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The wireless chargers market size is projected to increase by USD 68.42 billion, at a CAGR of 23.5% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing adoption of the Qi standard, the increase in global shipments of smartphones, and the growth of embedded cordless chargers. The process of electrically charging battery-powered devices, such as laptops, smartphones, and electric cars, without the need for a wired connection, is called wireless charging, also known as cordless power transfer (WPT).
The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including Aircharge, AirFuel Alliance, Anker Technology UK Ltd., Apple Inc., Belkin International Inc., BEZALEL Inc., Delta Electronics Inc., Energizer Holdings Inc., iOttie Inc., Koninklijke Philips N.V., Mojo Mobility Inc., Murata Manufacturing Co. Ltd., Naztech Technologies, Ossia Inc., Powercast Corp., Powermat Technologies Ltd., Qualcomm Inc., Renesas Electronics Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Texas Instruments Inc., WiTricity Corp., and ZENS Consumer BV. Additionally, Anker Technology UK Ltd. specializes in wireless charger products, including the Anker MagGo wireless charging station, Anker MagGo wireless charger, and Anker 3 in 1 cube with Magsafe, offering innovative solutions to meet various needs.
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An increase in global shipments of smartphones is notably driving market development. According to the World Bank, around 90% of the world's population owned a mobile phone in 2021. The penetration of smartphones is increasing in developing countries as they are available at reasonable prices with varied applications. One among them is that they come with such options and can be charged through Bluetooth connectivity. Samsung shipped around 259 million units of smartphone devices in 2022, and Apple shipped around 225 million iPhones in 2022.
Moreover, increased penetration maturity is observed in major markets like China. The mobile phone market is changing fast, not only for smartphones and tablets but also for new hybrid product categories such as Galaxy Note. Integrated devices with cordless chargers are driving the development of new technology. Thus, with the increase in the global shipments of smartphones, the demand and sales for cordless phone chargers will also increase, consequently driving the market during the forecast period.
The growing adoption of in-car charging is an emerging trend shaping market growth. The use of smartphones while driving ranges from GPS navigation to streaming music apps or playlists, as well as looking up information on the browser. The need to send and receive data through smartphones drains battery life. Many car makers are addressing this need by adding more power outlets such as USB ports, cordless docks in the car, and compatible charging pads. Although the US market for cordless EVs is expanding, it is still lagging behind that of Asia and Europe. America's businesses and entrepreneurs are waiting for enough EVs with cordless charging capabilities to be available for purchase in this nation. Wireless power socket is currently only available as a factory option on one EV sold in America: the BMW 530e hybrid sedan.
However, the company WiTricity, which got a USD 25 million investment from Siemens in 2022, is allegedly interested in General Motors because it is creating licensing agreements. American EV owners are clearly interested in cordless charging. According to a survey conducted by WiTricity among 1,000 EV owners in the United States, 81% of them are very to extremely interested in having an EV with cordless charging capabilities. Thus, the increasing adoption of in-car charging boosts the growth of the market during the forecast period.
Compatibility issues of smartphones with wireless charger standards are a significant challenge hindering market growth. There are nearly 200 electronic gadget manufacturers, of which 170 have a mobile phone manufacturing portfolio. Each company, on average, has seven models in its smartphone and tablet product portfolio. Although wired chargers of most of these phones and tablets are built with a universal charger port, the chargers do not follow a single standard. For instance, new phones like Samsung Galaxy S6 and S7 are compatible with Qi chargers, whereas Samsung Galaxy Note 4 is not compatible with Qi.
Moreover, another challenge is the compatibility issue of iPhones with cordless chargers. While iPhone users are increasing globally due to the brand image and operating system advances, iPhones still lack compatibility with these standards. Additional cases need to be purchased to charge iPhones in vehicles. However, Apple joined the Wireless Power Consortium (WPC) and released the iPhone 8 with built-in WCS compatibility. Thus, the rise in concerns related to compatibility issues of smartphones with wireless charger standards hampers the growth of the market during the forecast period.
The market share growth by the consumer electronics segment will be significant during the forecast period. In the market, consumer electronics constitute a significant application domain, driving the widespread adoption of this technology. This sector encompasses a diverse range of devices, including smartphones, smartwatches, earbuds, tablets, and other portable gadgets. The convenience offered by such charging has made it a compelling choice for consumers, eliminating the need for cumbersome cables and providing a hassle-free charging experience.
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The consumer electronics segment was the largest and was valued at USD 5.39 billion in 2018. Major smartphone manufacturers incorporate capabilities into their flagship models, contributing to the growing market demand. For instance, Apple Inc. provides the MagSafe charging infrastructure on iPhones, which enables cordless charging without the need for a cable. Even though the MagSafe charger still requires a wire, this type of induction charging is useful because it allows one to charge multiple devices simultaneously without the need for cables. As consumer preferences shift towards a more cordless and interconnected lifestyle, the demand for cordless chargers in the consumer electronics segment is poised to grow. Technological advancements, standardization efforts, and increased compatibility across various brands further bolster the adoption of these solutions, solidifying their role as a key feature in the contemporary consumer electronics segment, which boosts the growth of the market during the forecast period.
Inductive technology stands out as a key player in the global wireless chargers market, providing a convenient and efficient method for powering electronic devices without the need for traditional cables. This thing is an electromagnetic field created between a transmitter (charging pad) and a receiver (device), inducing an electric current in the device to initiate charging. providing a charger that is specifically designed for iPhone models such as the iPhone 8 series and X. The cordless charger is portable and has a very small form factor, which has dimensions of 0.45 x 3.82 x 3.82 inches. Another major charger that is available in the market at present is the RAVPower cordless Fast Charging Pad. It works with a variety of devices, including Android smartphones and smartwatches. As consumers seek hassle-free charging solutions, inductive technology continues to dominate the market, driving innovations in design, efficiency, and compatibility across a multitude of devices and applications, which in turn boost the growth of the market during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional market trends and drivers influencing the market's trajectory throughout the forecast period. The continued demand for smartphones in emerging markets is driving their worldwide sales. With the availability of affordable smartphones in emerging markets, consumers are adopting them. The global demand for smartphones is growing despite the weak economies across the globe. China showed strong growth in smartphone shipments in 2021. Many vendors in China entered the regional market, offering low-cost smartphones.
In addition, with the growing penetration of smartphones in this region, there is a growing number of cell phone cordless chargers and manufacturers in China. Developed countries such as Japan and South Korea are likely to dominate the market during the forecast period. Increasing strategic alliances between mobile device manufacturers will be a major trend that will drive this market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Apple Inc. - The company offers wireless charger products such as Magsafe charger, Apple watch magnetic fast charger to USB C cable, and Apple watch magnetic cable.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The Wireless Charging Market is experiencing significant growth, driven by key components such as the Transmitter and Receiver, adhering to the popular Qi remort charging standard. Utilizing Radio Frequency technology, this market extends its influence across diverse segments, including Defense, where this device plays a role in operational efficiency. In the Healthcare sector, cordless chargers cater to various applications like Wearable Health Monitors, Smart Medical Implants, and Portable Diagnostic Equipment. The market also finds applications in emerging technologies like Drones and Unmanned Vehicles. As demand grows for efficient and wire-free solutions, the market continues to innovate, meeting the evolving needs of various industries with cutting-edge technology.
Wireless Chargers Market Scope |
|
Report Coverage |
Details |
Page number |
185 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.5% |
Market Growth 2024-2028 |
USD 68.42 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
21.89 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aircharge, AirFuel Alliance, Anker Technology UK Ltd., Apple Inc., Belkin International Inc., BEZALEL Inc., Delta Electronics Inc., Energizer Holdings Inc., iOttie Inc., Koninklijke Philips N.V., Mojo Mobility Inc., Murata Manufacturing Co. Ltd., Naztech Technologies, Ossia Inc., Powercast Corp., Powermat Technologies Ltd., Qualcomm Inc., Renesas Electronics Corp., Samsung Electronics Co. Ltd., Sony Group Corp., Texas Instruments Inc., WiTricity Corp., and ZENS Consumer BV |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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