LONDON–(BUSINESS WIRE)–The global wireless phone chargers market size is expected to grow by USD 2.72 billion during 2020-2024. 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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The penetration of smartphones is increasing in developing countries as they are available at reasonable prices in various models. One of the most sought after, advanced features of these smartphones is wireless charging, which enables charging through Bluetooth connectivity. Integrated devices with wireless chargers are driving the development of wireless charging technology. For instance, Samsung Galaxy smartphone is equipped with dual-mode Qi and Power Matters Alliance. As a result, there has been a significant increase in the global shipments of smartphones, thereby increasing the demand and sales for wireless phone chargers.
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As per Technavio, the growing in-car charging 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 Phone Chargers Market: Growing In-car Charging
Wireless charging has been paving the way for convenience in charging of cellular phones in cars. The use of smartphones while driving ranges from GPS navigation to streaming music apps or playlists as well as searching for information on the browser. The necessity to send and receive data through the smartphones drains battery life. Several car manufacturers have been addressing this need by adding more power outlets such as USB ports, wireless charging docks in the car, and compatible charging pads. Therefore, with the growth in the automotive market, the demand for in-car wireless chargers is also expected to increase.
“Other factors such as the need for a common charging platform, and the introduction of newer smartphone models with built-in support wireless charging will have a significant impact on the growth of the wireless phone chargers market value during the forecast period,” says a senior analyst at Technavio.
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Wireless Phone Chargers Market: Segmentation Analysis
This market research report segments the wireless phone chargers market by distribution channel (offline and online) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the wireless phone chargers market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the continued demand for smartphones in emerging markets and the availability of affordable smartphones.
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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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