New York, April 05, 2023 (GLOBE NEWSWIRE) -- Market.us forecasts that the global wireless charging market will exceed USD 63.7 billion by 2032, from USD 7.7 billion in 2022, with a projected CAGR of 24.2% from 2023 to 2032.
Wireless charging is an integral part of information and communications technology. Wireless charging is becoming increasingly popular in portable devices because it eliminates the requirement of exposed ports or cables from the device. These power-operating devices are provided data wirelessly by transferring the energy from the power source to the device with the help of different coils in the wireless chargers. The demand for wireless charging has risen in the past few years due to the increasing demand for portable devices.
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Key Takeaway:
- By Technology, the inductive segment led the market with a significant revenue share in 2022.
- By End-Use Industry, consumer electronics dominated the wireless charging market with a 26% share in 2022.
- In 2022, North America dominated the market with the highest revenue share of 37.6%.
- Asia-Pacific will grow at a significant CAGR from 2023-2032.
Wireless charging innovations and developments are changing the face of the wireless charging market. Increasing market demand for wireless charging solutions due to convenience and safety in various sectors such as healthcare, automotive, and electronics are the key factors expected to boost the growth of the wireless charging market during the forecast period. Wireless charging is in high demand in the healthcare industry as it improves the efficiency and performance of medical equipment and devices.
Factors affecting the growth of the wireless charging market
Several factors can affect the growth of the wireless charging market. Some of these factors include:
- High efficiency of wireless charging devices: By integrating resonance technology into the wireless charging systems, the efficiency of wireless chargers has significantly increased. This is helping the wireless charging market to overgrow.
- Adaptation in the automotive sector: With the rising trend of electric vehicles, the demand for wireless charging systems has increased exponentially in the automotive industry. Many key companies are focusing on developing wireless charging systems for electric vehicles. It is driving the growth of the wireless charging market.
- Government support: Governments worldwide are investing and funding the development of wireless charging systems to increase the efficiency and security of the charging systems.
- Lifesaving applications in healthcare: Disturbances in medical surgeries and treatments due to power cuts can negatively impact the healthcare sector. Therefore, to avoid such situations healthcare sector is more inclined towards cordless and wireless charging devices. This is boosting the wireless charging market to grow significantly.
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Top Trends in Wireless Charging Market
The rising adoption of electric vehicles is propelling the growth of the wireless charging market. To ensure seamless long-distance travel in electric vehicles, customers must physically plug the charger into the battery pack. And this is a big problem for electric vehicle customers. Many major companies are focusing on developing wireless chargers for electric vehicles to tackle this problem.
The popularity of the Internet of Things has increased the demand for wireless charging due to its convenient way of powering these networks. Additionally, the adoption of wireless charging solutions in sectors like automobiles and the increasing application of wireless charging in healthcare are the key factors driving the market's growth.
Many major players in the wireless charging market, like Google, Samsung, and Apple, are focusing on technological developments and innovations to expand their market share in various regional markets. Trends like these are anticipated to drive the growth of the wireless charging market during the forecast period.
Market Growth
Increasing adoption of wireless technology in consumer electronics is expected to boost the wireless charging market growth over the forecast period. Moreover, increasing demand for electric vehicles is expected further to drive the development of the wireless charging market. The instant charging of multiple devices is estimated further to moderate the growth of the wireless charging market. Increasing market demand for wireless charging solutions due to convenience and safety in various sectors like healthcare are key factors anticipated to boost the market growth of wireless charging during the forecast period. Wireless charging is in high demand in the healthcare industry to improve the efficiency and performance of medical equipment and devices.
Regional Analysis
North America leads the wireless charging market with a significant revenue share of 37.6%. The growth of the wireless charging market in the North American region is due to increasing technological developments. Increasing demand for wireless charging in the consumer electronics and automotive sectors are boosting this region's market growth. Increasing use of electronic devices like laptops, tablets, smartphones, and other devices is anticipated to drive the development of the wireless charging market in the region during the forecast period.
During the forecast period, Asia Pacific is expected to register a high CAGR in the wireless charging market. The growth of the Asia Pacific market is due to the presence of a large population in countries like China and India. It is Increasing the demand for wireless charging for consumer electronics and automotive sectors. Developments and innovations like automotive and electronics in the region are boosting the market growth in the area.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include Samsung Electronics, Sony Corporation, Qualcomm Incorporated, Fulton Innovation LLC, Texas Instruments, Witricity Corporation, Energous Corporation, Powerbyproxi Ltd, Powermat Technologies, ZenS B.V., Ossia Inc., and Other vital players.
Recent Development of the Wireless Charging Market
- In April 2020, OnePlus Technology CO. Ltd. Launched the ‘Warp Charge 30’. It is a wireless charger for their OnePlus 8 smartphones.
- In September 2020, Ossia Inc. Launched its next-generation platform, ‘Cota 2.4 GHz’, for commercial and industrial use. This advance wireless power system offers a compact size, low weight, low power consumption, and better transmission.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 7.7 Billion |
| Market Size (2032) | USD 63.7 Billion |
| CAGR (from 2023 to 2032) | 24.2% |
| North America Revenue Share | 37.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Increasing acceptance in various sectors is a crucial factor behind the rapid growth of the wireless charging market. Many electronic devices and electric vehicles are charged using wireless charging. Resonance technology has been used in many wireless chargers, improving the charger's efficiency by handling long-distance energy transfer between the transmitter and receiver. Large wireless charger manufacturers focus on developing wireless chargers with high security, efficiency, and low cost. Attempts to upgrade wireless chargers by companies and increasing adoption of wireless charging are anticipated to drive the growth of the wireless charging market during the forecast period.
Market Restraints
Many customers prefer wired chargers over wireless chargers for portable devices and vehicles due to high costs, slower charging, and energy loss. These factors are anticipated to obstruct the growth of the wireless charging market during the forecast period. Moreover, customers prefer wired chargers over wireless chargers due to smaller adapters and charging pads. Wireless chargers require a Qi-compatible device for wireless charging. This makes it difficult for many manufacturers to offer wireless charging for their products due to the lack of Qi-compatible devices. Many manufacturers are focusing on developing external wireless technology to solve this issue.
Market Opportunities
Integrating resonance technology in the wireless charger can help many devices charge by the same charger simultaneously. For example, Apple's wireless charger can charge all its products at the same time. The resonance integrated charger is efficient and portable, and it also eliminates the need to use different chargers and cables simultaneously. The resonance-integrated wireless chargers are anticipated to create many opportunities in the wireless charging market. Major players investing heavily in developing such chargers to provide a single wireless charger for multiple devices will create an opportunity for companies to increase their business share in the market.
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Report Segmentation of the Wireless Charging Market
Technology Insight
The inductive technology segment is expected to dominate the wireless charging market by accounting for a significant revenue share in the market during the forecast period. The growth of inductive technology in the wireless charging market is due to its expanding applications in consumer electronics. The increasing popularity of inductive wireless charging is driving the development of the wireless charging market.
Following inductive technology in wireless charging, the resonant technology segment is expected to grow at a significant CAGR over the forecast period. Moreover, resonance technology is integrated into the charger to improve the efficiency of the wireless charger. Integrating resonance technology into wireless charging offers flexibility, simultaneous charging of multiple devices, and superior thermal control. These factors are expected to drive the market growth of the resonance segment during the forecast period.
End-Use Industry Insight
The consumer electronics segment dominated the market by capturing the largest revenue share in the wireless charging market. The growth of the consumer electronics segment is attributed to the increasing adoption of wireless charging in electronic devices like smartphones, smartwatches, tablets, laptops, game consoles, and power banks. Also, advanced lifestyle trends and an increasing number of internet users are expected to boost the growth of the consumer electronics segment during the forecast period.
Following consumer electronics, the healthcare sector is expected to account for a significant revenue share in the market during the forecast period. The growth of the healthcare sector is attributed to the increasing use of wireless charging in many medical devices. Interruptions in medical procedures and treatments due to power outages can adversely affect the healthcare sector. Therefore, to avoid such situations, the healthcare sector is leaning toward cordless and wireless chargers that increase efficiency during treatment. All these factors are driving the growth of the healthcare sector during the forecast period.
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Market Segmentation
By Technology
- Inductive
- Radio Frequency
- Resonance
- Other Technologies
End-Use Industry
- Automotive
- Consumer Electronics
- Healthcare
- Industrial
- Aerospace and Defense
- Other End-Use Industries
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Samsung Electronics
- Sony Corporation
- Fulton Innovation LLC
- Qualcomm Incorporated
- Texas Instruments
- Energous Corporation
- Witricity Corporation
- Powerbyproxi Ltd
- Powermat Technologies
- Ossia Inc.
- ZenS B.V.
- Other Key Players
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