Power Supply and Charger Market – Evolving Industry Trends, Key Insights 2031

Over the past few months, coronavirus lockdown measures have significantly reduced electricity demand in the commercial and industrial sectors. Such trends are affecting the growth of the power supply and charger market. The International Energy Agency (IEA) estimates that global electricity demand has significantly decreased due to the sluggish growth in business activities and poor demand sentiments in non-commercial sectors. Hence, market stakeholders are taking advantage of government grants to strategically-allocate their working capital.

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Mass inoculation measures are anticipated to ease mobility and revive economic activity. Such developments are increasing revenue flow in the global power supply and charger market. Stakeholders are seeking help from the International Finance Corporation (IFC) and international partners to safely pass through the COVID-19 period.

Can Growing Incidence of Battery Damage Affect Sales of Fast Chargers?
There is a growing demand for fast charging on Android devices. However, disadvantages of fast charging involve abusive use of chargers, which can cause terminal components to overheat. The growing incidence of damage and wear & tear of batteries in smartphones is affecting sales of fast mobile chargers. As such, the rising awareness about occasional use of fast chargers only when necessary is anticipated to boost sales of fast mobile chargers. Manufacturers are increasing the availability of mobile chargers with low voltage to alleviate possible damage to smartphone batteries.

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Advantages of fast mobile chargers are louder than its disadvantages. Manufacturers are increasing production capacities in fast mobile chargers, due to benefits such as less dependence on cables and sockets. These chargers help to dynamically regulate the power and intensity that a charger must supply to the phone.

The power supply and charger market is projected to reach US$ 79.21 Bn by 2031. Innovations in desktop chargers are generating incremental opportunities for companies in the market. The MIVI Qualcomm Quick Charge 3.0 Certified desktop charger is gaining popularity for charging up to five devices and delivering universal compatibility.

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In order to gain a competitive edge in the power supply and charger market, manufacturers are striving to acquire official certification of Qualcomm – an American multinational corporation headquartered in San Diego, California, to boost sales of desktop chargers. Manufacturers are increasing the availability of smart desktop chargers that help to charge the tablet and phone simultaneously, without having to worry about which port to plug the device into.