Global Wireless Charging market was valued at US$ 5.8 Bn in 2022, and is projected to reach US$ 30 Bn by 2030, exhibiting a CAGR of 22.9% over the forecast period (2022-2030). According to Global Wireless Charging Market Report, " By component (Transmitters and Receivers), by Technology (Inductive Technology, Resonance Charging , Radio Frequency Technology And Others), by Application (Consumer Electronics, Automotive, Healthcare and Industrial), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East& Africa).
Wireless charging represents an advanced and user-friendly method of charging devices and electric vehicles, eliminating the need for cumbersome cables or physical connectors. As the demand for device charging becomes integral to business operations, wireless charging has emerged as a significant trend. Leading global mobile manufacturers, including LG, Samsung, HTC, and Nokia, are actively embracing wireless charging technology by integrating it into their latest smartphone models. This growing adoption by prominent mobile brands further reinforces the relevance and importance of wireless charging in the consumer electronics market. The convenience and sophistication offered by wireless charging have made it a sought-after feature among consumers, driving its integration into a wide range of electronic devices and signaling a shift towards a more cable-free charging future.
Global Wireless Charging Market- Drivers
Increasing demand for consumer electronics to bolster market growth
The increasing demand for consumer electronics presents a significant opportunity for the wireless charging market as more users seek efficient and convenient charging solutions for their devices. The rising adoption of smartphones, laptops, smart watches, and other portable gadgets is driving the need for seamless and cable-free charging experiences. Wireless charging technology aligns well with the modern lifestyle, providing added convenience and flexibility to users. However, the market also faces challenges in meeting the escalating demand for wireless charging solutions. Manufacturers must scale up production capacities and ensure a steady supply of high-quality wireless chargers to keep pace with the growing demand. Moreover, the need to maintain competitive pricing while delivering reliable and efficient charging products is crucial to capitalize on the market's potential and gain a competitive edge. By addressing these challenges effectively, the wireless charging market can capitalize on the increasing demand for consumer electronics and achieve robust growth.
Global Wireless Charging Market- Restraints
High cost of wireless charging technology a concern among consumers
The higher cost of wireless charging technology poses a significant restraint in the market adoption. Implementing wireless charging solutions can involve additional expenses due to the need for specialized components and infrastructure. Wireless charging pads and receivers are more expensive to manufacture and integrate into devices compared to traditional wired chargers and cables. Additionally, setting up wireless charging infrastructure, such as charging stations in public spaces or workplaces, requires investment and installation costs. These higher costs may deter price-sensitive consumers and businesses from adopting wireless charging solutions, especially when wired charging options are more readily available and cost-effective. Moreover, the lack of universal compatibility among different wireless charging standards and devices can add complexity and further increase expenses for consumers who need to purchase specific chargers for their devices. As the market evolves and technology advances, efforts to reduce the cost of wireless charging components and streamline infrastructure deployment will be essential to drive wider adoption and overcome this restraint.
Global Wireless Charging Market- Key Developments
On March 23, 2023, ABT e-Line, a player in the aftermarket automotive solutions industry, teamed up with WiTricity, a provider of wireless electric vehicle charging, to introduce wireless EV charging solutions in Europe. Leveraging their expertise, ABT e-Line and WiTricity intend to offer aftermarket wireless charging for electric vehicles in the region. The first model to receive this upgrade will be the VW ID.4, with wireless charging support from WiTricity expected to be available for this vehicle by early 2024. Following the successful implementation on the VW ID.4, the companies plan to extend their wireless charging solutions to other electric vehicle models in the market. This collaboration aims to enhance the convenience and accessibility of EV charging in Europe and contribute to the broader adoption of electric mobility in the region.
On March 24, 2023, Electreon, an Israeli wireless charging development firm, has partnered with Toyota Motor Corporation and Denso Corporation to collaborate on an innovative wireless vehicle kit (vehicle receiver) using Electreon's existing technology and expertise. The collaboration follows a thorough technology evaluation conducted at Electreon's headquarters in Beit Yanai, Israel, with technical teams from Toyota and Denso actively involved. The evaluation concluded with a successful demonstration of the RAV4-PHEV charging on the wireless road. The joint efforts aim to advance wireless charging solutions for vehicles, leveraging Electreon's proven technology and the automotive expertise of Toyota and Denso. This partnership reflects the commitment of all parties to drive innovation in the field of wireless charging for electric vehicles, with the potential to enhance convenience and accessibility for electric mobility.
Global Wireless Charging Market- Impact of COVID-19
The COVID-19 pandemic had a severe effect on businesses across the globe. The COVID-19 pandemic had a mixed impact on the wireless charging market. On one hand, the surge in remote working and virtual communication increased the usage of electronic devices, driving demand for wireless charging solutions. However, disrupted supply chains and economic uncertainties slowed down wireless charging product demand. As the world adapts post-pandemic, the market is expected to recover, driven by the growing prevalence of wireless-enabled devices and the demand for contactless charging solutions. Innovation and product development will be key focuses for market players to cater to consumers' evolving needs in the new normal.
On February 15, 2023, HEVO Inc., a company specializing in wireless electric vehicle (EV) charging technology, and Stellantis N.V., a global automaker and mobility provider, have joined forces to incorporate wireless charging into Stellantis EVs. This collaboration aims to deliver a superior charging experience for Stellantis electric vehicles while ensuring utmost safety, efficiency, and durability. The partnership seeks to integrate HEVO's advanced wireless charging technology seamlessly into Stellantis EV models, providing users with the convenience of wire-free charging without compromising on essential performance and reliability aspects. By leveraging HEVO's expertise in wireless charging and Stellantis' position as a leading player in the automotive industry, this venture is set to drive innovation and enhance the overall EV charging ecosystem for Stellantis customers.
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Key Trends and Analysis of the Global Wireless Charging market:
- Consumer electronics segment held a dominant position in 2022 and is projected to retain its dominance throughout the forecast period. Rising sales demand for consumer electronics worldwide is expected to boost market growth.
- Asia Pacific held a dominant position in the global Wireless Charging market in 2022 and is expected to maintain its dominance during the forecast period, owing to increasing adoption of electronic devices.
- North America Wireless Charging market is projected to exhibit the highest CAGR during 2022–2030, wing to the presence of a strong infrastructure and high demand for consumer electronics.
- Europe, Middle East, and Africa are also expected to show significant growth during the forecast period.
- Some of the major players in the global Wireless Charging market are Energizer Holding, Inc., PowerbyProxi, Pathronic AG, Qualcomm Technologies, Inc., ConvenientPower HK Limited, Powermat Technologies, WiTricity Corporation, Xiaomi Inc., Integrated Device Technology Inc., Leggett and Platt Inc., and Texas Instruments Inc.
