The Solar Chair Market is estimated to be valued at US$ 1.79 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A solar chair is a portable device that utilizes solar panels to charge electronic devices through built-in USB ports. It provides a comfortable sit with charging facilities for gadgets through renewable energy. The growing popularity of outdoor recreational activities and rising sales of portable electronic devices are fueling the demand for solar chairs.

Market key trends:

One of the key trends fueling the growth of the solar chair market is the increasing demand for portable solar powered devices. Solar chairs provide a convenient way to charge mobile phones, tablets, and laptops while enjoying outdoors without being plugged into a power outlet. Moreover, the rising environmental concerns regarding carbon emissions are encouraging consumers to adopt eco-friendly solar energy products. Major manufacturers are focusing on developing innovative and aesthetically pleasing solar chair designs to boost their sales. Furthermore, growing tourism and outdoor recreational activities in regions with ample sunlight are creating new growth avenues for solar chair providers.

Porter’s Analysis

Threat of new entrants: New entrants face high capital requirements for establishing manufacturing units and strong branding, making entry difficult.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of numerous alternatives in the market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and established supplier base.

Threat of new substitutes: Threat from substitutes is high due to availability of alternatives like solar umbrellas.

Competitive rivalry: Intense due to presence of numerous global and regional players.

SWOT Analysis

Strength: Growing adoption of renewable energy and increasing innovation in product design.

Weakness: High initial investment costs and seasonal dependence on solar energy output.

Opportunity: Rising off-grid population in rural areas and emergence of attractive government incentives and funding schemes.

Threats: Trade wars and geopolitical instability affecting supply chains and fluctuating raw material prices.

Key Takeaways:
The Global Solar Chair Market Size is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing demand for portable power solutions and eco-friendly charging options.

Regional analysis:
North America dominates the global solar chair market currently due to high adoption of sustainable products. The Asia Pacific region is expected to exhibit fastest growth due to large consumer base and rising outdoor recreational activities in countries like China and India. Manufacturers are also setting up production hubs in Asia Pacific countries to cater growing regional demand.

Key players:
Key players operating in the Solar Chair Market are EcoFlow Tech, Goal Zero, Renogy, Anker Innovations Limited, BioLite Inc., Nekteck Inc., Suaoki, X-DRAGON, ALLPOWERS, RAVPower, BigBlue, SunPower Corporation, Powertraveller International Ltd, Yingli Green Energy Holding Company Limited, Kingsolar. These players are focusing on developing innovative and efficient solar panel technologies to manufacture high performance solar chairs.

 

Read more: https://makuv.com/cloud-data-is-fueling-growth-of-the-solar-chair-market/