Wireless Charging Market Overview:
To power and charge electrical gadgets, wireless charging is a dependable, convenient, and safe method. Furthermore, by eliminating the use of physical connectors and wires, it delivers efficient, cost-effective, and safety advantages over traditional charging systems. It also ensures constant power transfer to ensure that all types of devices (handheld industrial gadgets, smartphones, heavy-duty equipment, and others) are charged and ready to use.
Wireless Charging Market Covid 19 Analysis:
This report's COVID-19 impact projection for the wireless charging market is based on the firms under consideration's quarterly and annual reports. In-depth interviews have validated the market's negative trajectory in 2020. Governments have enforced rigorous laws to preserve safe environments in all manufacturing businesses, therefore the market is projected to rise once the COVID-19 situation has been resolved. Wireless charging is widely used in the consumer electronics and automobile industries at the moment.
The Humavox Company created a new trend of charging devices wirelessly called drop & charge, in which the charge station is defined as a key or box, and the receiver must be pressed on the transmitter by induction charging. Customers benefit from such features because they improve product design, usability, and reliability. Many smartphones and devices have charging issues as a result of their excessive use of the internet, which can be rectified by employing a fast-wireless RF energy base charger. The market for wireless charging is likely to increase dramatically as demand for efficient charging systems rises.
Wireless charging gadget efficiency is being improved:
Wireless charging of consumer electronic items and electric cars is commonly done via inductive charging. Magnetic resonance boosts efficiency by allowing power transmission over longer distances between receiver and transmitter. The power available to charge the device with the wireless transmitter's power determines the efficiency of wireless charging. It's crucial for wireless power since it controls how hot the battery gets and how much power is squandered. The higher the efficiency, the smaller and less expensive the charger must be to produce the same amount of electricity.
Wireless charging gadget adoption is hampered by compatibility difficulties:
Wireless charging is convenient for devices that support the Qi wireless charging standard. The charging pad is incompatible with devices that do not support the Qi wireless charging standard. As a result, accessory companies are selling external wireless charging options for these devices. For various devices, different types of wireless chargers are required, such as charging pads, charging bowls, and charging boxes, presenting the issue of compatibility. As a result, a user is compelled to purchase a huge number of wireless chargers to accommodate various items.
Traditional charging mechanism is preferred by customers:
Wireless charging is more expensive than wired charging, which delivers a faster charging speed. Manufacturers frequently include a wired charger with their products. Wireless charging, while providing mobility and portability, requires Qi-compatible devices, making it inappropriate for many products. Customers are displaying a stronger preference for traditional charging technologies as wireless charging pads become larger and adapters become smaller and more robust. The quick adoption of wireless charging technology is predicted to be hampered as a result of this.
Cumulative Growth Analysis:
Market Research Future (MRFR) predicts the Global Wireless Charging Market size to hit USD 24.05 Billion with a 32.56% CAGR from 2021-2026 (forecast period). The increased acceptance of wireless technology in consumer electronics, the increase in sales of electric vehicles, and the ability to charge numerous devices are all contributing to the growth of the wireless charging market.
Value Chain Analysis:
Smartphones, computers, wearable electronics, and portable devices all use wireless power transfer. The adoption of efficient charging systems for portable electronics and wearable gadgets, which can boost the device's longevity, is expected to drive the electronics wireless charging market to major growth. Furthermore, the Internet of Things (IoT) is gaining traction and is being referred to as the "third wave" of technology.
Wireless Charging Market Segment Overview:
The global Wireless Charging market is divided into different segments by the application. Here the largest market share and sub-segments are given below.
Smartphones, laptops, tablets, MP3 players, wearables, gaming consoles, and personal digital assistants (PDAs) are in great demand, particularly in the Asia Pacific area, due to shifting consumer lifestyle preferences, urbanisation, and an increase in internet users. As a result, wireless charging devices are becoming more common among consumer electronics manufacturers.
In April 2020, for example, OnePlus stated that the OnePlus 8 series would include Warp Charge 30 wireless charging compatibility. The business has created the Warp wireless direct charging architecture, which enables real-time communication between the smartphone and the customised chip and wireless charger. These factors are due to the consumer electronics application having the biggest market share in the wireless charging industry over the anticipated period.
Wireless Charging Market Regional Analysis:
North America (the United States, Canada, and Mexico), Europe (the United Kingdom, Germany, Italy, France, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Taiwan, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) are among the regions where global wireless charging market trends are examined (Latin America, Middle East, and Africa). Because of the expansion of the electronics sector and increased EV sales, North America accounted for the largest proportion. Due to the surge in demand for fuel-efficient and long-lasting charging systems for electronic devices such as power tools and portable gadgets, Europe was the second largest contributor in terms of revenue and is predicted to grow significantly throughout the projection period.
Wireless Charging Market Competitive Landscape:
This report includes a competitive analysis and profiles of major wireless charging market players like Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC. To enhance market penetration and strengthen their position in the wireless charging sector, these main companies have used a variety of strategies including product portfolio expansion, mergers and acquisitions, partnerships, regional expansion, and collaborations.
List of Competitive Companies:
Ossia Inc. will introduce the next-generation Cota 2.4 GHz platform in November 2020, which has been certified by the Federal Communications Commission for use in the industrial, commercial, and residential sectors. Higher transmitter efficiency, improved manufacturability, cost-effective design, lower power consumption, reduced weight, and a slimmer form factor are among the benefits of the upgraded wireless power platform.
|Market Size||USD 24.05 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Components, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Samsung Electronics Co Ltd. (South Korea), Texas Instruments Inc. (U.S.), Integrated Device Technology Inc. (U.S.), NXP Semiconductors (Netherlands), Powermat Technologies Ltd (Israel), WiTricity Corporation (U.S.), PowerbyProxi (New Zealand), Qualcomm Inc. (U.S.), TDK Corporation (Japan), Convenient Power HK Limited (China)|
|Key Market Opportunities||The rise in disposable income and the changing customer preference to spend on high-quality consumer electronic goods built for the niche segment is accelerating market growth.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global wireless charging market is set to record a market value of USD 24.05 billion by 2023.
The global wireless charging market is growing at a whopping 32.56% CAGR over the review period of 2017 to 2023.
High demand for smartphones is propelling the wireless charging market growth.