Wilmington, Delaware, March 04, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Solar Charger Market by Type (Portable and Standalone), Solar Panel Type (Fixed, Folding, and Flexible), and Application (Consumer Electronics, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global solar charger market was valued at $0.6 billion in 2022, and is projected to reach $1.9 billion by 2032, growing at a CAGR of 12.5% from 2023 to 2032.
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Prime determinants of growth
Surge in demand for renewable energy is expected to drive the growth of the solar charger market during the forecast period. This demand is propelled by a global recognition of the need to transition towards cleaner and more sustainable energy sources. Furthermore, the widespread usage of portable devices, including smartphones and tablets, contributes significantly to the expansion of the market. However, obstacles such as relatively high initial costs and the intermittent availability of solar energy hinder the market growth. Nevertheless, the growing acknowledgment of solar chargers as a sustainable and eco-friendly product creates lucrative growth opportunity for the expansion of the solar charger market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $0.6 billion |
| Market Size in 2032 | $1.9 billion |
| CAGR | 12.5% |
| No. of Pages in Report | 250 |
| Segments Covered | Type, Solar Panel Type, Application, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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The portable segment is expected to grow faster throughout the forecast period.
By type, the portable segment held the highest market share in 2022, accounting for more than half of the global solar charger market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the rise in demand for on-the-go solutions. The increased need for convenience and flexibility in various applications has led to a surge in demand for portable devices and products, thereby contributing to the segment's significant market share.
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The folding segment is expected to grow faster throughout the forecast period.
By the solar panel type, the folding segment held the highest market share in 2022, accounting for more than half of the global solar charger market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to its versatility and compact design. Foldable solar chargers offer efficient and portable charging solutions, providing electricity on-the-go in a format that is both space-saving and portable.
The consumer electronics segment is expected to grow faster throughout the forecast period.
By the application, the consumer electronics segment held the highest market share in 2022, accounting for more than half of the global solar charger market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the growing acceptance of renewable energy in electronic devices. An upswing in environmental awareness and the demand for sustainable power sources resulted in an increased need for solar chargers, notably in the realm of consumer electronics, thus enhancing the segment's market dominance.
North America to maintain its dominance by 2032.
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global solar charger market revenue, and is expected to rule the roost in terms of revenue throughout the forecast period. This can be attributed to the increased attention to renewable energy and sustainability. Government initiatives, incentives, and an expanding environmentally conscious consumer demographic drove the adoption of solar chargers, positioning North America as a key region for the implementation of solar charging solutions.
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Players: -
- Allpowers Industrial International
- Goal Zero
- letsolar
- RAVPower
- Renogy
- Secur
- Solar Frontier Europe GmbH
- Solar Technology International
- The NOCO Company
- YOLK
The report provides a detailed analysis of these key players in the global solar charger market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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