The trend of wireless charging has become extremely popular among the population since it ensures convenience, portability, and fast charging. According to the latest report published by MarkNtel Advisors, the Global Wireless Charging Market is anticipated to grow at a CAGR of around 24.4% during the forecast period, i.e., 2023-28. The mounting adoption of wireless technology in consumer electronics is one of the major reasons pushing the overall market growth in an upward trajectory. The increasing population is inclined toward adopting wireless chargers given the features that they offer such as less charging time, the freedom to position & place the device, etc. Moreover, the integration of IoT-based applications has further propelled its demand.
The study further states that the increasing adoption of wireless chargers for EVs has given a significant boost to the market. Additionally, the advent of multi-device chargers for effective and parallel charging of more than one electronic device is also contributing in enhancing the Global Wireless Charging Market size.
Market Players Dominating the Global Wireless Charging Market
Some of the major companies standing strong in the Global Wireless Charging Market include Samsung, Energous Corporation, Powermat, Powercast Corporation, Elix Wireless, Zens, Energizer, Ossia Inc., Evatran Group, Leggett & Platt, Fulton Innovation LLC, Murata Manufacturing Company Ltd., Qualcomm Technologies, Inc., Sony Corporation, Texas Instruments, Inc., and others. These companies are constantly improving their services to offer the best charging solutions.
Reviewing the Segmentation of the Global Wireless Charging Market
- By Technology (Magnetic Resonance, Magnetic Induction, and Radio Frequency)
- By Implementation (Transmitters, Receivers, Aftermarket, and Integrated)
- By Application (Consumer Electronics, Automotive, Healthcare, Industrial, and Others (Aerospace and Defence, etc.))
- By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
Consumer electronics are likely to generate the highest revenue share in the forecast period. The Wireless Charging Market growth is impacted positively by the massive demand for consumer electronics such as tablets, smartphones, wearables, etc. The wireless charging technique ensures convenience and accessibility since they are enabled to charge any battery-powered device by placing it close to the wireless power transmitter. Additionally, Near Field Communication (NFC) and Bluetooth can cohabit alongside wireless charging, permitting access to highly inventive solutions and spreading industrial expansion since the device’s functioning throughout charging is not hindered.
North America is likely to record the largest revenue & dominate the Global Wireless Charging Market during the forecast period. The primary factor leading to this is the increasing inflow and adoption of smart gadgets and devices and vital technological advancements. The market growth is further fueled by the penetration of IoT-based applications and the revolution of new electronic gadgets. Moreover, the technologically sound population of the country is increasingly inclining towards the adoption of new devices and gadgets further giving a boost to the region’s wireless charging market. Along with this, Asia-Pacific on the other hand is equivalently witnessing an enormous growth in the Wireless Charging Market and is also predicted to grab the substantial market share in the years ahead.
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