Wireless Charging Market - Forecasts from 2022 to 2027

Wireless Charging Market - Forecasts from 2022 to 2027

The wireless charging market is projected to witness a CAGR of 25.46% during the forecast period to reach a market size of US$50,743.312 million by 2027, increasing from US$10,371.506 million in 2020. The transmitter or charging station transmits power, while the receiver receives power and charges the battery. It provides consistent power transfer to ensure that all types of devices, such as industrial gadgets, heavy equipment, smartphones, etc., are charged properly. Consumer confidence is increasing as wireless chargers become more efficient. One of the key reasons driving the wireless charging market during the forecast period is the growing use of wireless technology in consumer electronics and electric automobiles. During the forecast period, the wireless charging market is predicted to develop due to an increase in the sales of electric vehicles (EVs), the continually evolving portable electronics and wearables industry, and the frequent need to gather ambient RF energy. Furthermore, increased usage of the Internet of Things (IoT) and extensive research in far-field wireless charging technologies are projected to provide attractive prospects for market expansion in the future. With the introduction of next-generation smartphones and wearables, there has been a considerable increase in the demand for efficient charging infrastructure across the consumer electronics industry. Charging infrastructure that is easy to use, can safely transfer power to the device, and puts little strain on the charging port, among other things, is in great demand at the moment. Wireless charging is now available on luxury smartphones from companies like LG Electronics Inc, Samsung Electronics Co. Ltd., and Apple Inc.The market's growth is expected to be hampered by high-cost technology due to its integration and slower charging compared to alternative charging technologies. The charging pad is not compatible with devices that do not support Qi wireless charging. For presentation compatibility, different types of wireless chargers are required, such as charging pads and charging boxes. As a result, the user is forced to purchase a number of wireless chargers to install various components which is not cost-effective. Furthermore, another issue that has hampered the growth of the wireless charger industry is safety. Because a considerable amount of energy is dispersed randomly, the concept of wireless charging over a distance adds to the safety concerns.

Key Developments

In November 2020, Ossia Inc. announced the launch of the Cota 2.4 GHz platform, which has been certified by the Federal Communications Commission for usage in commercial, industrial, and residential sectors. In September 2020, Integrated Device Technology announced the release of the P9415-R wireless power receiver, which will use Renesas Electronics Corporation's WattShare technology. OnePlus announced in April 2020 that the OnePlus 8 series would have Warp Charge 30 wireless charging. In October 2019, WiTricity Corporation and Green Power signed a technology transfer and licensing deal. As a result of the agreement, Green Power will be able to use the reference design and new technology designs for WiTricity's wireless electric vehicle charging systems.

By technology, the wireless charging market can be segmented into inductive, resonant, radiofrequency, and others. The inductive wireless charging segment is expected to dominate the wireless charging market during the forecast period.

By end-user industry, the wireless charging market is segmented into consumer electronics, automotive, healthcare, industrial, and aerospace. During the forecast period, consumer electronics are expected to dominate the market owing to the increased demand for smartphones, laptops, tablets, wearable devices, gaming consoles, and more due to the expanding number of internet users. Whereas the healthcare wireless charging segment is predicted to develop at the fastest CAGR. The automotive segment is also expected to grow significantly due to increasing sales of electric vehicles.

Geographically, the wireless charging market can be segmented into five regions: North America, South America, the Middle East, Africa, Europe, and Asia Pacific regions. North America accounted for the largest proportion due to an increase in sales of EVs and the booming electronic sector. Increased improvements in the automotive, consumer electronics, and medical device industries have prompted manufacturers to invest substantially in wireless charging, resulting in the industry’s gaining pace in the region. Due to the presence of rising nations like India and China, the Asia-Pacific is expected to be the fastest-growing market for wireless charging. For consumer electronics, automotive, and healthcare uses, the region is a major raw material manufacturing hub.

Covid-19 Insights

COVID-19 has put enormous pressure on some businesses to expand, despite their restricted ability to do so. Many businesses are resorting to autonomous mobile robots to automate procedures, enable social isolation, and aid in the coronavirus's spread. During the pandemic, consumer electronics and smartphone sales were severely hit, affecting product demand. The drop in manufacturing of mobile phones and chargers as a result of supply chain disruption also had an impact on product demand. Governments have enforced rigorous laws to preserve safe environments in all sectors and businesses. However, certain sectors, for instance, wearables in the healthcare sector were positively impacted due to the pandemic. The supply chain was affected as a result of partial or complete lockdowns in several locations, resulting in major economic losses. The market participants had difficulty obtaining raw materials and delivering finished items. As a result, during the COVID-19 pandemic, the wireless charging industry's growth was affected.Market Segmentation:

By Technology

Inductive
Resonant
Radio Frequency

By End-User Industry

Automotive
Consumer Electronics
Healthcare
Industrial
Aerospace

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Others