Wilmington, Delaware, United States, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global wireless charger market is anticipated to expand at a CAGR of 31.9% during the forecast period, 2022 to 2031. Wireless chargers are portable in nature, have better automation, and improved user integration in comparison to wired charging. The increasing use of portable devices in day-to-day activities by students, working professionals, and businessmen are considered the key drivers boosting the global wireless charger market growth. Emergence of new circuit designs and rapid evolution of wireless chargers in terms of size and weight are projected to aid the wireless charger market expansion during the forecast period.
Rise in disposable income of people and the willingness to spend on latest and innovative technologies to lead a comfortable life are expected to boost the wireless charger market. Manufacturers are investing heavily on research and development of better products to broaden their revenue streams. Long lasting, automation, and other additional features of wireless chargers are expected to increase their demand in the next few years.
The high sales rate of smartphones, iPhones, digital cameras, tablets, and smart wearable gadgets are considered notable drivers propelling the global wireless charger market size. The need for charging pads in public places and the fear of data theft have also propelled people to opt for personal chargers. Thus, the wireless charger market has a better revenue generating opportunity in public places, where there is lack of proper and secure charging infrastructure.
According to the TMR report, the wireless charger market is projected to expand from US$ 16.4 Bn in 2021 to US$ 243.3 Bn by 2031.
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Key Findings of Study
- Increasing sales rate of electric vehicles (EVs) to spur market: Rise in awareness about environmental degradation and the growing inclination toward eco-friendly combustion engines have propelled the sale of electric vehicles worldwide. However, the long hours needed for charging electric vehicles and the lack of enough EV charging stations in most cities generate high demand for wireless chargers. Automobile manufacturing companies are making huge efforts to launch better EV charging pads for their customers to ensure a hassle-free and efficient technology for their vehicles. Such efforts are further projected to increase the overall wireless charger market value during the forecast period.
- Inductive technology segment held largest market share in 2021: The increasing use of inductive technology for wireless chargers in the medical sector supported the dominance of this segment in 2021. This is likely to continue during the forecast period owing to the increasing usage of chargeable medical devices.
Key Drivers
- High penetration of smartphones and the rise in demand for wireless chargers by smartphone users are likely to create new business opportunities for wireless charger manufacturers during the forecast period
- Increasing popularity and adoption of magnetic resonance technology and their extensive usage in electric vehicles are projected to propel the demand for wireless chargers in the near future
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Regional Growth Dynamics
- North America held a dominant share of the global market in 2021, attributed to the high penetration of electronic products, such as laptops, smartphones, and tablets
- The market in Asia Pacific and Europe is also expected to account for notable shares in the global market during the forecast period owing to the increasing popularity and growing sales rate of electric vehicles and the need for wireless EV chargers
Key Players
The wireless charger market is expanding significantly with continuous efforts by players in the form of innovations and new product launches. Entry of new players is further projected to intensify the overall market competition during the forecast period.
Some of the key players of the wireless charger market include Witricity Corporation, Sony Corporation, Wiferion GmbH, Samsung Electronics Co. Ltd., Meredot SIA, Qualcomm Technologies Inc., IPT Technology GmbH, Energous Corporation, Drone Pwer Pvt Ltd., Energizer Holdings Inc., Delta Electronics Inc., Integrated Device technology Inc., Fulton Innovation LLC., LG Electronics, and Etatronic GmbH.
Wireless Charger Market Segmentation
Product Type
- Power Mat
- Charger Pad
- Charger Stand
- Quick (Qi) Charger
Technology
- Inductive
- Magnetic
- Radio Frequency
- Resonant
Rated Power
- Up to 15 W
- 16 W to 50 W
- 51 W to 500 W
- 501 W to 1 KW
- Above 1 KW
Application
- Laptops
- Smartphones/Tablets
- Power Tools
- Smart Home Devices
- Electric Vehicles
- Industrial Electric Vehicles
- Service Robots
- Speakers
- Wearables
- Others
End-use Industry
- Aerospace & Defense
- Automotive & Transportation
- Consumer Electronics
- Healthcare
- IT & Telecommunication
- Others (Industrial, Building & Infrastructure, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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