WELLESLEY, Mass., Aug. 07, 2018 (GLOBE NEWSWIRE) -- Mobile phone users in the U.S. and U.K. are adopting more than one cellular device per single user, causing the market for mobile chargers to experience significant growth in response. Driven not only by expanding mobile phone usage, the market for mobile chargers is also propelled forward as a result of rising electronic vehicle sales and the development of new technologies, resulting in a compound annual growth rate (CAGR) of 6.6% from 2017 to 2022.
According to the recently published BCC Research report, Mobile Chargers: Global Markets, the mobile charger market is anticipated to grow from $16.3 billion in 2016 and $18.1 billion in 2017 to reach nearly $25.0 billion by 2022.
Research Highlights
- Lower battery capacity of high-end phones is a major driver for the mobile chargers market, prompting users to purchase extra power banks.
- The Asia-Pacific region is estimated to hold the largest share of the mobile charger market due to a well-established telecommunications market in the region. The countries that will have significant market share during the forecast period are India, China and Japan.
- Portable chargers have the highest market share in the North American region due to high sales of gaming consoles, laptops, and other portable devices. The portable device charger market in North America is predicted to exceed $2.1 billion by 2022 at a CAGR of 5.9% during the forecast period.
“Growing urbanization, rising disposable income, and increasing mobile phone penetration will boost the mobile charger market around the globe,” said BCC Research analyst and report author Mohammed Javed. “Increasing penetration of high-specification electronic gadgets/devices that drain batteries at faster rates will further boost the mobile charger market in the near future.”
Adoption of Solar Mobile Chargers on the Rise
Within the global mobile charger market, the solar mobile charger subsegment is estimated to be the fastest-growing segment, with a CAGR of 8.1% during the forecast period. Along with the adoption of solar chargers by individual users, opportunities can be expected in the government sector as well, as solar chargers are installed in public places such as parks, bus stands, university campuses, business parks, and so forth. Although the market for solar chargers is expanding, the higher cost of this type of charger compared to standard electric battery chargers acts as a disadvantage, with the average cost of a solar charger ranging from $30 to $60.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.