Wireless phone chargers refer to the batteries of the device that is not linked to the phone via cables. Wireless charging is also called inductive charging which is a cable-free way to charge electrical devices. It is the process of charging a battery-induced device without any need for a power connection. The electromagnetic waves transfer the energy from wireless phone chargers to the phone and the charging process gets done effectively. Wireless phone chargers are more effective as compared to wired chargers
The global wireless phone chargers market is growing rapidly due to the increase in demand for smartphones. However, the growth is expected to reach a valuation of USD 3.5 billion by 2028, at a CAGR of 4.2% from 2021 to 2028. The main requirements of portable electronic devices which are targeted by IoT are wireless phone chargers. This method of charging is not only convenient but also quite a reliable and safe way to charge phones. Wireless phone chargers are easy to carry and help to charge the phones anytime and anywhere. This is a major reason for the growth of the wireless phone chargers market.
Due to the outbreak of the COVID-19 pandemic, governments across the world have declared lockdowns and strict policies to ensure social distancing. Industries have been shut down and production came to a halt. This pandemic has affected all sectors of the global economy. The wireless phone chargers industry was also affected immensely because of the disruption of the supply chain. This resulted in a huge loss. Even the key players of the market faced great challenges in gathering raw materials and delivering the finished goods to the customers. Many people lost their jobs during the pandemic which also decreased the demand for smartphones and wireless phone chargers. However, it is expected that the wireless phone chargers manufacturers will implement new strategies to increase the growth rate of the wireless phone chargers market.
The increase in the preference of the consumers for using branded wireless phone chargers and the rise in demand for comfort and luxury have been the major factors that are responsible for driving the market for wireless phone chargers. Also, the emergence of various eCommerce platforms that have become mostly mobile-friendly is another driving factor of the market. The key players of the market are constantly implementing creative and effective marketing strategies to market the cell phone wireless charger devices which are driving the market and helping in increasing the growth rate of the wireless phone chargers market.
Customers always tend to buy newer models of smartphones that can provide them with more security. The newer models of smartphones come with built-in support wireless charging. This provides the wireless phone chargers market with a great opportunity ahead that can help the market to grow more in the coming years.
Due to the increase in the price of raw materials that are used by the manufacturers to develop and launch new products, the price of the finished goods is also increasing which is hampering the growth of the market. There are many counterfeit products that are delivered at a cheap price in local markets. The availability of these wireless phone chargers at a very cheap price is making the customers buy those products and avoid buying the real products. This is another factor that is restraining the growth of the wireless phone chargers market.
Along with the various drivers that are responsible for driving the wireless phone chargers market growth, there comes a few challenges as well that can restrain the growth of the market. The new models of smartphones are coming with built-in support wireless charging facilities. This facility will include some additional costs along with the cost of the smartphones which is a major challenge for the wireless phone chargers market. However, it is expected that the market will overcome the challenge and focus on the opportunities that can drive its growth.
The market for wireless phone chargers will grow rapidly in the coming years due to its various driving factors. However, the key players and the vendors of the market should concentrate more on the growth prospects and also maintain their position in the market. The preference of the customers towards wireless connectivity has been a major growth opportunity for the market.
Value Chain Analysis
The value of the global wireless phone chargers market has witnessed a significant increase in the last few years and will also witness a rapid increase during the forecast period due to the excessive use of smartphones among people all over the world. Wireless phone chargers help in charging the phone at any time and any place reducing the usage of power. It is also a safe way to charge phones and so the market for wireless phone chargers is expected to rise post the COVID-19 situation.
Based on the wireless phone chargers market size, the market has been segmented into two major categories. They are by the distribution channel and by technology. These two segments are further divided into smaller categories. Here is a list of the major segments along with their sub-segments.
By Distribution Channel,
Geographically, the market for wireless phone chargers is divided into five major regions which include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Europe, among these five regions, is expected to hold the largest wireless phone chargers market share. The countries which are responsible for the growth of the market are France, Spain, UK, and Germany. These countries consist of the key manufacturers that are delivering great finished goods to the customers.
The manufacturers of the wireless phone chargers in Europe mainly concentrate on traditional designs of the chargers which will have neutral colors to attract the audience. North America, on the other hand, is expected to hold the second-largest wireless phone chargers market share for its growing popularity of smartphones among the people in the US. This in turn is helping the market for wireless phone chargers to grow immensely. However, the other regions will also show rapid growth in this market due to the excessive use of smartphones among people.
The market for wireless phone chargers consists of various companies which are competing against each other for the top position in the market. The manufacturers are constantly trying to implement new strategies, joint ventures, forming partnerships, and launching brand new products to attract customers towards them.
Samsung Electronics Co. Ltd., NXP Semiconductors, and Infineon Technologies are the key players which are trying to launch the best wireless phone chargers at an affordable cost in order to increase the demand of the customers towards wireless phone charging facilities. These companies are also investing in various research and development activities that can enhance the quality of the product. The companies are also forming mergers and acquisitions to strengthen their position in the market and also to become one of the top wireless phone charger companies in the world.
List of Key Companies:
In January 2020, Tesla launched a brand new wireless phone charger that can be used in vehicles especially in its new car model which was also introduced along with the phone charger. This introduction created a great opportunity for the wireless phone chargers market.
The wireless phone chargers market report outlines a brief overview of the market along with the factors that are responsible for affecting the growth of the market which include the key drivers, opportunities, challenges, and restraints. Based on competitive analysis, the key players of the market are also discussed along with the wireless phone chargers market trends. This report is a qualitative and quantitative analysis of the market which also describes the various segments and regions into which the market has been divided.
Frequently Asked Questions (FAQ) :
The magnetic induction segment is expected to witness a certain rise and hold the largest wireless phone chargers market share in the coming years because magnetic induction technology is the most preferred technology used in wireless phone chargers.
The global wireless phone chargers market is expected to rise at a rapid pace and reach a valuation of USD 3.5 billion at a CAGR of 4.2% during the forecast period.
Among the five major regions, Europe is expected to hold the largest wireless phone chargers market share because of the presence of key manufacturers in the region. Countries like France, Germany, Spain, and the UK are dominating the market in the region.