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.
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.
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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.
