The global wireless charging market is forecast to grow at a compound annual growth rate (CAGR) of more than 23% during the forecast period from 2021-2030.
A wireless charger transmits energy wirelessly from a power source to a device without the need for wires or cables. These devices consist of a charging station (or transmitter) that transmits energy and a receiver (built into the gadget) that receives energy and charges batteries.
The wireless charging technology is safe, convenient, and reliable. A physical cable or connector is no longer needed, thus providing efficiencies, cost-effectiveness, and safety advantages over conventional charging systems. Additionally, it transfers power continuously to ensure all devices have been charged and are ready for use.
Factors Affecting
Due to excessive internet usage, many smartphones and devices have a problem charging, an issue that resolves by using a fast-wireless base charger. Wireless charging will grow significantly in the coming years as more people demand efficient charging systems.
Electronics wireless charging is forecast to grow significantly due to the increasing adoption of efficient charging systems for portable electronics and wearable devices, which increase the durability of the devices.
The Internet of Things (IoT) is gaining popularity and considering the third wave of technology. The support of wireless charging is also a prime requirement of devices targeted by the Internet of Things - such as smartphones, digital cameras and camcorders, laptops and tablets, wearables, and household electronics. Therefore, the growing popularity of the IoT market will create opportunities for market growth.
The growth of the wireless charging market during the forecast period is likely to be driven by an increase in sales of electric vehicles (EVs), an evolving portable electronics and wearables market, and the need to harvest ambient RF energy frequently.
Due to the high cost of the integration technology and the slower charging speeds relative to other charging technologies, the market is forecast to grow slowly.
There will be lucrative opportunities for market growth in the future due to increased research into wireless charging technologies and increased adoption of the Internet of Things (IoT).
Impact Analysis of COVID-19
Globally, the COVID-19 pandemic has wreaked havoc on all aspects of society. In various regions, partial or complete lockdowns led to significant economic losses, and wireless charging was no exception. During the interruption in the supply chain, market players had difficulty procuring raw materials and delivering finished goods. The COVID-19 pandemic consequently slowed down the wireless charging market growth during the pandemic.
Regional Analysis
During the base year, North America had the largest revenue share due to the expansion of the electronics market and the increase in electronic device sales in the region. Europe is the second-largest revenue contributor, which is forecast to grow significantly over the forecast period due to increased demand for fuel-efficient and long-charging systems for electronic devices, such as portable devices and power tools.
Leading Competitors
The leading prominent competitors in the global wireless charging market are:
Scope of the Report
The global wireless charging market segmentation focuses on Technology, Application, Implementation, Industry Vertical, and Region.
Segmentation based on Technology
Segmentation based on Industry Vertical
Segmentation based on Implementation
Segmentation based on Region
