Global Wireless Charging market size was estimated at 38.90 USD billion by 2028 and is anticipated to grow at a CAGR of 29.2% during the projected time frame (2021-2028).
Global Wireless Charging market size was estimated at 38.90 USD billion by 2028 and is anticipated to grow at a CAGR of 29.2% during the projected time frame (2021-2028). Wireless charging involves energy transfer from a power source to a consuming device without using wires or cables. Wireless charging devices use a charging station (transmitter) that transmits the energy and a receiver (integrated inside a device) to receives energy and charge battery. Changing consumer lifestyles, increasing adoption of wireless charging devices in consumer electronics such as smartphones, laptops, tablets, etc., and the capacity to charge multiple devices in single-use are the major factors driving the wireless charging market.
Increasing demand for wirelessly charged electric devices and increasing adoption of electric vehicles are expected to contribute to market growth. Increasing adoption of smartphones, smart wearables, and IoT (internet of things) is projected to significantly contribute to wireless charging market during the forecast period. However, the need for expensive technology for integration and slow charging as compared to alternatives are the factors that can hinder the growth of the market.
Wireless charging is only compatible with the Qi-enabled wireless charging standard and devices without the Qi-compatible wireless charging standard are not compatible with the wireless charging pad. Thus, external wireless charging solutions are required demanding users to invest in different wireless chargers to suit different products. This is expected to restrain the market growth during the forecast period.
The COVID-19 pandemic is expected to have a negative impact on market growth. The adoption of wireless charging was significant in the consumer electronics, and automotive industries prior to the emergence of pandemic. Governments initiatives were promoting companies in the wireless charging ecosystem financially and through favorable policies. But during the pandemic, government focused entirely on health services to curb the spread of virus. This is expected to impact the market growth. However, manufacturers are collaborating with technology providers to enhance the product efficiency, which can have a positive impact on market during the post-COVID period.
TABLE 1: GLOBAL MARKET SCOPE
|Report Title||Global Wireless Charging Market Report|
|Market Size and Forecasting||2018-2028|
|Market Sizing Units||Value in USD Billion|
|Market Segmentation Covered||Technology, Component, Application, and Region|
|Regions||North America, Europe, AsiaÂ Pacific, Middle East and Africa, and South America|
|Major Key Players||Energizer Holdings, WiTricity Corporation, Leggett & Platt, Powermat, Powercast Corp., Samsung Group, Elix Wireless, Ossia Inc, Evatran Group, Energous Corporation.|
|Number of Pages of Report||167|
|Customization Available||Yes, Customization Is Available As Per The Requirements|
Market Segmentation of Wireless Charging Market
Technology of Wireless Charging Market
By technology, the market is classified into resonant, inductive, and radio frequency. The inductive segment is expected to dominate the market during the forecast period. Benefits such as durability, safe in transferring power to devices, protected connections, less strain on charging port, and no requirement of cables for cables are expected to drive the segment growth. Electric vehicles use inductive technology. Thus, increasing adoption of electric vehicles is expected to contribute to segment growth.
Component of Wireless Charging Market
By component, the market is classified into transmitters and receivers. The transmitters segment is expected to hold the largest market share during the forecast period. Transmitters are used as standalone wireless charging devices and receivers are present in the electronic devices. Manufactures are making hefty investments to innovate their wireless charging products. For instance, Renesas provides wireless power transmitter ICs for various wireless power applications such as portable charging electronic systems, charging mats and pads, personal computer docks, office furniture, and public facilities. Thus, increasing investments from manufacturers is expected to drive the segment growth during the forecast period.
Application of Wireless Charging Market
By application, the market is classified into consumer electronics, healthcare, automotive, others. The consumer electronics segment is expected to dominate the market during the forecast period. The segment growth can be attributed to increasing adoption of wireless chargers for consumer electronic products such as smartphones, laptops, smart wearables, etc. Increasing internet use, growing urbanization, changing consumer lifestyles are expected to contribute to segment growth during the forecast period.
Regional Analysis of Wireless Charging Market
By region, the market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is expected to dominate the market during the forecast period. The regional market growth can be attributed to increasing investments in wireless charging with advancements in consumer electronics, healthcare, and automotive sectors. Presence of key market players such as WiTricty, Plugless, Energizer, Qualcom, and Power is also expected to contribute to North American wireless charging market during the forecast period.
Asia Pacific is expected to be the fastest-growing region during the forecast period. The regional growth can be due to presence of developing countries in the region such as China and India. Asia Pacific is the largest manufacture of raw materials required for automotive, consumer electronics and healthcare applications. China is the biggest manufacturing country in the world. All these factors are expected to contribute to Asia Pacific wireless charging market during the forecast period.
Key Companies listed
The major companies listed in the Wireless Charging market include Energizer Holdings, WiTricity Corporation, Leggett & Platt, Powermat, Powercast Corp., Samsung Group, Elix Wireless, Ossia Inc, Evatran Group, and Energous Corporation.
These companies are spread over North America, Europe, South America, and Asia Pacific markets, which empowers it to take into account clients over the globe. The companyâs leading position in the Wireless Charging Market is endorsed by its wide product portfolio.
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