Pune, India, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The global portable jump starter market size is expected to experience substantial growth backed by the increasing number of aging vehicles and the growing adoption of advanced technology worldwide. This information is published by Fortune Business Insights in its latest report, titled, “Portable Jump Starter Market, 2021-2028.”
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Market Segmentation:
Based on type, the global market for portable jump starter is bifurcated into lithium ion batteries and lead acid batteries. Based on application type, the market is segmented into automobiles, motorcycles, and others. Lastly, based on the region, the market is segregated into North America, Rest of the World, Europe, and Asia-Pacific.
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What does the Report Provide?
The global market for portable jump starter report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
DRIVING FACTORS
Increasing Number of Aging Vehicles to Boost Product Adoption
According to the data by CNBC, around 25% of the vehicles in the U.S. are believed to be at least 16 years old. Moreover, the average vehicle age has hit a record high. The increasing number of aging vehicles is leading to a rise in the incidence of automotive breakdowns and stranded vehicles. Therefore, this is expected to boost the adoption of advanced jump starters globally. Moreover, the increasing demand for advanced charges and the growing electrification of vehicles is expected to contribute to the global portable jump starter market growth in the forthcoming years.
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REGIONAL INSIGHTS
Asia-Pacific – The region is expected to dominate and hold the largest global portable jump starter market share during the forecast period. This is attributable to the factors such as the increasing vehicle sales and expanding production facilities in countries such as China, India, and Japan.
North America – The region is expected to hold the second position in the market during the forecast period. The growth is attributable to the growing demand for commercial vehicles in the region that will propel the demand for advanced portable jump starters in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Prominent Companies Focus on Expanding Facilities to Strengthen Their Footprint
The global market for portable jump starter comprises small, medium, and large companies striving to maintain their stronghold by expanding their production facilities to cater to the growing demand from the automotive sector. Additionally, adoption of strategies such as partnership, collaboration, and merger and acquisition by other key players is expected to bode well for the growth of the market.
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Industry Development:
- March 2021 – CTEK Sweden AB, a global battery management solutions provider, announced the launch of CS FREE, a portable battery charger with revolutionary adaptive boost technology. The charger efficiently provides the power required for the dead battery to charge in less than 15 minutes and is available across Europe.
List of the Companies Profiled in the Global Market:
- Shenzhen CARKU Technology Co., Ltd
- TACKLIFE
- Billet Proof Designs
- Antigravity Batteries LLC
- Stanley Black & Decker, Inc.
- Clore Automotive
- Antigravity Batteries LLC
- Shenzhen Kayo Maxtar Battery Limited
- Schumacher Electric Corporation
- Boltpower
- PARIS CORPORATION
- Guangdong Bestek E-Commerce Co., Ltd
- Among others
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