The market's growth is expected to be hampered by high-cost technology due to its integration and slower charging compared to alternative charging technologies. The charging pad is not compatible with devices that do not support Qi wireless charging. For presentation compatibility, different types of wireless chargers are required, such as charging pads and charging boxes. As a result, the user is forced to purchase a number of wireless chargers to install various components which are not cost-effective. Furthermore, another issue that has hampered the growth of the wireless charger industry is safety. Because a considerable amount of energy is dispersed randomly, the concept of wireless charging over a distance adds to the safety concerns.
In November 2020, Ossia Inc. announced the launch of the Cota 2.4 GHz platform, which has been certified by the Federal Communications Commission for usage in commercial, industrial, and residential sectors. In September 2020, Integrated Device Technology announced the release of the P9415-R wireless power receiver, which will use Renesas Electronics Corporation's WattShare technology. OnePlus announced in April 2020 that the OnePlus 8 series would have Warp Charge 30 wireless charging. In October 2019, WiTricity Corporation and Green Power signed a technology transfer and licensing deal. As a result of the agreement, Green Power will be able to use the reference design and new technology designs for WiTricity's wireless electric vehicle charging systems.
The inductive wireless charging segment is expected to dominate the wireless charging market during the forecast period.
During the forecast period, consumer electronics are expected to dominate the market owing to the increased demand for smartphones, laptops, tablets, wearable devices, gaming consoles, and more due to the expanding number of internet users. Whereas, the healthcare wireless charging segment is predicted to develop at the fastest CAGR. The automotive segment is also expected to grow significantly due to increasing sales of electric vehicles.
North America accounted for the largest proportion due to an increase in sales of EVs and the booming electronic sector. Increased improvements in the automotive, consumer electronics, and medical device industries have prompted manufacturers to invest substantially in wireless charging, resulting in the industry’s gaining pace in the region. Due to the presence of rising nations like as India and China, the Asia-Pacific is expected to be the fastest-growing market for wireless charging. For consumer electronics, automotive, and healthcare uses, the region is a major raw material manufacturing hub.
COVID-19 has put enormous pressure on some businesses to expand, despite their restricted ability to do so. Many businesses are resorting to autonomous mobile robots to automate procedures, enable social isolation, and aid in the coronavirus's spread. During the pandemic, consumer electronics and smartphone sales were severely hit, affecting product demand. The drop in manufacturing of mobile phones and chargers as a result of supply chain disruption also had an impact on product demand. Governments have enforced rigorous laws to preserve safe environments in all sectors and businesses. However, certain sectors, for instance, wearables in the healthcare sector were positively impacted due to the pandemic. The supply chain was affected as a result of partial or complete lockdowns in several locations, resulting in major economic losses. The market participants had difficulty obtaining raw materials and delivering finished items. As a result, during the COVID-19 pandemic, wireless charging industry growth was affected.
Key Developments
In November 2020, Ossia Inc. announced the launch of the Cota 2.4 GHz platform, which has been certified by the Federal Communications Commission for usage in commercial, industrial, and residential sectors. In September 2020, Integrated Device Technology announced the release of the P9415-R wireless power receiver, which will use Renesas Electronics Corporation's WattShare technology. OnePlus announced in April 2020 that the OnePlus 8 series would have Warp Charge 30 wireless charging. In October 2019, WiTricity Corporation and Green Power signed a technology transfer and licensing deal. As a result of the agreement, Green Power will be able to use the reference design and new technology designs for WiTricity's wireless electric vehicle charging systems.
By technology, the wireless charging market can be segmented into inductive, resonant, radiofrequency, and others.
The inductive wireless charging segment is expected to dominate the wireless charging market during the forecast period.
By end-user industry, the wireless charging market is segmented into consumer electronics, automotives, healthcare, industrial, and aerospace.
During the forecast period, consumer electronics are expected to dominate the market owing to the increased demand for smartphones, laptops, tablets, wearable devices, gaming consoles, and more due to the expanding number of internet users. Whereas, the healthcare wireless charging segment is predicted to develop at the fastest CAGR. The automotive segment is also expected to grow significantly due to increasing sales of electric vehicles.
Geographically, the wireless charging market can be segmented into five regions: North America, South America, the Middle East, Africa, Europe, and Asia Pacific regions.
North America accounted for the largest proportion due to an increase in sales of EVs and the booming electronic sector. Increased improvements in the automotive, consumer electronics, and medical device industries have prompted manufacturers to invest substantially in wireless charging, resulting in the industry’s gaining pace in the region. Due to the presence of rising nations like as India and China, the Asia-Pacific is expected to be the fastest-growing market for wireless charging. For consumer electronics, automotive, and healthcare uses, the region is a major raw material manufacturing hub.
Covid-19 Insights
COVID-19 has put enormous pressure on some businesses to expand, despite their restricted ability to do so. Many businesses are resorting to autonomous mobile robots to automate procedures, enable social isolation, and aid in the coronavirus's spread. During the pandemic, consumer electronics and smartphone sales were severely hit, affecting product demand. The drop in manufacturing of mobile phones and chargers as a result of supply chain disruption also had an impact on product demand. Governments have enforced rigorous laws to preserve safe environments in all sectors and businesses. However, certain sectors, for instance, wearables in the healthcare sector were positively impacted due to the pandemic. The supply chain was affected as a result of partial or complete lockdowns in several locations, resulting in major economic losses. The market participants had difficulty obtaining raw materials and delivering finished items. As a result, during the COVID-19 pandemic, wireless charging industry growth was affected.
Market Segmentation:
By Technology
- Inductive
- Resonant
- Radio Frequency
- Others
By End-User Industry
- Automotive
- Consumer Electronics
- Healthcare
- Industrial
- Aerospace
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Indonesia
- Thailand
- Others
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. WIRELESS CHARGING MARKET, BY TECHNOLOGY
6. WIRELESS CHARGING MARKET, BY END-USER INDUSTRY
7. WIRELESS CHARGING MARKET, BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
- Samsung Electronics Co. Ltd.
- Qualcomm Incorporated
- Texas Instruments
- Renesas Electronics Corporation (Integrated Device Technology Inc.)
- Powermat Technologies Ltd.
- WiTricity Corporation
- Energizer Holdings Inc.
- Murata Manufacturing Co. Ltd.
- Sony Corporation
- Ossia Inc.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 103 |
| Published | April 2022 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value ( USD | $ 10371.51 million |
| Forecasted Market Value ( USD | $ 50743.31 million |
| Compound Annual Growth Rate | 25.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
