Wireless Chargers Market by Technology, Application, and Geography - Forecast and Analysis 2020-2024

“The Wireless Chargers Market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of USD 4.79 billion and CAGR of 13% by segment Technology, Geography and Application during the forecast period 2019 to 2024” 

Furthermore, this report extensively covers the smart home appliances market segmentation by technology (inductive, magnetic resonance, and others), geography (North America, APAC, Europe, South America, and MEA), and application (consumer electronics and others). The market report also offers information on several market vendors, including Azpen Innovation, Belkin International Inc., Energizer Holdings Inc., ExploraStore LLC, Inter IKEA Holding BV, Leggett & Platt Inc., Qualcomm Inc., Samsung Electronics Co. Ltd., Schaffner Group, and TYLT Inc.

Download the Report Sample to Unlock the Smart Room Heater Market Size for the Forecast Period and Other Important Statistics 

Parent Market Analysis

Technavio categorizes the Wireless Chargers Market as a part of the Information technology industry within the Technology Hardware, Storage & Peripherals industry. Our Technavio research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year.

Wireless Chargers Market: Key Drivers, Trends, and Challenges

Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the wireless chargers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge. 

Key Wireless Chargers Market Driver

One of the key factors driving growth in the market is the increasing adoption of the Qi standard. The higher adoption of the Qi standard compared with other standards by several firms across the globe is a key factor driving the market. The advantage of Qi wireless charging technology is that it makes electronic devices and chargers from different manufacturers compatible with each other. The only criterion is that both the device and the charger (receiver and charger) need to fulfil the Qi specification. This standard, therefore, allows every Qi-enabled device to be compatible with every Qi charging transmitter, regardless of the manufacturer of the device. Several firms such as Apple, HTC, LG Electronics, and SAMSUNG develop products that comply with the Qi standard. As a result, these products can be charged at any Qi charging station. The adoption of the Qi standard by Apple is a major driver for the market. With top companies such as Apple adopting the Qi standard over PMA, we can expect more firms to adopt it as well. This is because the consumer electronics market is highly competitive, and firms need to be on par with competitors by providing the newest features. The adoption of the Qi standard by OEMs and ODMs to integrate into their devices has resulted in the adoption of wireless chargers by several other end users. Several automobile companies have also integrated Qi wireless chargers into their products. There has been increasing support for the Qi standard, which we expect will become the common standard for wireless charging. As the Qi standard is widely adopted, we expect an increase in the demand for wireless chargers to rise since these chargers will also operate on this standard. These chargers will be able to support numerous smartphone models, which, in turn, will drive the growth of the market. 

Key Wireless Chargers Market Challenge

The difficulty in replacing traditional charging cables will be a major challenge for the market during the forecast period. The extensive use of cables for charging smartphones, tablets, and even electric cars is a key challenge for the market. Most smartphone and tablet manufacturers provide a power charging cable in the box on the purchase of electronic devices along with other accessories such as earphones. Although wireless charging has been an extensively studied concept, very few developments have been noted, primarily because of the lack of a common standard, technical barriers, and other miscellaneous reasons. As a result, charging needs have been primarily served using power cables. With new advances in cable charging, such as fast-charging technology, turbocharging technology, and others, it is still a predominant charging option among end-users by virtue of its speed. Regardless of the technology being used, wireless charging is still a rather inefficient process. More than half of the energy is lost while using a wireless charger. The creation of the magnetic field results in energy loss, which results in slow charging speeds compared with cables. Although wireless charging is growing at an immense pace, it is difficult for wireless chargers to replace cable charging, especially in regions such as APAC, because these chargers are priced higher than cable chargers. Further, the lack of knowledge about their use could affect the demand for wireless chargers as well. Therefore, we expect that the replacement of cable chargers with wireless chargers, especially for smartphones, will require another 2-3 years to gain momentum, and then the market would observe growth. 

Wireless Chargers Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain, and parent market of the market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Who are the Major Wireless Chargers Market Vendors?

Belkin International Inc. - The company offers a line of products such as BOOST UP wireless charging pad for iPhone X, iPhone 8 Plus, and iPhone 8, Thunderbolt 3 Express Dock HD with 3.3-ft /1-m cable, and Multiple chargers among others. Under the electronic products and accessories segment, the company offers various electronic products and accessories such as cables and adapters, mobile accessories, smartwatch accessories, screen protection, computer accessories, lighting accessories, and various other products.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

• Azpen Innovation
• Belkin International Inc.
• Energizer Holdings Inc.
• ExploraStore LLC
• Inter IKEA Holding BV
• Leggett & Platt Inc.
• Qualcomm Inc.
• Samsung Electronics Co. Ltd.
• Schaffner Group
• TYLT Inc.

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Wireless Chargers Market?

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41% of the market’s growth will originate from APAC during the forecast period. South Korea (Republic of Korea), China, and Japan are the key markets for wireless chargers in APAC. Market growth in this region will be faster than the growth of the market in the North American regions.

The continued demand for smartphones in emerging markets is driving their worldwide sales. The increasing availability of affordable smartphones in emerging markets is driving their adoption among consumers. The global demand for smartphones is growing despite the weak economies across the globe. China showed strong growth in smartphone shipments in 2016. Many vendors in China entered the market, offering low-cost smartphones. With the growing penetration of smartphones in this region, the number of wireless cell phone charger manufacturers is increasing in China. Developed countries such as Japan and South Korea are likely to dominate the global market during the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 has affected many countries, such as China, India, South Korea, and Japan, in the region. The outbreak is expected to affect the overall economy. Many countries have announced a nationwide lockdown to prevent the community transmission of the disease in the region, which has resulted in the temporary closure of malls and outlets that deal with non-essential goods. Major retailers, such as Apple, have temporarily closed their stores, while small- and medium-sized retailers are highly affected by the lockdown. Therefore, due to supply-chain issues and the shutdown of physical retailer stores during the lockdown, the sales of wireless chargers have declined.

What are the Revenue-generating Technology Segments in the Wireless Chargers Market?

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The market share growth by the inductive segment will be significant during the forecast period. The increasing adoption of the Qi standard is driving the growth of the inductive segment of the market. The Qi standard is the commonest standard that contributes to over 90% of the market. The Qi standard is available on many mobile devices offered by consumer electronics manufacturers such as SAMSUNG, HTC, Nokia, and Apple. The adoption of the Qi standard by Apple for its iPhone 8, iPhone 8 Plus, and iPhone X is a major growth driver for this segment. This has compelled several wireless charger companies to release products that support the Qi standard.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

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What are the Key Data Covered in this Wireless Chargers Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the wireless chargers industry across North America, APAC, Europe, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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