The global wireless charging market size is set to reach US$ 16,954.6 million in 2023. Overall sales of wireless charging are likely to surge at 24.4% CAGR, taking the forecasted market valuation to US$ 150,889.5 million by the end of 2033.
It has several advantages over more conventional charging systems, including being convenient, safe, cost-effective, efficient, and reliable for powering and charging electrical devices. Wires, connectors, and cables are unnecessary no longer. As a result, wireless charging systems will gain popularity due to their many advantages.
Due to their superior performance and low fuel consumption, electric vehicles (EVs) have become increasingly popular in recent years. As a bonus, governments all over the world are actively encouraging citizens to switch to electric vehicles. The proliferation of EVs should propel development of wireless charging technology.
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The proliferation of wireless technology in consumer electronics is fueling the expansion of the wireless charging market. The multi-device charging capabilities of wireless charging systems are expected to be a major factor in the industry's expansion. In addition, governments worldwide have enacted stringent rules and policies to guarantee a risk-free workplace for all manufacturing employees. Companies involved in the wireless charging ecosystem will profit from the government's supportive policies.
Many smartphones and other portable devices have charging problems due to the widespread use of the internet. A fast wireless radio frequency energy-based charger can alleviate this issue. Therefore, during the predicted time, the expansion of the wireless charging market is anticipated to be driven by the aggregate demand for efficient charging systems for mobile and portable devices.
In addition, there has been a rise in interest in the "internet of things" in recent years. Similar to how smartphones, tablets, laptops, digital cameras, wearables, and other electronic devices need a wireless charging system, IoT infrastructure products that are portable need one as well. Since there are more and more devices becoming connected to the internet, this bodes well for the expansion of the wireless charging market.
Key Takeaways
The wireless charging market is experiencing rapid growth, driven by increased adoption of wireless charging technology across smartphones, wearables, and various devices. Demand for wireless charging infrastructure in public spaces like airports and cafes is fueling market expansion. Technological advancements, including resonant wireless charging and bi-directional charging, are further propelling growth. However, intense competition among numerous suppliers and service providers characterizes the market. Asia-Pacific emerges as a promising region for growth, attributed to the widespread use of smartphones and electric vehicles. Additionally, sectors like healthcare and hospitality are showing growing interest in wireless charging solutions. Despite these opportunities, challenges such as incompatibilities, high prices, and slower charging times compared to wired alternatives hinder market progress.
Competitive Landscape:
The major players in the wireless charging market are increasing their market share through a variety of business growth strategies. These include the introduction of new products, the expansion of existing product lines, and the signing of agreements. Several major players in the wireless charging market are devoting significant resources to R&D, with a primary focus on expanding the effective range of power transmission.
There is a wide variety of companies, both new and old, competing in the global wireless charging market. In terms of product quality, price, and features, the market appears to be highly competitive.
Recent Developments
To popularise NFC wireless charging in computing and consumer devices, on July 2022, Pathronic AG, a semiconductor company specializing in wireless charging technology, partnered with Luxshare-ICT, a china based design manufacturer (ODM) company specializing in connector and interface technologies.
Xiaomi Inc., a company that designs and manufactures consumer electronics, released its MI Air charge Technology in January 2021.
Established players profiled in the global wireless charging market include:
Convenient Power HK Ltd., WiTricity Corporation, Murata Manufacturing Co. Ltd., and Texas Instruments, Inc. stand as major key players in the wireless charging market. With Convenient Power HK Ltd. and WiTricity Corporation pioneering innovative technologies, and Murata Manufacturing Co. Ltd. and Texas Instruments, Inc. contributing significant advancements in manufacturing and semiconductor solutions, the landscape of wireless charging is poised for continuous growth and evolution.
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