Global Wireless Charging Market
Global Wireless Charging Market to Reflect Robust Growth: Projected to touch USD 15.3 Billion by 2027
Published | 23 June 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global wireless charging market was worth USD 3.4 Billion in the year 2020. The data yielded by the study further reveals that the market is estimated to grow at the CAGR of 23.1%, earning revenue of around USD 15.3 Billion by the end of 2027. Wireless charging is the process of recharging the batteries of electrical gadgets without the use of physical wires. These devices include a transmitter or charging station for transmitting energy, and a receiver (embedded within the device) that absorbs the energy to charge the battery. A large number of manufacturers are offering phones with the feature of wireless charging to keep up with the growing demand for wireless charging. Increased use of efficient charging systems for portable electronics and wearable devices, which can improve device resilience, is expected to keep the electronics wireless charging market growing at a healthy pace.
Growing demand for electric vehicles propelling the market growth
In the near future, rising demand for electric vehicles is expected to propel the global wireless charging industry forward. In conventional charging, physically plugging a cable into a power outlet to charge the onboard battery pack and ensuring that a sufficient charge is maintained for the car to function is a major difficulty. This wireless charging is a suitable, safe, and consistent way for charging and powering a wide range of electrical equipment in a variety of industries, including commercial, industrial, automotive, and residential.
Increase in the popularity of IoT driving the market forward
An important reason influencing the wireless charging market is the rising popularity of the Internet of Things (IoT), which is considered the third wave of technology. Wireless charging is a basic requirement for IoT-enabled portable gadgets such as cellphones, digital cameras, laptops, and tablets. The popularity of the IoT industry is likely to increase in the coming years, allowing the market to expand. There are many efficient charging technologies available for portable gadgets and wearable gadgets, which boost device durability, and the wireless charging sector is expected to grow significantly.
Compatibility issues restrict the adoption of wireless charging devices
Qi-compatible devices can only be used with Qi charging pads. External wireless charging options for devices that aren't Qi-compatible are also offered by a number of major manufacturers. For products that have compatibility concerns, wireless chargers such as charging pads, charging bowls, and charging boxes are necessary. Despite the fact that many manufacturers offer a variety of devices with wireless charging capabilities, the basic issue of compatibility in the case of non-Qi-enabled devices is predicted to limit the adoption of wireless charging devices.
Impact of COVID-19 in the industry
COVID-19 has wreaked havoc on practically every industry, including the wireless charging market. Every sector's global supply chain has been interrupted, resulting in significant economic losses, and the wireless charging market is experiencing the same problems owing to the pandemic. The market players had to face a number of obstacles, including obtaining raw materials and delivering finished items in the midst of a disrupted supply chain. Additionally, due to the restrictions imposed by the government on the sale of electronic products during the pandemic, consumers started to spend more on essential products. As a result, the COVID-19 pandemic has slowed the growth of the wireless charging sector.
The inductive segment occupies the largest share of the global wireless charging market
Based on the source, the global wireless charging market is segmented into Inductive, Resonant, Radio Frequency, and others. The inductive charging segment dominated the market in the year 2020. Inductive chargers are commonly used to charge electronic devices and electric vehicles wirelessly. Magnetic resonance allows power to be delivered over longer distances between receiver and transmitter. The effectiveness of the products is entirely dependent on the amount of power available to charge the device using the wireless transmitter's power. The cost of the product and the size of the charger required to transmit the power are totally depend on the efficiency of the product. Through wireless transmitter’s power one can easily measure the amount of power required for charging the device, it also helps in identifying how much power has been wasted while charging.
North America region is expected to witness significant growth in the market during the forecast period
Based on the region, the global wireless charging market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds the largest market share compared to other regional markets. The region is likely to maintain its dominance even during the forecast period. This is due to the expansion of the electronics market and an increase in the sale of electronic devices. Europe has been the second-largest revenue provider and is expected to grow significantly throughout the forecast period as demand for fuel-efficient and long-charging systems for electronic items increases.
The key players in the global wireless charging market are Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC, and other key manufacturers. The market is witnessing fierce competition among market competitors based on product quality, features, and pricing. To improve the features of their products, consumer electronics market players are focusing on strategic relationships with wireless charging producers
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global wireless charging market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global wireless charging market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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