Global charger market is anticipated to grow at a CAGR of 6.1% during the forecast period 2021 to 2030 and to witness value around US$ 42.5 Bn by 2030.
The global charger market is broadly affected by several factors, such as rise in demand for clean energy, development of transmission & distribution, and development of augmented reality, which is propelling the global market for chargers. The market growth is primarily driven by increasing penetration of smartphones worldwide, dwindling prices of consumer electronics, high demand from the medical device sector, and rising adoption of wireless technology across major industrial domains.
Key drivers 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.
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, 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 2020. Market players are expected to focus on tapping into opportunities in the healthcare sector to gain a competitive edge.
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.
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.
In terms of product, the charger market has been divided into conventional charger, fast charger, motion-powered charger, solar charger, timer-based charger, and others. The demand for conventional chargers is high at the global level. Mobile chargers accounted for highest volume sales. Based on type, the charger market has been bifurcated into fixed and portable. Fixed chargers are majorly used in the industrial segment. Mobile chargers are considered under the portable segment. Based on connectivity, the market has been classified into wired and wireless. Wireless charging segment is expected to expand with a higher share globally.
In terms of voltage, the charger market has been categorized into below 24 V, 24 V – 48 V, 48 V – 60 V, 60 V – 120 V, and above 120 V. The demand for chargers of below 24 volt is higher at the global level. It has been observed that most mobile chargers are manufactured with voltage below 24 volts.
In terms of application, the charger market has been split into personal use, retail, automotive, railways, energy & power, mining, industrial manufacturing, IT & data center, marine, telecommunications, infrastructure, oil & gas, and others. The personal use application segment accounted for a major market share. Rising mobile sales globally is driving market growth. Based on distribution channel, the charger market has been segmented into online and offline. The offline segment dominated the market in 2019, owing to the preference of consumers to experience the quality of the product physically before purchasing it.
Worldwide, Asia Pacific region accounted for a major share of the charger market, followed by North America, and the region is expected to continue its dominance during the forecast years, 2020 to 2030. This is due to the rising demand for innovative and new technology USB products such as portable speakers with USB charging ports, alarm clock with USB charging port, and LED indicators for charging, while sleeping that indicate the charging level.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global charger market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
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., and Sony Corporation etc.
Global Charger Market: Segmentation
Charger Market, by Product
Charger Market, by Type
Charger Market, by Connectivity
Charger Market, by Voltage
Charger Market, by Application
Charger Market, by Distribution Channel
Charger Market, by Region
This report focuses on charger market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall charger market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global charger market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the charger market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the charger market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Charger market.
Market Segments: This part of the report discusses about product, application and other segments of the charger market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global charger market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the charger market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of charger are as follows:
The research methodology adopted by analysts for compiling the global charger market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global charger market.
The study objectives of this report are:
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