Wireless Charging Market is projected to be worth USD 63.82 billion by 2033 and is anticipated to surge at a CAGR of 24.82%.
Wireless charging refers to the transmission of energy from a power source to a consuming device without the usage of wires or connectors. A charging station (or transmitter) broadcasts the energy, which is received and charged by a receiver (installed into a device). Wireless charging is a reliable, convenient, and secure method of powering and charging electrical equipment. Furthermore, because physical connectors and cables are not used, it exceeds typical charging solutions in terms of efficiency, cost-effectiveness, and safety. Furthermore, it ensures that all devices (handheld industrial gadgets, cellphones, heavy-duty equipment, and others) are charged and ready for use.
Global Wireless Charging Market Driving Factors and Challenges
The consumer electronics industry is experiencing an increase in demand for high-speed wireless and simultaneous multi-device charging stations. These wireless multi-device chargers can charge smartphones, laptops, smartwatches, and other electronic devices at the same time without causing any technical issues like overheating. These chargers have an advanced temperature management system. Because there is no connection, these Qi-based multi-device chargers are faster, more convenient, and easier to carry than wired chargers. In addition, to meet the massive demand for wireless simultaneous charging stations, several market players are working on developing and marketing new Qi-based chargers. This contributes to the expansion of key market participants' footprints.
Cordless chargers for consumer electronics like smartphones and laptops are 50% more expensive than typical wired charges. The high cost of cordless charging reduces consumer goods makers' profit margins, including Xiaomi, Samsung, Apple, and others. The cost of an electric vehicle charging station rises due to cordless charging. A wireless and cordless charger's transmitter, rectifier, inductive plate, and receiver are more expensive than prior technologies. The high cost of cordless charger internal components increases the overall cost and, as a result, raises the product's final price.
Impact of COVID-19 on Global Wireless Charging Market
The global increase in COVID-19 cases has had a substantial impact on the electrical and semiconductor sectors. The ever-changing semiconductor industry, as well as changes in customer purchasing habits, spurred global market expansion. Demand for wired and cordless charging solutions is expected to rise throughout the forecast period due to rising demand for next-generation charging solutions. As work-from-home laws were introduced, several government organizations around the world enacted nationwide lockdowns, affecting a range of commercial sectors. This, in turn, reduced the use of electric or non-electric vehicles, further reducing the number of cars in electric charging stations. These factors had a marginally negative impact on the wireless electric charging station industry.
Wireless Charging Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Samsung Electronics Co. Ltd., Qualcomm Incorporated, Integrated Device Technology Inc., Texas, WiTricity Corporation, Energizer Holdings Inc., Instruments, Powermat Technologies Ltd., Murata Manufacturing Co. Ltd., Sony Corporation, Ossia Inc.
Global Wireless Charging Market Segmentation:
By Application: Based on the Application, Global Wireless Charging Market is segmented as; Commercial Charging Station, Home Charging Unit.
By Technology: Based on the Technology, Global Wireless Charging Market is segmented as; Inductive, Resonant, Radio Frequency, Others.
By Industry Vertical: Based on the Industry Vertical, Global Wireless Charging Market is segmented as; Consumer Electronics, Automotive, Industrial, Healthcare, Aerospace & Defence,
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.