Wireless Charging Market - Global Industry Analysis

Market Overview

The Global Wireless Charging Market accounted for more than USD 5.79 Billion in 2020 and is expected to reach more than USD 25.47 Billion by 2028, growing at a CAGR of more than 21.9% from 2021 to 2028.

Wireless Charging is a method of charging electronic or battery-powered devices or equipment without connected it physically with cables. It works on the concept of power transfer through inductive effect or through magnetic resonance, which enables transfer of electric current between objects by use of coils to induce electromagnetic field. Wireless Charging has a number of benefits such as ease of handling and mobility, flexibility, offers safe, easy and reliable way to charge devices and provides protection from electric shocks and these factors are responsible to contribute to the growth of market.

COVID-19 Impact Analysis

The Covid-19 pandemic has been responsible to affect almost all the sectors across the globe. The electric vehicles chargers are one of the drivers driving the Wireless Charging Market but during the pandemic the major manufacturers of EV chargers were at a halt in their operations which has hindered the market growth. There has been a delay in the supply of raw material and to supply of the final products. However, with the upliftment of the restrictions the market is expected to grow and regain its position after the Covid-19, as government has implemented regulation to maintain safe environment in production and manufacturing industries. 

Growth Factors

Rising demand for smartphones and wireless computing devices are one of the major factors driving the market growth. Wireless computing devices includes smart devices such as PC’s, smartphones, gaming consoles, portables, e-readers, tablets and other devices. Rising demand for smartphones and an increasing consumer spending capacity have given a boost to the market. Moreover, the increasing demand for electric vehicles is additionally supporting the growth of the market and is expected to increase the demand for wireless charging.

The increasing demand for electric vehicles is propelling the market growth as with pollution being prime cause for various air pollution diseases has been driving the market growth since the demand for electric vehicles has seen a surge. Furthermore, the benefits offered by wireless charging such as ease of handling and mobility, flexibility, offers safe, easy and reliable way to charge devices and provides protection from electric shocks is expected to increase the market growth in the forecast period.

Report Scope :

Technology Segment Analysis Preview

Radio Frequency segment held a share of more than 36.32% in 2020. The segment of radio frequency is expected to witness rapid growth and is escalating at a margin to capture the market over the forecast period. The technology being used in the radio frequency is the utilization of radio waves to transmit energy from a wireless charger to a receiver device which is converted into electricity and charge the device. However, the resonant technology is its capability to charge multiple devices simultaneously.

Application Segment Analysis Preview

Consumer Electronics segment will grow at a CAGR of more than 16.23% from 2021 to 2028. This is attributable to rapidly increasing manufacturing of consumer electronics demand. Wireless charger producers have prime target on maximum consumer electronic devices such as laptops, smartphones which needs frequent charging and this is expected to drive the market growth in the forecast period. Consumer electronics segment has seen a precedent growth with the rising demand of customers, increased spending power on electronic devices and surge in the technological advancements in electronic devices.   

Regional Analysis Preview

The Asia Pacific region held a share of more than 18.67% in 2020. This is attributable to the rise in demand of consumers electronics, electric vehicles and wearables with the increased spending ability of customers and customers preference to spend on goods that provide them with high quality and high durability. The region is being supplemented with customer getting more inclined towards the spending on quality consumer electronic products designed for the segment. Moreover, there is an adoption of powering mats and charging hotspots at major food chains which is enabling to have a positive impact on the demand in the market. The region is expected to growth in the near future with the significant rise in demand for smart devices such as tablets, mobiles, smart watches and others.

The North American region is projected to grow at a CAGR of more than 19.62% over the forecast period. The region along with Europe is predicted to show significant revenue share in the market across the globe. The surge in the use of electric vehicles so as to minimize the emissions from vehicles is attributable to the growth of market in this region. European region at the forefront is also expected to show steady growth in the Global Wireless Charging Market in the forecast period.

Key Market Players & Competitive Landscape

Some of key players in Wireless Charging market are WiTricity Corporation, Convenient Power HK Ltd., Integrated Device Technology, Inc., Texas Instruments Inc., Oregon Scientific, Energizer Holdings Inc., Duracell Powermat, Qualcomm and Murata Manufacturing Co. Ltd.

The Global Wireless Charging Market is segmented as follows:

By Implementation

• Transmitters
• Receivers

By Technology

• Resonant
• Inductive
• Radio Frequency
• Others

By Application

• Consumer Electronics
• Healthcare
• Automotive
• Industrial
• Defense
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa