- Rising Trend of Using Renewable Energy & Surge in demand for uninterrupted power supply to Play Key Role in Expansion of the power supply and charger market
- Presence of many key players and rise in use of power supply and charger in varied applications in North America makes it a prominent market
ALBANY, N.Y, Oct. 12, 2021 /PRNewswire/ -- Power Supply and Charger Market: Overview
Smartphone producers today are increasing efforts to develop products with varied features, including improved camera efficiency, social networking, and Internet-based applications, which need consistent supply of Internet from LTE, Wi-Fi, or 4G technology. As these technologies utilize more battery, the demand for products from the power supply and charger market is anticipated to grow in the near future.
As per the analysts at Transparency Market Research (TMR), the global power supply and charger market is projected to expand at a CAGR of 4.19% during the forecast period, 2021- 2031.
Major enterprises are experiencing high demand for fast mobile chargers, owing to several advantages they offer, including decreased dependence on sockets and cables. These chargers are gathering traction, as they assist in regulating the intensity and power that a charger should supply to a phone.
Increase in Demand for Smart Desktop Chargers Drives Product Sales
Players are offering innovative and highly advanced chargers that fulfill the current market needs. A case in point here is the MIVI Qualcomm Quick Charge 3.0 Certified desktop charger, which is gathering traction owing to its universal compatibility and ability to charge around five devices.
Support from Government Bodies Fuels Expansion Opportunities for Industry Enterprises
Government bodies of many developing nations such as India have initiated different schemes, including Integrated Power Development Scheme (IPDS) and Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY), which are expected to accelerate the electrification process across Indian towns and cities. As a result, the demand for power supply and chargers is expected to increase in the upcoming years.
Rise in demand for clean energy, global population, and disposable income of consumers is likely to create sales opportunities in the global power supply and charger market during the forecast period
Companies are mainly concentrated on the development of mobile chargers with low voltage. The strategy is helping them in resolving issues such as the possibility of phone battery damage due to frequent use of fast mobile chargers.
Surging adoption of electric vehicles combined with rising investments toward the development of EV charging infrastructure across major parts of the globe is anticipated to boost the demand for power supply and chargers in the upcoming years
The Asia pacific power supply and charger market is projected to expand at a prominent pace, owing to many factors such as improvement in electrification and per capita usage, and increase in population of countries such as India
Power Supply and Charger Market: Competition Landscape
The presence of a considerable number of players highlights that the power supply and charger market is highly competitive. In order to sustain the market competition, companies are utilizing varied strategies. For instance, several players are acquiring official certification from Qualcomm (based in San Diego, California) in order to increase their desktop charger sales.
Several organizations are focused on strengthening their production capabilities to increase the availability of smart desktop chargers that can be used for phones as well as tablets
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