The growing smartphone, tablet, laptop, and smartwatches usage along with the rising e-commerce & online retail industry are significantly boosting the growth of the global induction charger market.

According to a new research report by Next Move Strategy Consulting, the Global Induction Charger Market was valued at USD 670.1 million in 2023, and is expected to reach USD 1992 million by 2030, with a CAGR of 16.2% during the forecast period, 2024–2030.

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 85.74% 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.

In 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.

Also, in 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.

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 EU 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.

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According to the report, leading players operating 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, and others.

Key Insights from the Induction Charger Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the induction charger market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of the players in the global induction charger market along with their competitive analysis are provided in the report.