In 2023, the global wireless charging market is expected to be worth US$ 16,954.6 million. Overall wireless charging sales are expected to grow at a 24.4% CAGR, with a market capitalization of US$ 150,889.5 million by the end of 2033.
One of the most talked-about new developments in the field of wireless energy transmission is the widespread adoption of wireless charging. The need for wireless charging systems has grown alongside the popularity of wireless mobile devices. A wireless charging system consists of a charging pad, power supply, and battery receiver.
It has several advantages over more conventional charging systems, including being convenient, safe, cost-effective, efficient, and reliable for powering and charging electrical devices. Wires, connectors, and cables are unnecessary no longer. As a result, wireless charging systems will gain popularity due to their many advantages.
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Due to their superior performance and low fuel consumption, electric vehicles (EVs) have become increasingly popular in recent years. As a bonus, governments all over the world are actively encouraging citizens to switch to electric vehicles. The proliferation of EVs should propel development of wireless charging technology.
The proliferation of wireless technology in consumer electronics is fueling the expansion of the wireless charging market. The multi-device charging capabilities of wireless charging systems are expected to be a major factor in the industry’s expansion.
In addition, governments worldwide have enacted stringent rules and policies to guarantee a risk-free workplace for all manufacturing employees. Companies involved in the wireless charging ecosystem will profit from the government’s supportive policies.
Many smartphones and other portable devices have charging problems due to the widespread use of the internet. A fast wireless radio frequency energy-based charger can alleviate this issue.
Therefore, during the predicted time, the expansion of the wireless charging market is anticipated to be driven by the aggregate demand for efficient charging systems for mobile and portable devices. In addition, there has been a rise in interest in the “internet of things” in recent years.
Similar to how smartphones, tablets, laptops, digital cameras, wearables, and other electronic devices need a wireless charging system, IoT infrastructure products that are portable need one as well. Since there are more and more devices becoming connected to the internet, this bodes well for the expansion of the wireless charging market.
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Key Takeaways
- As more and more smartphones, wearables, and other devices adopt wireless charging technology, the global wireless charging market is projected to expand at a rapid rate.
- Demand for wireless charging infrastructure, especially in public places like airports and cafes, is also driving the market.
- The wireless power market is expected to expand as a result of technological developments in wireless charging, such as resonant wireless charging and bi-directional charging.
- There is a lot of competition in the wireless power market due to the large number of suppliers and service providers.
- The proliferation of smartphones and EVs in the region points to Asia-Pacific as a promising growth area for the wireless charging market.
- Rising interest in wireless charging solutions from the healthcare and hospitality sectors is also propelling the wireless power market forward.
- The market is hampered by incompatibilities, high prices, and slow charging times compared to wired alternatives.
Competitive Landscape
The major players in the wireless power market are increasing their market share through a variety of business growth strategies. These include the introduction of new products, the expansion of existing product lines, and the signing of agreements.
Several major players in the wireless power market are devoting significant resources to R&D, with a primary focus on expanding the effective range of power transmission. There is a wide variety of companies, both new and old, competing in the global wireless charging market. In terms of product quality, price, and features, the market appears to be highly competitive.
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Recent Developments
To popularise NFC wireless charging in computing and consumer devices, on July 2022, Pathronic AG, a semiconductor company specialising in wireless charging technology, partnered with Luxshare-ICT, a china based design manufacturer (ODM) company specialising in connector and interface technologies.
Xiaomi Inc., a company that designs and manufactures consumer electronics, released its MI Air charge Technology in January 2021.
Key Segments
By Technology:
- Inductive
- Radio Frequency
- Resonant
- Others
By Industry Vertical:
- Electronics
- Industrial
- Aerospace & Defense
- Automotive
- Healthcare
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APECJ
- China
- Japan
- Middle East and Africa (MEA)
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