Global Wireless Charging Market Size, Share, and COVID-19 Impact Analysis, By Technology (Radio Frequency, Inductive, Resonant), By Vertical (Healthcare, Aerospace & Defense, Industrial, Automotive, Consumer Electronics), and by Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The wireless charging market was valued at US$ 4.5 Bn in 2021 and is projected to reach US$ 17.4 Bn by 2030, at a CAGR of 24.6%. Wireless charging is becoming one of the most popular new technologies for transmitting energy from a source to a power-consuming item. The need for wireless charging systems has increased as the number of wireless portable devices has grown. A charging station, an energy source, and a receiver that receives the energy and charges the battery are all included in these wireless charging systems. Wireless battery charging is becoming more popular in these gadgets, as it eliminates the need for exposed connectors or cords in the wearable. Wearable gadget producers may now develop totally sealed, waterproof, and compact devices thanks to the inclusion of wireless charging technologies.

COVID-19 ANALYSIS

The global wireless charging market is negatively impacted with the outbreak of COVID-19. The COVID-19 crisis is affecting industries all around the world, and the global economy is expected to be hit the most in 2020 and 2021. Governments have implemented rigorous laws to preserve safe environments in all manufacturing businesses, thus 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.

TREND

Increasing Rate of Adoption of Wireless Charging Across Different Verticals

The key driving factor for this market is the increasing adoption of wireless charging in different industries are likely to propel the growth of the global wireless charging market. One of the most significant factor of internet technology is data management. Internet-connected gadgets amass massive amounts of data and information that must be processed. Most electronic devices, such as smartphones, laptops, wearable electronics, and portable devices, require wireless power transfer. The development of efficient charging systems for portable electronics and wearable gadgets, which can boost device longevity, is expected to propel the electronics wireless charging market to major growth. In addition, the Internet of Things (IoT) is gaining traction and is being referred to be the third wave of technology. Furthermore, wireless charging is a must-have feature for IoT-enabled portable electronics such as cellphones, digital cameras and camcorders, laptops and tablets, wearable electronics, and home electronics. As a result, the growing popularity of the IoT market is likely to generate opportunities for market expansion.

DRIVERS

Surging Urbanization and Industrialization Around the World

The demand for digitization and infrastructure advancement, such as smart lighting, wireless charging streets for electric vehicles, and bullet trains, has exploded. This has boosted the use of wireless power transmission technology, enabling wireless power transmission technology vendors and framework makers all over the world to build effective products and arrangements. The sector is being catalyzed by advances in digitization and the use of smart lighting, wireless charging streets for electric vehicles, and bullet trains. Operational proficiency and the reduction of electric misfortune are two of the unique features of wireless power transfer that are aiding its adoption.

Introduction of Electric Vehicles Favoring the Market Growth

The rising adoption of electric vehicles are propelling the global wireless charging market. For improved production activities, efficient information exchange between different units in industries is critical. With the use of IoT and IP networks, it allows manufacturers to better comprehend the process of converting raw materials into completed commodities. The wireless charging market is expected to grow throughout the forecast period, thanks to rising sales of electric vehicles (EVs), the rapidly developing portable electronics and wearables industry, and the frequent need to gather ambient RF energy.

RESTRAINT

Lack of Infrastructure Hampering the Wireless Charging Market

The limited awareness regarding wireless charging verticals and high cost of agricultural equipment are likely to hamper the growth of the global wireless charging market. However, the market's growth is expected to be hampered by high-cost technology for its integration and slower charging compared to alternative charging technologies.

SEGMENTATION

The global wireless charging market is segmented by Technology (Radio Frequency, Inductive, Resonant), by Vertical (Healthcare, Aerospace & Defense, Industrial, Automotive & Consumer Electronics) and region. Based on the technology, the market is categorized into radio frequency, inductive, resonant. Based on vertical, the market is categorized into healthcare, aerospace & defense, industrial, automotive & consumer electronics. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

By Technology

Based on the technology segment, the global wireless charging market is categorized into radio frequency, inductive and resonant. The resonant segment accounted largest market share in 2020 due to the enablement to power numerous devices from a single charger. The most adaptable wireless charging technology, and used to charge electric cars, laptops, desktops, and vacuum cleaners. Infineon, Energizer, and WiTricity are among the companies that provide magnetic resonance technology. The China Electricity Council announced a set of national guidelines for wireless charging electric vehicles in May 2020, which are based on WiTricity's magnetic resonance charging technology, which was created and patented.

By Vertical

Based on the vertical segment, the global wireless charging market is categorized into healthcare, aerospace & defense, industrial, automotive & consumer electronics. The consumer electronics segment accounted largest market share in 2020 due to the increasing penetration of smartphones among millennials and thus increasing usage of high speed internet.

REGIONAL INSIGHTS

The global wireless charging market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America is expected to dominate the market share of global wireless charging market owing to the wireless charging solutions for industrial applications are becoming more popular, which is propelling the industry forward. Increased use of smartphones and other portable devices will most certainly have a negative influence on market growth in North America. Market growth will be fueled by the rapidly expanding popularity of internet of things-based applications in North American countries. The wireless charging industry in North America is growing due to increased customer knowledge of wireless power technologies. However, Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period. Rising population in nations such as China, India, Indonesia, Japan, the Philippines, and Vietnam, as well as rising demand for improved yields. Significant investments in wireless charging are being made in the aforementioned nations.

LIST OF KEY COMPANIES PROFILED:

• Elix Wireless
• Energizer Holdings Inc
• Energizer Holdings, Inc
• Evatran Group
• Fulton Innovation LLC
• Integrated Device Technology Inc
• Leggett & Platt
• Momentum Wireless Power
• Murata Manufacturing Co. Ltd
• Ossia Inc
• Powercast Corp
• Powermat Technologies Ltd
• Qualcomm Incorporated
• Samsung Electronics Co. Ltd
• Sony
• Texas Instruments
• WiTricity Corporation
• Zens

SEGMENTATION

By Technology

• Radio Frequency
• Inductive
• Resonant

By Vertical

• Healthcare
• Aerospace & Defense
• Industrial
• Automotive
• Consumer Electronics

By Region

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