Market Research
We recently received some market research from Dawnbreaker Inc, who specializes in assisting with commercialization plans. While our target market is Contractors who need portable power during daylight hours, we were pleasantly surprised at Dawnbreaker's findings. They cited three market opportunities: residential solar, portable power, and solar components and systems. Solar components and systems alone is a $96.5 billion industry currently, with a projected growth rate of 10% over the next five years. Residential solar was a $9.1 billion industry in 2020 with a 5.6% growth rate through 2028. Portable power was valued at $358 million in 2021 and projected to grow 6.7% by 2026 to $494 million (Grant View Research).
Dawnbreaker also identified our potential customers as residential solar, portable power, and electric vehicle customers. Hot spots for residential included California, Arizona, Nevada, Oregon, New York, and Florida, while California dramatically leads in EV vehicles. The portable power market is dominated by companies offering battery pack solutions focused on lithium-ion technology, not power generating solutions, like Vroom Solar.
Lastly, Dawnbreaker identified potential competitors as Mobile Solar, a company that sells solar generators with batteries, pre-installed on trailers. Vroom Solar allows for customers to install a solar generator on equipment they already own and bypass batteries if not needed. Another potential competitor is MobiSun, however these are small scale components for charging something like a laptop, not larger draws like power tools. Lastly, 123eSolar is a potential competitor, but they offer no storage space in their mobile unites. They look more like a traditional gas generator, with just the component on wheels. Again, Vroom Solar kits allow customers to install solar on equipment they already own, with ample storage space according to what their needs.
We plan to grow into these markets in the next couple of years, after launching with Contractors and moving into Agricultural applications. We're developing contacts with trailer manufacturers and dealers, and planning out trade shows according to our sales and marketing plan.