The global wireless charging market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the growing adoption of this technology in consumer electronics devices globally.
Wireless charging is also known as inductive charging, can be defined as the method of transferring electricity without the use of a wire or wirelessly. It is based on the electromagnetic induction concept, in which an electric current is passed through a coiled wire, creating an electromagnetism field surrounding the magnet, and the power generated is then used to transmit charge. It is used in various applications for charging electronic devices, such as smart wearable watches, smartphones, medical devices tablets, vehicles, and others.
Wireless charging has a numerous advantage, including the absence of sparks or electrical shock. It is also rust-free and has water-repellent properties. In comparison to a cable charger, it also uses less energy. The COVID-19 outbreak has brought negative impact on the market. Due to the lockdown imposed by governments globally, manufacturers related to wireless charging technology faced supply chain disruptions, which is likely to hamper the wireless charging market growth. The market is expected to recover soon as several industries resumed their operation owing to subsiding the COVID cases gradually worldwide.
Wireless Charging Market Trends, Drivers, Restraints, and Opportunities
- Introducing technological innovations globally is one of the key factors driving the market growth.
- Increasing awareness for physical fitness and wearable devices is expected to boost the market growth in the coming years.
- Longer charging times and mobility issues is projected to hinder the market expansion during the forecast period.
- Rising production cost and heavy competition presents a major challenge. This is anticipated to hamper the market growth in the projected period.
- Focus on improving the power transmission range by key players in the region is projected to create significant growth opportunities for the market in the near future.
Scope of the Wireless Charging Market Report
The report on the global wireless charging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wireless Charging Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Consumer Electronics, Defense, Automotive, Industrial, and Healthcare) and Technology (Resonant, Inductive, and RF)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Integrated Device Technology, Inc.; Qualcomm; PowerbyProxy; and WiTricity Corp.
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Wireless Charging Market Segment Insights
Consumer electronics segment to grow at a rapid pace
Based on applications, the global wireless charging market is segregated into consumer electronics, defense, automotive, industrial, and healthcare. The consumer electronics segment is expected to grow at a rapid pace during the forecast period owing to the growing prominence of cordless power experience by the consumers. However, the healthcare and defense segments are anticipated to hold a key share of the market in the coming years due to the ability to offer wireless charging for new generation ultra-small devices, which can penetrate deeper inside the body.
Wide application to drive inductive segment growth
On the basis of technology, the market is segmented into resonant, inductive, and RF (Radio Frequency). The inductive segment is projected to expand at a considerable CAGR during the forecast period attributed to wide usage applications into several technology, such as Qi and power matters alliance. On the other hand, the RF segment is anticipated to account for a major market share during the forecast period due to the property of eliminating the need for proper alignment in case of small devices, such as medical implants and wearable devices.
North America to constitute a key market share
In terms of regions, the global wireless charging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to consumers’ inclination towards more spending power for gadgets, such as tablets and smartphones in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed for being a lucrative industry for consumer electronics devices.
Moreover, it is also promising sector for hybrid electric vehicles, which is further expected to boost the market growth in across the region.
Segments
Segments Covered in the Report
The global wireless charging market has been segmented on the basis of
Application
- Consumer Electronics
- Defense
- Automotive
- Industrial
- Healthcare
Technology
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global wireless charging market are Integrated Device Technology, Inc.; Qualcomm; PowerbyProxy; and WiTricity Corp. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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