Solar Chair utilizes solar energy to charge portable power banks, phones, tablets and other electronic devices. It is a lightweight and eco-friendly alternative to conventional chairs. The chair has built-in solar panels and batteries that allow users to charge their devices anywhere by just sitting on the chair under sunlight. It provides seamless integration of solar technology and portability which is convenient for outdoor activities and events.
The global 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 Opportunity:
The opportunity for increased demand of eco-friendly products is expected to drive the growth of the Solar Chair Market. With growing awareness about environmental protection and sustainability, consumers are shifting their preference towards green products that do not harm the environment. Solar chairs utilize free and clean solar energy and help reduce carbon emissions associated with electricity generation through conventional methods. They provide an eco-friendly solution for powering portable electronic devices outdoors. The growing demand for sustainable power sources for recreational activities is contributing to the demand for solar chairs. Manufacturers are also focusing on developing solar chairs with improved design and efficiency to further increase their adoption in the coming years.
Porter’s Analysis
Threat of new entrants: The solar chair market features moderate threat of new entrants due to high initial investments required for R&D, manufacturing, and marketing of solar chairs. However, availability of venture capital and growing consumer demand are enabling startups to enter this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various product options from multiple manufacturers. However, rising environmental awareness is increasing buyers' inclination towards sustainable solar chairs.
Bargaining power of suppliers: Suppliers have low-to-moderate bargaining power as raw materials required for solar chairs such as plastic, aluminum, and PV cells are commodity chemicals widely available from numerous global suppliers.
Threat of new substitutes: Threat of substitutes is low as solar chairs offer unique value proposition of off-grid power supply through solar energy, which cannot be easily substituted. However, alternative portable power stations pose competition.
Competitive rivalry: The global solar chair market features high competitive rivalry due to presence of numerous global and regional players offering differentiated products.
SWOT Analysis
Strengths: Growing consumer awareness about renewable energy; unique value proposition of off-grid power supply.
Weaknesses: High initial costs; bulkier design requiring more space compared to normal chairs.
Opportunities: Rising installations of solar appliances; increasing adoption in outdoor recreational and camping activities.
Threats: Stiff competition from substitute portable power stations; availability of cheaper normal chairs.
Key Takeaways
The global Solar Chair Market Share is expected to witness high growth during the forecast period of 2023 to 2030. The Asia Pacific region currently dominates the global market and is estimated to grow at the fastest pace due to rising consumer demand and increasing installation of solar products in countries like China, India, and Japan.
Regional analysis: Asia Pacific accounts for over 35% of the global solar chair market share in 2023. China dominates the regional market due to strong presence of domestic manufacturers as well as robust installation of solar appliances across residential and commercial sectors. India and Japan are other major country-level markets in the region.
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. EcoFlow and Goal Zero are among the leading manufacturers with broad product portfolios and global distribution networks.
For more insights, read- https://www.pressreleasebulletin.com/solar-chair-market-trends-size-and-share-analysis/
