The ‘Global Wireless Charging Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global wireless charging market, assessing the market on the basis of its segments like technology, transmission range, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Wireless Charging Market Size, Share, Price, Trends, Industry Report, Key Players, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 13.2%
|Market Size in 2020||USD 9.62 billion|
|Revenue Forecast in 2026||USD 20.2 billion|
|Growth Rate CAGR||13.2%|
|Major Players||Leggett & Platt, Incorporated, Energizer, Powermat, WiTricity Corporation, Samsung,|
Renesas Electronics Corporation and among others.
The global wireless charging market is expected to register growth during the forecast period on account of rapid growth in popularity of portable and wearable electronics. The increasing popularity of wireless charging is likely to enhance market growth as wireless charging is employed to convert energy wirelessly from a source to a power-consuming device.
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The rising production of wireless portable devices is driving the demand for wireless charging systems. The increasing awareness regarding the advantages of wireless charging is expected to fuel the wireless charging market demand over the coming year. This is because it is a safe, convenient, efficient, reliable, and cost-effective technology and it easily charges electrical devices. These wireless chargers reduce the usage of connectors, cables, and physical wires.
The adoption of electric vehicles (EVs) is likely to increase owing to performance benefits and low fuel consumption which is likely to support the market growth of wireless charging across the globe. Going further, the growing support by various governments for the adoption of electric vehicles is further boosting the popularity of electric vehicles, further supporting the market growth of wireless charging.
Wireless Charging Industry Definition and Major Segments
Wireless charging or wireless power transfer is a process that involves the transfer of power from a source of power to a device through the principle of electromagnetic induction. Such wireless chargers include an energy source, a receiver that receives the energy along with charging the battery, and a charging station. It typically includes a power transmitting pad as well as a receiver.
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Based on technology, the market is classified into:
- Inductive Charging
- Resonant Charging
- Radio Frequency Based Charging
By transmission range, the market is segmented into:
- Short Range
- Middle Range
- Long Range
On the basis of application, the market is classified into:
- Consumer Electronics
Based on region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Wireless Charging Market Trends
With the surging awareness and adoption of wireless technology in consumer electronics as well as the feature of wireless charging systems to charge multiple devices, the wireless charging market demand is likely to grow across the globe. Several technological advancements along with developments in the battery life of electronic gadgets are likely to offer new growth opportunities to the market in the coming years.
Geographically, the North America region is likely to gain momentum in the wireless charging market share over the coming years on account of rapid technological developments. The presence of key market players such as Leggett & Platt, Energizer, and WiTricity Corporation, among others, are further expected to push forward the market growth over the upcoming years in the region. The growing adoption of wireless charging systems for industrial usage is also likely to aid the market growth in North America.
Meanwhile, the Asia Pacific is expected to gain momentum in the market growth of wireless charging on account of the increasing population and growing urbanisation along with the rising consumer electronics industry in the region. The surging rate of digitalisation along with the introduction of more wireless devices employed for daily basis in commercial, industrial, and residential sectors are expected to increase the market growth over the coming years.
Key Market Players
The major players in the global wireless charging market report are Leggett & Platt, Incorporated, Energizer, Powermat, WiTricity Corporation, Samsung, and Renesas Electronics Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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