Wall Charger Market
The primary factors anticipated to drive the growth of the wall charger market during the forecast period include rise in demand for smartphones globally.
WILMINGTON, DELAWARE , UNITED STATES, February 1, 2024 /EINPresswire.com/ -- Wall Charger Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Multiport, Dualport, Singleport), by Application (Smartphone, Featurephone, Tablet, Smartwatch, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The wall charger market was valued at $1.6 billion in 2022, and is estimated to reach $2.9 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
The electronics industry has seen significant advancements over the last decade, due to of which smartphone adoption has expanded significantly globally. The declining prices of electrical components and developments in Android and iOS technology, have played a critical role in increasing the smartphone sales in recent years, and this trend is projected to continue in the future years.
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Technological advancements in charging frameworks, more powerful charging when contrasted with USB charging, and rise in interest in creative work of updated chargers. are factors influencing the electronics business sector development. Also, constant move from wire chargers to multi-port chargers is another component anticipated to have a positive impact on driving development in the market.
The primary factors anticipated to drive the growth of the wall charger market during the forecast period include rise in demand for smartphones globally. The wall charger market is expected to benefit from rise in demand for wireless charging technologies, as well as improvements in the field of the Internet of Things (IoT) during the forecast period. Players in the prevailing wall charger market are progressively concentrating on enhancing product quality and offering an optimal user experience, while minimizing the creation of sub-standard wall charger products.
The wall charger market growth caters to a wide range of uses and customers, fueled by the universal demand for powering various electronic devices. Firstly, it plays a critical role in the consumer electronics sector, encompassing items like smartphones, tablets, laptops, and wearable gadgets. As portable technology becomes more prevalent, there is a heightened need for swift and effective charging solutions, ensuring that these devices remain operational whether at home, in the office, or on the go. Advancing technology necessitates more potent and adaptable chargers to meet evolving device specifications.
Another significant domain is the automotive sector, particularly in the context of the burgeoning electric vehicle (EV) market. Wall chargers, also known as Electric Vehicle Supply Equipment (EVSE), are crucial for residential charging stations. They facilitate the convenient and efficient recharging of electric vehicles, enabling owners to replenish their batteries overnight, ensuring they are fully charged for daily commutes. With the continued expansion of the electric vehicle market, there is a projected substantial increase in the demand for reliable and rapid wall chargers.
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Moreover, the commercial and industrial sectors are significant players in the wall charger market analysis. Offices, factories, and public areas are increasingly equipped with charging stations to meet the needs of employees, clients, and visitors. These chargers are indispensable for bolstering productivity and convenience, allowing individuals to charge their devices while at work or during leisure activities. Additionally, the hospitality industry, including hotels and restaurants, recognizes the importance of offering charging solutions to enhance customer satisfaction and overall experience in dual wall charger and wall charger market share.
The wall charger market size is segmented on the basis of type, application, and region. By type, the market is classified into single port, dual port, and multiport. In 2022, the multiport segment dominated the market, in terms of revenue, and it will acquire major market share till 2032. On the basis of application, it is classified into smartphone, feature phone, tablet, smartwatch, and others. The smartphone segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032.
Region-wise, the Wall Charger market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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The key players profiled in the report include AUKEY International Limited, Belkin, Jasco Products LLC, Anker Innovations, Incipio, 360 Electrical, Atomi Inc., IClever, Scosche Industries Inc., and Koninklijke Philips N.V. Market players have adopted various strategies such as product launch, acquisition, expansion, and others to expand their foothold in the wall charger industry.
KEY FINDINGS OF THE STUDY
• The global wall charger market was valued at $1,625.0 million in 2022, and is projected to reach $2,912.0 million by 2032, registering a CAGR of 6.3% from 2023 to 2032.
• The multiport segment was the highest revenue contributor to the market, with $844.0 million in 2022.
• The smartphone segment was the highest revenue contributor to the market, with $629.0 million in 2022.
• Asia-Pacific was the highest revenue contributor, accounting for $790.0 million in 2022, and is estimated to reach $1,529.0 million by 2032, with a CAGR of 7.1%.
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