Induction Charger Market by Power Output (5W to 15W, 16W to 30W, and Above 30W), by Charging Standards (Qi Standard and AirFuel/PMA), and by Distribution Channel (E-Commerce or Online and Offline) – Global Opportunity Analysis and Industry Forecast, 2024–

Induction Charger Market by Power Output (5W to 15W, 16W to 30W, and Above 30W), by Charging Standards (Qi Standard and AirFuel/PMA), and by Distribution Channel (E-Commerce or Online and Offline) – Global Opportunity Analysis and Industry Forecast, 2024–2030

The induction charger market was valued at $ 670.1 Mn in 2023, and is expected to reach $ 1.99 Bn by 2030, due to growing e-commerce sector

Induction charger Market
Domain – Consumer Goods
Sub Domain – Consumer Electronics

The Induction Charger Market size was valued at USD 670.1 million in 2023, and is predicted to reach USD 1.99 billion by 2030, with a CAGR of 16.2% from 2024 to 2030.

The induction charger industry benefits from the widespread growth of e-commerce and online retail, providing global accessibility. E-commerce is projected to represent 41% of global retail sales by 2027, up from 18% in 2017. In 2022, Europe saw a 3% increase, while the U.S. and Asia experienced a 7% rise in e-commerce sales. Online platforms play a vital role in educating consumers about induction chargers, offering product details, reviews, and comparison options. For manufacturers, e-commerce provides marketing opportunities through targeted ads and special offers, leveraging valuable consumer data to understand market needs. The agility of online retail allows niche market penetration and quick adaptation to market changes, contributing to the industry's growth.

Moreover, the induction charger industry is experiencing substantial growth, largely propelled by the worldwide increase in the utilization of smartphones and portable devices. The number of smartphone users worldwide has significantly increased from 2016 to 2023. In 2016, there were 3.7 billion smartphone users, which accounted for 49.40% of the global population. By 2023, the global number of smartphone users is projected to reach 6.9 billion, indicating that 85.7% of the world's population will own a smartphone.

Growing use of wireless devices boosts demand for convenient charging solutions such as induction chargers. Standardization, especially with Qi, is making chargers more compatible. Manufacturers are innovating to provide faster, more efficient, and multi-device charging solutions, catering to the demands of modern, connected lifestyles. This highlights the rising importance and demand for wireless charging solutions globally.

However, the widespread adoption of USB Type-C connectors in wired chargers presents a significant challenge to the induction charger market. USB Type-C's standardized compatibility and fast charging capabilities appeal to users, leading to regulatory mandates in the European Union for its use in mobile devices. This push for a standardized charging approach, driven by sustainability goals, hampers the growth of the wireless charging market.

On the contrary, the introduction of Qi v2.0, the latest wireless charging standard by the wireless power consortium (WPC) is expected to create lucrative growth opportunities for the market. This next-gen standard brings improvements such as magnetic attachment, faster charging, and increased efficiency, establishing itself as a global benchmark. Anticipated widespread adoption of Qi v2.0 is expected to simplify the market, enhance universal compatibility, and drive significant growth in the induction charger sector.

Segment Overview
The global induction charger market is segmented on the basis of power output, charging standards, distribution channel, and region.
 By power output, the market is classified into 5W to 15W, 16W to 30W, and above 30W.
 By charging standard, the market is segmented into Qi standard and AirFuel/PMA.
 By distribution channel, the market is divided into e-commerce or online and offline.
 Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).

The Asia-Pacific market is projected to hold the dominant share by 2030
Asia-Pacific dominates the global induction charger market, and is expected to remain dominant throughout the forecast period. This is attributed to the presence of several technological innovation hubs in countries including China and Japan. China leads in wireless charging R&D, placing it at the forefront of the induction charger industry. It is known for its extensive manufacturing capacity and low labour costs and is poised to maintain its global electronics export dominance.

In 2021, the country accounted for 27.4% of the global electronics market, exporting USD 671.5 billion worth of devices such as smartphones and laptops. This significant market share inherently shapes and propels regions wireless charger industry, as the demand for rapid and efficient charging solutions aligns with the nation's supremacy in electronic manufacturing.

Also, the region is witnessing a surge in demand for induction chargers due to the simultaneous growth in smartphone usage and the thriving e-commerce sector. As smartphone adoption continues to rise across the region, consumers are increasingly seeking convenient and efficient charging solutions, propelling the demand for wireless chargers.

Smartphone penetration rate in Japan reached 70.2% in 2023, a significant increase from 57.8% in 2019, indicating a 21.5% increase over four years. Additionally, the booming e-commerce industry, characterized by a surge in online transactions and mobile device usage, further emphasizes the need for hassle-free charging options. According to the Economist Intelligence Unit (EIU), South Korea’s online retail market has grown 22.5% annually from 2012-2021 and is expected to reach a 16.8% share of total retail sales by 2026, up from 15% in 2021. The combination of these factors creates a robust market for induction chargers in Asia-Pacific, where consumers prioritize technological convenience in sync with the rapid expansion of the digital economy.

Key Market Players
The key players in the induction charger market include:
• Samsung Electronics Co. Ltd.
• Apple Inc.
• Anker Technology Co. Ltd.
• Belkin International, Inc.
• Xiaomi Corporation
• Huawei Technologies
• ASUSTeK Computer Inc.
• ZAGG
• Energizer Holdings, Inc.
• Aukey Corporation Limited

Recent Developments
August 2023
Anker launched innovative travel chargers featuring advanced induction charging capabilities, catering to the growing demand for portable and efficient charging solutions. This launch enhances Anker's position in the induction charger market, addressing the needs of on-the-go consumers.

January 2023
ASUS launched Chromebox 5 with a built-in 15W wireless charger, embracing the convenience of induction charging technology. This integration signifies ASUS's commitment to providing multifunctional and streamlined solutions, contributing to the evolution of the induction charger market.

KEY BENEFITS
• The report provides quantitative analysis and estimations of the induction charger market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
• The study comprises a deep dive analysis of the induction charger market including the current and future trends to depict prevalent investment pockets in the market.
• Information related to key drivers, restraints, and opportunities and their impact on the induction charger market is provided in the report.
• Competitive analysis of the players, along with their market share is provided in the report.
• SWOT analysis and Porters Five Forces model is elaborated in the study.
• Value chain analysis in the market study provides a clear picture of roles of stakeholders.