The Global Wireless Charging Market size reached USD 3.52 Billion in 2020 and is expected to register a significantly robust CAGR of 23.8%, during the
The Global Wireless Charging Market size reached USD 3.52 Billion in 2020 and is expected to register a significantly robust CAGR of 23.8%, during the forecast period, according to latest analysis by Emergen Research. Global wireless charging market growth is primarily driven by growing demand for wireless charging technologies and devices, and demand is especially high in the healthcare industry. Growing demand for electric vehicles is further expected to boost growth of the global wireless charging market growth over the forecast period.
Demand for electric cars is growing at a rapid pace due to advantages such as reduced maintenance and cost-effective functionality. Electric vehicles (EVs) are powered by battery packs, which are charged with electricity. Over the years, car manufacturers have initiated utilizing wireless charging because the technology is novel and convenient to use. EVs currently require to be charged using physical cable and charging port or pad attached to an electric source. Wireless charging offers advanced functionality since there is no requirement for plug-in charging wires. Increasing tendency among end-users to minimize wire-related recharging technologies of different devices is expected to propel global wireless charging market growth in the near future.
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However, high costs of production as compared to standard wired charger technologies and devices is expected to restrain growth of the global wireless charging market to a certain extent during the forecast period.
The key companies studied in the report are:
Texas Instruments Inc., Samsung Electronics Co., Ltd., Qualcomm Incorporated, WiTricity Corporation, NXP Semiconductors N.V, Powermat Technologies Ltd, TDK Corporation, Energous Corporation, Ossia Inc., and ZenS B.V.
Some Key Highlights in the Report
- Inductive segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing application of inductive technology for smartphones, smartwatches, laptops, and Qi wireless charging protocol is expected to boost growth of this segment.
- In terms of revenue, the consumer electronics segment is expected to lead due to rising adoption of wireless chargers for consumer electronic products.
- Increasing developments in the automobile industry and rising demand for wireless charging for consumer electronics and medical equipment is prompting manufacturers to investment into wireless charging technologies in countries in North America, which is expected to further support growth of the market in the region over the forecast period.
- In October 2019, WiTricity Corporation entered into a technology transition and license deal with Green Power. The partnership allows Green Power to exploit the reference model and emerging technology development for WiTricity’s wireless electric vehicle charging solutions.
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Emergen Research has segmented the global wireless charging market on the basis of technology, end-use, and region:
Technology Outlook (Revenue, USD Billion; 2021–2028)
- Radio Frequency
End-use Outlook (Revenue, USD Billion; 2021–2028)
- Consumer Electronics
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Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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The report addresses the following key points:
- The report estimates the expected market size from 2020-2027
- The report provides a forecast of market drivers, restraints, and future opportunities for the Wireless Charging market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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