Transparency Market Research delivers key insights on the global charger market. In terms of revenue, the global charger market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global charger market.
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.
Charger Market: Dynamics
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.
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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.
Charger Market: Prominent Regions
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.
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.
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Charger Market: Key Players
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.
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