Advancements in IoT and Wireless Charging Technology to Accelerate Innovations
The electronics sector has witnessed major developments over the past decade due to which, smartphone penetration has increased by a considerable margin around the world. The dwindling prices of electronic components coupled with advancements in android and iOS technologies have played an imperative role in driving the sales of smartphones in recent years– a trend that is expected to continue in the upcoming years. The increasing demand for smartphones around the world is one of the primary factors likely to directly impact the growth of the global charger market during the forecast period.
The surging demand for the wireless charging technology coupled with advancements in the field of the Internet of Things (IoT) is anticipated to provide lucrative opportunities to the global charger market during the assessment period. Players operating in the current charger market landscape are increasingly focusing on improving the quality of products and providing optimum user experience, while simultaneously minimizing the production of sub-standard products. Moreover, market players are also expected to gain a competitive edge by curating effective pricing strategies. At the back of these factors, the global charger market is projected to surpass the US$ 42.8 Bn mark by the end of 2030.
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Growing Demand for Wireless Charging Technology to Drive Market
Over the past few years, the demand for wireless charging technology has spiked at a notable pace due to which, a number of companies operating in the charger market are focusing on the development of wireless chargers to stay relevant in the current market landscape. Some of the wireless charging techniques that have gained considerable popularity include inductive charging, resonance charging, and radio charging. Although wireless charging is relatively faster and convenient in comparison with traditional charging alternatives, addressing fluctuation in the temperature is one of the challenges the market players are expected to counter in the upcoming decade. Furthermore, the fluctuation in the temperature hinders the performance and the life cycle of the battery due to which, market players are likely to invest in research and development. Due to the swelling demand for the wireless charging technology, market players are projected to launch cutting-edge wireless chargers that comply with regulatory requirements and provide a safe charging experience without compromising on the quality. The next few years are likely to witness further development in the wireless charging space due to which, the global charger market is expected to have a consistent growth trajectory.
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Medical Device Sector to Provide Lucrative Opportunities
Advancements in the charger technology over the past few years have played a key role in driving the demand from the medical device sector. The strides taken by the wireless charging technology have the potential to expand the application pool of the medical devices due to which, the adoption from the medical device industry continues to grow at a consistent pace. In addition, as the healthcare sector gradually explores the potential and advantages of smart wearable devices and other medical devices, the demand for chargers is on the rise. Consistent developments made in the Internet of Things (IoT) sphere are expected to accelerate the sales of portable as well as non-portable chargers during the assessment period. While the medical device sector is anticipated to open up new avenues for players in the global charger market, business and commercial sectors are projected to remain one of the most prominent end users of the global charger market.
Demand to Remain Steady amidst COVID-19 Pandemic
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 2024 due to stringent lockdowns, restrictions on transportation and cross border trade, and several barriers across the supply chain, the market growth is expected to gain momentum during the last two quarters. The significant decline in the supply of raw materials from China is critical in slowing down the manufacturing process during the first half of 2024. Market players are expected to focus on tapping into opportunities in the healthcare sector to gain a competitive edge.
Charger Market: Overview
- According to Transparency Market Research’s latest research report on the global charger market for the historical period 2018–2019 and the forecast period 2024–2030, rise in the demand for clean energy and development of transmission & distribution and development of augmented reality are factors expected to boost the global charger market during the forecast period
- In terms of revenue, the global charger market is estimated to exceed the value of US$ 42.8 Bn by 2030, expanding at a CAGR of ~6% during the forecast period
Rise in Demand for Clean Energy and Development of Advanced Features, Applications, and Augmented Reality: Key drivers of Charger Market
- Electrification is expected to grow at a rapid pace, owing to transmission & distribution developments and healthy industrial growth. Governments of various regions, such as the United States, have decided to increase their budget for transmission infrastructure, as they plan to strengthen their transmission and distribution facilities. This is likely to boost the charger market.
- Growing demand for enhanced functionality in smartphones requires high battery power to support functions throughout the day. Feature-sets, sensors, and smooth processing are affected with the standard battery power capacity of smartphones, currently surviving barely above 1500 mAh. This is also one of the key factors driving the charger market.
- Augmented reality impacts the lives of everyone, especially gamers, which is resulting in the rising adoption of mobile augmented reality-based games. The sale of chargers also increases due to various games, which require continuous GPS connectivity and high CPU usage that consumes extensive battery power. The gaming sector is expected to show over 78% growth in the upcoming years.
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Emerging Markets and Product Innovations: Key Opportunities of Charger Market
- Various countries are expanding their production capabilities, which creates lucrative business opportunities for charger manufacturers. Entering new geographies and expanding business in untapped markets will further open doors for new business opportunity during the forecast period. The development of infrastructure for electrical vehicles in European countries is projected to further drive the charger market during the forecast period.
- The enhanced adoption of wireless processing devices, such as smartphones and tablets is projected to drive the need for wireless charging devices. Companies are heavily investing in R&D to cater to the needs of a wide range of consumers. Manufacturers are developing innovative chargers to attract consumers and increase their market share. Product development is likely to open doors to new business opportunities in the charger market.
Charger Market: Competition Landscape
- Detailed profiles of manufacturers of chargers 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 are
- 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.
- Sony Corporation, etc.
Charger Market: Key Developments
- Key providers of chargers such as Accutronics Ltd., Anker Innovations, ARB Accessories Pvt. Ltd., Samsung SDI Co., Ltd., and Sony Corporation etc. are focusing on technological advancements and expansion of product portfolio to attract more customers. Some other key developments in the global charger market are highlighted below:
- August 2024: Chengdu Khons Technology Co. Ltd. in August launched a new adapter for EV charger. The new adapter has an operating environment from –30℃~ to +50℃.
- May 2024: Accutronics developed a new range of batteries with voltages of 7.2, 10.8, 14.4, and 18.0V. These batteries have energy rating below 100Wh, which helps in avoiding complex regulations and are developed for use in industrial, medical, and other electronic devices.
- In January 2024, Goal Zero LLC revealed its Yeti X lithium power station lineup for 2024. The company’s power stations are used for gas generators and can be charged through solar power or by plugging it in wall outlets. The company is expected to launch six models, which include integrated MPPT and power over USB-C. This is likely to be the company’s strategy throughout 2024.
- In May 2019, Anker launched fast charger chips: Power IQ 3.0 in May 2019. This new chip is compatible with Qualcomm Quick Charge 3.0 and has power delivery up to 100W. It is projected to help in fast charging of all devices from laptops to gaming consoles.
- In the global charger market report, we have discussed individual strategies, followed by company profiles of providers of chargers. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global charger market.
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