A method of cordless power transfer known as wireless charging or inductive charging employs electromagnetic induction to supply electricity to portable devices. Smartphones, tablets, and smart watches are frequently powered by wireless charging. The receiver and transmitter are the two parts that make up wireless charging. Additionally, it makes use of radiofrequency technology and resonance charging. Vehicles, electric toothbrushes, power equipment, and medical gadgets can all be charged wirelessly.
The market worth of wireless charging in 2021 was USD 5.48 billion, and it will be worth USD 34.65 billion by 2030, growing at a 22.73% CAGR during 2021-2030.
The need for consumer electronics, such as smartphones, tablets, gaming consoles, portable computers, and e-readers, is likely to drive market growth in the global wireless charging industry. Additionally, the expansion of the market for wireless charging is attributed in part to the rising demand for electric vehicles.
Market Dynamics
Drivers
- One of the main factors propelling the wireless charging market is the high demand for wireless charging in smartphones and several other consumer electronics products, including headphones and smartwatches. The technology is applied to a variety of gadgets, including drones, laptops, and portable devices, as the demand for appliances with wireless charging capabilities continuously rises.
- In the electric vehicle (EV) business, wireless charging is growing in popularity every year as it is investigated to replace the conventional technique of attaching the car to a power source via a cord. To minimize human participation, wireless charging is introduced in all-electric vehicles, promoting market expansion.
Restraints
Only devices compatible with the Qi enabled wireless charging standards can benefit from wireless charging. The charging pad is not compatible with any devices that do not support the Qi wireless charging standard. Therefore, the customer is forced to spend significant money on wireless chargers to fit the various items.
Opportunity
Governments all around the world have significantly increased the amount of money they are investing in the development of wireless technology. Due to the significant cost, security, and efficiency advantages of wireless charging, consumer confidence in these chargers is growing. This will lead to several business prospects for the sector in the future.
Market Segmentation
Based on technology, the “Inductive” sector maintained the greatest market share of almost 60.36% in 2020. The major drivers that are considerably boosting the overall growth of this category include the rise in the utilization of wireless charging for consumer electronics devices and electric cars, as well as an improvement in magnetic resonance efficiency worldwide.
According to Industry Vertical, Consumer Electronics held the largest market share for wireless charging in 2020. Especially in the Asia Pacific (APAC) region, consumer electronics like smartphones, tablets, laptops, MP3 players, gaming consoles, wearable technology, and PDAs are in high demand due to shifting consumer lifestyle preferences, an increase in internet users, and an annual increase in the urban population.
Regional Insights
North America led the entire regional market for wireless charging in 2020, with an impressive CAGR of 14.23%. Numerous manufacturers have increased their investments in wireless charging due to the existence of a sizable number of market players (Qualcomm, Plugless Power, Energizer, WiTricity, etc.) and the ongoing improvements in consumer electronics products, the automotive industry, and medical devices. All of these elements are considerably boosting regional market expansion.
Key Players
- Texas Instruments
- Powermat Technologies Ltd.
- Qualcomm Incorporated
- Samsung Electronics Co. Ltd.
- WiTricity Corporation
- Fulton Innovation LLC
- Energizer Holdings, Inc.
- Integrated Device Technology Inc.
- Energizer Holdings Inc.
- Sony Corporation
- Evatran Group
- Momentum Wireless Power
- Ossia Inc.
- Murata Manufacturing Co. Ltd.
- Leggett & Platt
- Zens
- Powercast Corp
- Elix Wireless
The market worth of wireless charging in 2021 was USD 5.48 billion, and it will be worth USD 34.65 billion by 2030, growing at a 22.73% CAGR during 2021-2030. The adoption of wireless charging technology in medical equipment, the growth of the electric vehicle (EV) industry, and the rise in demand for wireless charging in smartphones, headphones, smartwatches, and other consumer electronics are the main factors driving the market’s expansion.
