This study intends to unfurl the multiple facets of global wireless charging market. The insights offered in the report aid in market growth examination during the forecast period.
Multiple Device Charging Capabilities Drive Wireless Charging Market Ahead
Compared to conventional charging methods, wireless charging is a technology that powers electrical devices conveniently, safely, economically, efficiently, and reliably. It eliminates the need for cables, connectors, and physical wires. The benefits and convenience that wireless charging solutions provide will therefore spur adoption. The use of electric vehicles (EVs) has grown over time due to their low fuel consumption and performance advantages. Additionally, governments worldwide are showing a lot of support for using electric vehicles. As a result, the wireless charging market for wireless charging is anticipated to be driven by the popularity of electric vehicles. The market will expand due to the consumer electronics sector's increasing embrace of wireless technologies. Wireless charging systems offering multiple device charging capacities will probably drive the market's expansion. Additionally, governments worldwide have implemented strong laws and regulations to maintain a safe environment in all production sectors. As a result, businesses involved in the wireless charging ecosystem will benefit from the government's supportive regulations.
Overusing the Internet has made it difficult for many smartphones and portable gadgets to charge. A quick wireless radio frequency energy-base charger may be helpful to remedy this issue. Therefore, it is likely that the overall demand for effective charging systems for mobile and portable devices will fuel the expansion of the wireless charging market throughout the anticipated time. Additionally, Internet of Things has become increasingly popular in recent years. Similar to stationary loT infrastructure items, mobile loT infrastructure products, including smartphones, tablets, laptops, digital cameras, wearables, and other electronic devices, require a wireless charging system. So, the expanding acceptance of the internet of things (loT) sector will probably present a growth potential for wireless charging.
Wireless Charging Market: COVID-19 Impact
The quarterly and yearly reports of the firms under consideration served as the foundation for the COVID-19 impact forecast for the wireless charging market in this research. Primary interviews have supported the market declining trend in 2020. However, given that governments have set stringent regulations to uphold safe working conditions in all manufacturing industries, the market is anticipated to increase once the COVID-19 situation has been resolved. Wireless charging is currently widely used in the consumer electronics and automobile sectors. Manufacturers of wireless charging devices are working with technology providers in 2020 to increase the effectiveness of their goods.
Rising Use of Wireless Technology, Brisk EV Expansion, and Mounting iPhone Charging Pad Sales Drive Wireless Charging Market
One of the key drivers of the overall wireless charging market growth over the anticipated period of 2020–2030 is the steadily increasing adoption of wireless technology in consumer electronics. In January 2021, there were 4.66 billion active users of digital technology worldwide or just under 59.5% of the world's population. Nearly 4.32 billion of these users, or 92.6%, used wireless devices to access the internet (via mobile devices). In addition, the adoption of wireless technology has accelerated the growth of the entire market by enabling multiple-device charging and an exponential rise in the sales of electric vehicles. In 2020, 6.8 million battery-electric vehicles were in operation worldwide. Over 3 million new battery electric vehicles were added globally in that year. According to GREEN CARS, the total number of electric car sales worldwide increased to an amazing 98% over 2020. According to projections, 4 million all-electric cars and 2.4 million plug-in hybrids will be sold in 2021. Additionally, it is predicted that the development of many wireless technological products by multinational corporations, including wireless chargers from Samsung, Apple, iPhone, Belkin, MagSafe duo, Anker, IKEA, Nomad Base Station, Wireless Charging Station, Turn On Wireless Charging, and Wireless Charging Coil, will significantly fuel the market growth.
Utilizing Wireless Technology to Power Warehouse Vehicles Will Help Wireless Charging Market Flourish
During the working cycle, sophisticated battery charges for warehouse vehicles must be made. Some batteries only provide 50% of their maximum power at 50% discharge, which causes the gadget to be only partially charged. Many operators keep intricate charging schedules to avoid paying fines for using utilities at peak times. An inductive battery charging system is utilized for vehicle fleets to address these problems; it can be deployed in a warehouse environment without the requirement for a significant amount of equipment that takes up a lot of room and helps boost logistics productivity by up to 30%. The batteries in warehouse trucks can be kept constantly due to wireless charging. It eliminates the necessity for time-consuming replacement of the entire battery troughs, preventing trucks from idle for extended periods during long charging breaks.
Costly Infrastructure Required for Dynamic Charging to Restrain Wireless Charging Market Expansion
The market cycle for developing wireless charging systems for electric vehicles (EV) is currently emerging. EVs with dynamic wireless charging employ wireless power transfer. A wireless charger installed under the parking lot floor can charge vehicles. While the vehicles are in transit lanes, charging can also be done using dynamic wireless charging. However, the dynamic wireless charging system's battery and charging infrastructure, known as the power track, demand a large upfront investment. During the forecast period, this is anticipated to be a challenge for businesses active in the worldwide wireless charging market.
Commercial Charging Station Category Dominated Wireless Charging Market due to Rising Infrastructure for EV
The commercial charging station category held the largest wireless charging market share. It is anticipated that it will continue to rule the market during the forecast period due to the rising need to create an infrastructure for charging electric vehicles in public locations, the significant demand for commercial wireless electric vehicle charging systems across China, and the widespread use of such systems in Europe. Furthermore, sizable commercial garage parking spaces and highly populated urban regions are primarily responsible for this segment's quickest growth.
BEVs Represent the Dominating Category in Wireless Charging Market as they Are Battery-operated
The BEV category dominated the wireless charging market in 2021. In BEVs, as opposed to PHEVs, wireless charging system adoption is higher. In BEVs, the battery is the only electricity source and thus must be charged frequently. The wireless charging system is installable in offices, malls, public spaces, and garages. In the upcoming years, it is anticipated that growing investments in wireless charging technology for battery electric vehicles by numerous nations, including Germany, Gotland, the US, and Italy, among others, will favorably impact the BEV segment of the market for electric vehicles. Well-known BEVs such as the Nissan Leaf, Tesla Model S, and Jaguar I-Pace support wireless charging. As a result, it is anticipated that over the projected period, the BEV segment will be greater than the PHEV segment.
North America’s Lead Intact in Wireless Charging Market Owing to Increasing Use of Across Industrial Settings
Over the forecast period, the North America wireless charging market will account for the largest revenue share. The market is expanding due to the increasing use of wireless charging solutions in industrial settings. Wider use of smartphones and other portable devices would probably have a negative impact on North American market growth. The industry will increase due to the internet of things' quickly escalating appeal in North American nations. The increasing customer awareness of wireless power technology is driving the expansion of the market in North America. Additionally, the industry will rise as more people buy electric cars to comply with governmental environmental sustainability requirements. The market is projected to be driven in the next years by a sufficient demand for wearables and wireless communication technologies.
The Asia Pacific wireless charging market is anticipated to experience stable revenue growth throughout the forecast period due to the region's rising consumer demand for wearable technology, consumer electronics, and electric automobiles. Another factor anticipated to boost future regional market expansion is rising disposable income, and a shift in consumer tastes toward investments in high-quality consumer electronics products. The trend of international fast food chains, like McDonald's and Starbucks, providing wireless charging to customers is being adopted by many local businesses, which is anticipated to open up attractive growth potential for industry participants in the area.
Global Wireless Charging Market: Competitive Landscape
In September 2020, the Federal Communications Commission authorized Ossia Inc. to introduce the next-generation Cota 2.4 GHz platform for installation in commercial and industrial sectors. An enhanced wireless power system delivers more reliable transmission, enhanced manufacturing capabilities, cost-effective design, lower power consumption, reduced weight, and smaller dimensions. Similarly, in April 2020, the introduction of Warp Charge 30 wireless charging technology in the OnePlus eight series was announced by OnePlus Technology Co., Ltd. The business created a wireless charging architecture that enables real-time communication between the wireless charger and the smartphone.
A few of the players in the wireless charging market are Energizer Holdings, Inc., Fulton Innovation LLC, Renesas Electronics Corporation (Integrated Device Technology, Inc.), Murata Manufacturing Company, Ltd., Powermat Technologies Ltd, Qualcomm Technologies, Inc, Samsung Electronics Co., Ltd., Sony Corporation, Texas Instruments Inc., and Witricity Corporation.
Regional Classification of Global Wireless Charging Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Wireless Charging Market
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