LONDON--(BUSINESS WIRE)--The wireless chargers market is expected to grow by USD 4.79 billion during 2020-2024, expanding at a CAGR of over 13%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Wireless Chargers Market: Increasing adoption of Qi standard to drive growth
Qi-enabled wireless charging technology makes electronic devices and charges compatible with each other regardless of the manufacturer. Major electronic device manufacturers such as Apple, HTC, LG Electronics, and SAMSUNG have introduced several products that comply with Qi standards. For instance, Apple’s latest smartphone models such as the iPhone X and iPhone 8 support the Qi standard. With growing competition in the market, many electronic device manufacturers firms are focusing on introducing new and innovative features such as the Qi standard to be at par with their competitors. Therefore, the rising adoption of the Qi standard is expected to fuel the growth of the global wireless chargers market during the forecast period.
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As per Technavio, the increase in the global shipments of smartphones will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Wireless Chargers Market: Increase in Global Shipments of Smartphones
The adoption of smartphones has increased significantly over the years. This is evident in developing regions due to the availability of smartphones at reasonable prices with varied features. Some of the latest advancements in the smartphone market include wireless charging and the introduction of new hybrid product categories such as Galaxy Notes. For instance, the Samsung Galaxy S7 Edge model is equipped with dual-mode Qi and Power Matters Alliance. The sales of the Samsung Galaxy S7 Edge model remained dominant over the mobile shipments in the first half of 2018. The increasing shipment of such smartphones is expected to positively influence the growth of the global wireless chargers market during the forecast period.
“Growth of embedded wireless chargers and the growing awareness of wireless power technology among consumers will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Wireless Chargers Market: Segmentation Analysis
This market research report segments the wireless chargers market by Technology (Inductive, Magnetic resonance, and Others), Geography (North America, APAC, Europe, South America, and MEA), and Application (Consumer electronics and Others).
The North America region led the wireless chargers market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing strategic alliances between mobile device manufacturers in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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