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The global portable power inverter market is expected to grow from US$ 1,359.21 million in 2021 to US$ 2,206.57 million by 2028

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It is estimated to grow at a CAGR of 7. 2% from 2021 to 2028. The rising penetration of electric vehicles across the globe is one of the major factors driving the growth of the portable power inverter market.

New York, April 21, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Portable Power Inverter Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Phase, Output Voltage, Application, Power" -
Automobile sales are reaching new heights due to the growing popularity of trucks and SUVs and the rising demand for compact sedans.

Toyota, Hyundai, Nissan, Subaru, and Kia reported sales increases in the double digits.In 2020, 78 million vehicles were produced globally, and China, Japan, and Germany were the top automobile and commercial vehicle manufacturers.

With such massive vehicle manufacturing volumes, the scope of electric vehicle (EV) manufacturing is also gaining momentum, resulting in growth in the portable power inverter market.Also, few OEMs aim to reconfigure their product lines to manufacture only electric vehicles.

The need for power inverters is expected to spike with the rise in adoption of EVs, which is further expected to catalyze the portable power inverter market size.

In addition, truck manufacturers, such as MAN, Daimler, Scania, Volvo, and Renault, seek the all-electric future.Inverters are required for power management to/from battery packs to motors and for on-board systems in all forms of electric cars, such as hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs).

Both electric and internal combustion engine (ICE) vehicles use vehicle inverters.Several trends, such as in-wheel microinverter systems and increased incorporation of inverters that operate on AC power in electric vehicles, are boosting the portable power inverter market.

For example, Delphi Technologies PLC introduced the first combined inverter and DC/DC converter in February 2018. Such innovations and developments are attracting several customers worldwide, which is driving the portable power inverter market growth.

The adoption of inverters for personal usage in the residential sector has been around for decades.In the current scenario, the attention toward portable power inverters has risen stupendously due to portability and lower energy consumption advantage.

The increase in attraction toward varied models of these inverters is driving the portable power inverter market growth. Further, the uptake of portable power inverters is foreseen to grow over the years, as procurement of solar PV portable inverters is rising among end users in the residential sector, propelling the portable power inverter market size.

Additionally, the rapid increase in energy demands necessitates utilizing alternative energy sources, further driving the portable power inverter market growth.Renewable energy sources, especially solar energy, are now being used to generate electricity.

The increasing uptake of solar energy for electricity generation is expected to drive the demand for portable power inverters, thereby, boosting the portable power inverter market size.

The portable power inverter market includes prominent players, such as Cobra Electronics Corporation, ENERGIZER HOLDINGS, INC., Kisae Technology Inc., COTEK, Rally Manufacturing, EXELTECH, OSRAM GmbH, Ring Automotive Ltd., Growatt New Energy, and Eaton. These companies dominate the portable power inverter market through new product developments, acquisitions, and expansion strategies. In April 2021, ENERGIZER HOLDINGS, INC. announced a global, multi-year partnership with Red Bull Racing Honda, the four-time Formula 1 World Champion team. As the auto cleaning & care partner of Red Bull Racing Honda, Armor All will leverage the partnership to expand its international marketing efforts, grow brand awareness, and connect with new consumers.

Impact of COVID-19 Pandemic on Portable Power Inverter Market

The pandemic had negative impact on a number of industries, including electronics & semiconductors.Trade obstacles further hampered the outlook for demand and supply.

The overall production process was significantly disrupted as governments in many countries announced a complete lockdown and a temporary industry shutdown in 2020. The portable power inverter market was no different and has decently hit by the outbreak.

COVID-19 drastically affected the consumers and the economy.Electronic manufacturing hubs were temporarily shut down to minimize the spread of COVID-19 among persons.

This has significantly impacted the semiconductor supply chain, resulting in a shortage of materials, components, and finished goods. Due to a lack of business continuity, revenue, shareholder returns, and revenue were severely affected, causing financial disruptions. The portable power inverter market is expected to recover during the forecast period as the lockdown has ended, and the logistics operations are again functional post continual vaccine drives

Moreover, companies operating in the portable power inverter market space were constantly trying to ease the negative impact of the COVID-19 pandemic by launching innovative products in the portable power inverter market.For instance, in April 2020, Estonia-based TalTech Power Electronics Research Group and start-up Ubik Solutions developed a hybrid inverter solution that combines a micro-inverter and a power optimizer.

According to the company, this new solution could offer 30% more power than earlier micro-inverters under partially shaded conditions. Additionally, in February 2020, Enphase Energy partnered with CREATON GmbH, one of Europe’s top residential roof manufacturers, to supply photovoltaic (PV) in-roof systems to solar consumers in Germany, thus, resulting in the portable power inverter market growth.

The overall portable power inverter market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the portable power inverter market.

The process also serves the purpose of obtaining overview and forecast for the portable power inverter market size with respect to all the segments.It also provides the overview and forecast for the global portable power inverter market size based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the portable power inverter market.
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