Chinese brands dominate e-commerce exports while American and European companies pursue strategic overseas manufacturing and assembly centers.
Market drivers: The burgeoning consumer electronics industry creates substantial demand for mobile power solutions. Solar power banks address this need through sustainable charging on the go. Their eco-friendly attributes are fuelling mainstream popularity among millennial and Gen Z consumers.
Market restraints: High initial costs compared to standard power banks may deter price-sensitive customers. Unpredictable weather also affects the efficiency of solar panels. Technical glitches arising from poor material/workmanship quality remain another restraining factor. Companies must ensure durable designs and superior after-sales support.
Segment Analysis
The solar power bank market can be segmented based on battery type, panel type, power rating, application, and distribution channel. Within battery type, lithium-ion batteries dominate the market as they provide higher energy density compared to lead-acid and nickel-cadmium batteries. Lithium-ion batteries can be charged hundreds of times and have high charge retention capacity. Under panel type, monocrystalline solar panels account for the largest share as they offer high efficiency of around 20% for power conversion. Regarding power rating, 10000-20000mAh solar power banks have wide applications in charging laptops, smartphones and thus dominate the market. Additionally, emergency and portable charging remains the most common application for solar power banks. Offline distribution channels like electronics and specialty stores are a popular means for consumers to purchase solar power banks.
Global Analysis
The Asia Pacific region holds the major share of the global solar power bank market and the trend is expected to continue during the forecast period. Countries like China, India, and Japan are dominant markets due to the large consumer base and increasing demand for portable power sources. Supportive government policies to adopt renewable energy as well as increased investments in solar projects also propels the regional market growth. Europe is another prominent market attributed to growing environmental concerns. Meanwhile, improving economic conditions across countries in Latin America and Middle East & Africa will offer lucrative opportunities over the next few years. Developed nations like the U.S., Germany, and the U.K. also contribute significantly to the global demand.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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