The overall wireless charging market is expected to be valued at USD 4.5 billion in 2021 and projected to reach USD 13.4 billion by 2026, at a CAGR of 24.6% between 2021 and 2026. The growth of the wireless charging market is attributed to the rising adoption of wireless technology in consumer electronics; increase in sales of electric vehicles; and ability to charge multiple devices. However, compatibility issues restrict the adoption of wireless charging in various industries.
“Market for transmitters to grow at higher CAGR during forecasted period”
Wireless transmitters are used as standalone wireless charging devices, while receivers are built into the electronic devices. Companies manufacturing transmitters are investing heavily to innovate their wireless charger product portfolios. Moreover, the NXP Semiconductor provides a 15W wireless charging IC that offers broad controller functionality to implement a wireless charging transmitter solution. Renesas provides wireless power transmitter ICs for various wireless power applications such as portable charging electronic systems, charging mats and pads, personal computer docks, office furniture, and public facilities. These factors owing to the higher growth of transmitters market during forecasted period.
“Market for automotive industry to grow at highest CAGR during forecast period“
Automakers are also heavily investing in the development of electric vehicles, leading to increasing sales of these vehicles. Charging is the key concern in the case of electric vehicles. While the wired charging method is generally utilized to charge such vehicles, it comes with drawbacks such as safety concerns in wet environment as well as messy wires. The increasing number of EVs globally is expected to drive the automotive segment of the wireless charging market by 2026.
“APAC is projected to grow at a higher CAGR during the forecast period.”
APAC is expected to be the fastest-growing market for wireless charging market due to the presence of developing countries such as India and China. The region is a major raw material manufacturing hub for consumer electronics, automotive, and healthcare applications. Moreover, China is considered as one of the biggest manufacturing countries in the world, thereby driving the manufacturing sector in APAC. The China Electricity Council has announced new national standards for wireless electric vehicle charging, which incorporate WiTricity’s patented technology. All these factors are expected to increase the adoption of wireless charging in the country.
Profile break-up of primary participants for the report is given below:
- By Company – Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
- By Designation – C-level Executives = 40%, Managers = 60%,
- By Region – Americas = 30%, Europe = 20%, APAC = 35%, and RoW = 15%
The study includes an in-depth competitive analysis of these key players in the wireless charging market, with their company profiles, recent developments, and key market strategies. Energizer Holdings, Inc. (US), Evatran Group (US), Energous Corporation (US), Leggett & Platt (US), Powermat (Israel), Momentum Wireless Power (US), Ossia Inc. (US), Powercast Corp. (US), Samsung Group (South Korea), Elix Wireless (Canada), WiTricity Corporation (US), and Zens (Netherlands), are among the major players in the wireless charging market.
The global wireless charging market is segmented into implementation, technology, application, and region. The market based on implementation includes transmitters and recievers. The technology includes magnetic resonance, inductive, and radio frequency. The applications that are included in the study are automotive, consumer electronics, healthcare, and others. The wireless charging market is segmented into 4 regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast of the market based on type, application, industry, and region have been conducted to give an overall view of the wireless charging market.
- A value chain analysis has been performed to provide in-depth insights into the wireless charging market.
- The key drivers, restraints, opportunities, and challenges pertaining to the wireless charging market have been detailed in this report.
- Detailed information regarding the COVID-19 impact on the wireless charging market has been provided in the report.
- The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues