Charger Market to Grow at Healthy 6% CAGR as Demand for Portability and Wireless Power Soars - Analysis by TMR

The electronics sector has witnessed significant developments over the past decade, leading to a considerable increase in smartphone penetration worldwide. The decreasing prices of electronic components combined with advancements in Android and iOS technologies have played a crucial role in driving smartphone sales in recent years, a trend that is expected to continue in the upcoming years. The rising demand for smartphones globally is one of the primary factors likely to directly impact the growth of the global charger market during the forecast period.

The growing demand for wireless charging technology, coupled with advancements in the Internet of Things (IoT), is anticipated to provide lucrative opportunities for the global charger market during the assessment period. Players operating in the current charger market landscape are increasingly focusing on improving product quality and providing an optimal user experience while minimizing the production of sub-standard products. Additionally, market players are expected to gain a competitive edge by curating effective pricing strategies. Backed by these factors, the global charger market is projected to surpass the US$ 42.8 billion mark by the end of 2030.

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Market Size and Growth

The demand for wireless charging technology has surged at a notable pace in recent years, prompting companies operating in the charger market to develop wireless chargers to stay relevant. Techniques such as inductive charging, resonance charging, and radio charging have gained considerable popularity. Despite the convenience and speed of wireless charging compared to traditional alternatives, addressing temperature fluctuations remains a challenge for market players. These fluctuations can hinder battery performance and lifecycle, leading market players to invest in research and development. As demand for wireless technology continues to grow, companies are expected to launch cutting-edge wireless chargers that comply with regulatory requirements and ensure a safe charging experience without compromising quality. This development in the wireless charging space is expected to drive consistent growth in the global charger market.

Market Segmentation

Advancements in charger technology have significantly driven demand from the medical device sector. The strides made in wireless charging technology have the potential to expand the application pool of medical devices, leading to increased adoption from the medical device industry. As the healthcare sector explores the potential and advantages of smart wearable devices and other medical devices, the demand for chargers continues to grow consistently. Developments in the IoT sphere are expected to accelerate the sales of portable and non-portable chargers during the assessment period. While the medical device sector is anticipated to open new avenues for players in the global charger market, business and commercial sectors are projected to remain prominent end-users.

Regional Analysis

The demand for chargers is anticipated to remain steady amid the ongoing COVID-19 pandemic. Although the production of chargers witnessed a slight decline in the first two quarters of 2020 due to stringent lockdowns, transportation restrictions, and supply chain barriers, market growth is expected to regain momentum in the latter half of the year. The significant decline in raw material supply from China critically slowed down manufacturing processes in early 2020. Market players are expected to focus on opportunities in the healthcare sector to gain a competitive edge.

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Market Drivers and Challenges

The global charger market is expected to expand at a healthy CAGR of ~6% during the forecast period. Market growth is primarily driven by increasing smartphone penetration worldwide, decreasing consumer electronics prices, high demand from the medical device sector, and rising wireless technology adoption across major industrial domains. Market players are likely to focus on leveraging advancements in wireless charging technology and R&D activities to gain a competitive edge in the current market landscape.

Competitive Landscape

Detailed profiles of charger manufacturers have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies. Key players operating in the global charger market include Accutronics Ltd., Anker Innovations, ARB Accessories Pvt. Ltd., Chengdu Khons Technology Co. Ltd., Lzen Electronics, Omnicharge Inc., Platinet S A, Goal Zero LLC, Samsung SDI Co., Ltd., and Sony Corporation.

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Future Outlook

The global charger market is expected to expand at a healthy CAGR of ~6% during the forecast period. The market growth is primarily driven by increasing smartphone penetration worldwide, decreasing consumer electronics prices, high demand from the medical device sector, and rising wireless technology adoption across major industrial domains. Market players are likely to focus on leveraging advancements in wireless charging technology and R&D activities to gain a competitive edge in the current market landscape.

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