Wilmington, Delaware, United States, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a TMR study, the global hand crank power generator market was valued at US$ 18.6 Mn in 2022 and is projected to expand at a CAGR of 8.3% during the forecast period from 2023 to 2031.
A hand crank power generator is powered by renewable energy, which can be used to charge different products such as mini fans, mobile phones, and flashlight.
Hand crank power generators have emerged as suitable products in emergency situations such as natural calamities to help keep key products such as mobile phones fully charged for increased usage. A hand crank power generator depends on human effort; more the revolutions per minute of the human arm, greater the amount of power generated.
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Hand crank power generators have emerged as more reliable and efficient than other alternative products, which has propelled market growth.
These generators are available in four different power capacities: 5-50 watts, 50-100 watts, 100-200 watts, and more than 200 watts. Most hand crank power generators have the capability to offer around 5 volts when the revolutions per minute is 1.5. For 2 revolutions per minute, the product can generate 6.2 volts.
New product launches are helping prominent hand crank power generator market players in increasing revenue and gaining an edge over other companies. Additionally, leading players are signing collaborative agreements with other companies to expand presence and improve revenue share.
Well-established hand crank power generator market players are likely to improve their manufacturing capabilities to meet customer needs in different application areas.
Key Findings of Market Study
- Rise in Demand for Sustainable Energy Sources: There has been steady rise in consumer demand for sustainable energy sources in the past few years. Key factors triggering the demand are climate change, emission of greenhouse gases, and pollution. Hand crank power generators have emerged as a suitable renewable energy source, which is cost-efficient, does not emit hazardous gases, and has reduced impact on the environment. Rise in demand for sustainable, eco-friendly solutions is likely to fuel demand for hand crank power generators.
- Increase in Product Usage for Cell Phone Charging Purposes: In terms of application, the global market has been classified into flashlight, camera, cell phone charger, radio, mini fans, GPS navigation device, and others. The cell phone charger segment accounted for dominant market share in 2022 and is expected to witness significant growth in the near future. Surge in smartphone penetration globally has led to rise in need to ensure the device remains fully charged for a long time. Hence, demand for hand crank power generators to help maintain charge in mobile phones, particularly during emergency situations in the absence of grid supply, has increased, which is fueling industry growth.
Hand Crank Power Generator Market - Key Drivers
- Rise in demand for back-up power
- Increase in demand for 50-100 watts power generators is likely to propel the market
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Hand Crank Power Generator Market - Regional Insights
- The market in Asia Pacific is projected to witness significant growth during the forecast period. Rise in demand in the commercial sector, rapid economic development, and growth in energy consumption in countries such as China and Japan are likely to bolster market development in the region. Key players are likely to set up R&D centers and hand crank power generator production units in countries in the region owing to ease of availability of resources, such as land and labor, which is likely to accelerate market development in the region.
- North America is anticipated to witness significant growth in the next few years due to rise in smartphone penetration, especially among the millennials in countries such as the U.S. and Canada
Hand Crank Power Generator Market - Key Players
The global market has small number of prominent and medium-sized players. Entry of new players is likely to intensify competition in the next few years.
Leading market players are investing significantly in R&D to manufacture improved products that meet consumer requirements in different application areas. Increase in demand for improved hand crank power generators is likely to create business opportunities for prominent companies in future.
Key players operating in the market are Lion Energy, Moeller Engineering, Electric Pedals, and OWI, Inc.
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The global market has been segmented as follows:
- Power Capacity
- 5-50 Watts
- 50-100 Watts
- 100-200 Watts
- More than 200 Watts
- Application
- Flashlight
- Camera
- Cell phone charger
- Radio
- Mini fans
- GPS navigation device
- Others
- Regions
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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