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The wireless charging market size is forecast to increase by USD 25.17 billion and is estimated to grow at a CAGR of 34.28% between 2023 and 2028. The market is experiencing significant expansion, driven by several key factors. Firstly, the increasing demand for electric vehicles (EVs) is propelling market growth. EVs offer numerous advantages, including reduced emissions and lower operating costs. However, the need for frequent charging can be a deterrent for some consumers. Enter wireless charging, which eliminates the need for charging cables or plugging into sockets. This not only enhances convenience but also increases safety by reducing the risk of tripping over cables. Furthermore, the focus on enhancing in-car experiences and improving driver safety is another factor fueling market growth. By enabling drivers to keep their hands on the wheel and eyes on the road while charging their vehicles, wireless charging is an attractive solution for the modern automobile industry.
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The market is experiencing exponential growth, propelled by advancements in technology and the rising demand for convenience across various sectors. Infrastructure development is crucial for integrating wireless charging stations into public spaces, especially in automotive applications where EV owners seek convenient charging solutions. The market landscape depends on the Receiver segment, Automotive application, Device ports and connectors, Power sources, Morphine, Transmitter component, Receiver component, Defense sector, Radio charging, and Environment awareness. Technologies like magnetic resonance and resonance charging are enabling high-speed wireless power transfer, reducing reliance on physical cables and connectors and minimizing maintenance and replacement costs. Digital connectivity and ICT investment are driving innovation, with the Qi wireless charging standard emerging as a widely adopted protocol. In sectors like defense, wireless charging is gaining traction for its reliability and convenience factor. Moreover, growing environmental awareness is driving the adoption of Qi-based charging stations, contributing to sustainability initiatives. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Proliferating demand for electric vehicles is the key driver notably driving the growth of the global market. owing to the current market of wireless charging in electric vehicles being at the growth stage. Factors such as the long charging time of electric vehicles make consumers undesirable. For a single charge, it takes about one and half-hour to several hours, depending upon the power level of the attached charger, which is many times longer than the gasoline refueling process.
However, the option of wireless charging can solve major charging problems in electric vehicles. By transferring energy to electric vehicles wirelessly, charging becomes the easiest task. For the wireless charging system, drivers just need to park their vehicles. For a dynamic wireless charging system, electric vehicles can be powered while driving. Hence, the electric vehicle is possible to run forever without a stop. In addition, the battery capacity of electric vehicles with wireless charging can be reduced to 20% or less compared with electric vehicles having wired charging systems. Thus, due to the use of wireless charging, we can effectively reduce charging time, and the electric vehicle can operate smoothly for a long time. This is projected to promote the growth of the global market during the forecast period.
Backward integration by OEMs to develop inductive charging systems is the primary trend in the global market. EV manufacturers, such as BMW, Audi, and Daimler, are developing in-house inductive wireless charging stations for their vehicles. For example, initially, BMW's all-electric car i3 and plug-in hybrid car i8 used BMW I Wallbox for quick charging. Only 20% of the charging happens in public charging stations, while the remaining 80% happens in residential parking areas.
Therefore, Audi introduced inductive wireless charging which can be installed in a garage or parking port at home. This optional offering for the Audi e-tron model occupies an area of around 6,300 sq. cm and has a height of 7 cm and a weight of 40 kg. Moreover, the compatible e-tron model could detect the charging plate using a multi-media interface (MMI). Once the charging plate is detected, the Z-mover would approach the cladding at the bottom of the vehicle. The vehicle starts getting charged this reduction in the distance provides 90% efficiency on charging. Hence, the development of in-house inductive charging systems for vehicles will positively impact the growth of the global market during the forecast period.
The high installation cost of wireless charging technology is the major for the growth of the global market. The global technology hardware, storage, and peripherals market has shown significant technological advancements including wireless charging technology in the last three decades. The investments in catering to evolving consumer preferences or changing regulations force industry stakeholders to adopt environment-friendly technologies.
Moreover, wireless charging is a new concept, which is in the developing stage. The cost associated with the implementation of this technology on a commercial scale is high compared to conventional technology. The cost of purchasing and installing charging systems is 30% higher compared with conductive charging systems. The huge price difference between wireless and wired charging systems forces end-users to adopt wired systems. Such challenges will impede the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, 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 growth strategies.
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.
Energous Corp.: The company offers wireless charging technology which will transform the way of consumers and industries charge, and power electronic devices.
The research report also includes detailed analyses of the competitive landscape of the market and information about 17 market companies, including:
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 share growth by the inductive segment will be significant during the forecast period. Inductive charging is a type of wireless power transfer. Inductive charging uses electromagnetic induction to generate electricity for portable devices. In vehicles, power tools, electric toothbrushes, and medical devices inductive charging is used widely. A portable device can be placed near a charging station or induction platform which does not need to make electrical contact with a dock or plug.
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The inductive segment shows a gradual increase in the market share of USD 1.84 billion in 2018 and it continued to grow by 2022. Inductive charging are having various uses and benefits such as protected connection, lower risk of infection, sustainability, no need for cables, and better user comfort and aesthetic quality. These advantages are expected to contribute to the rising demand for wireless charging. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, currently, China and Japan are the largest consumers of wireless charging systems. Owing to the strong demand from the automotive electric vehicles ( EVs) and consumer electronics segments, the most used wireless technology is inductive charging.
However, owing to the presence of major electronic device manufacturers, APAC will retain its position as a major consumer of consumer electronics during the forecast period. APAC is a hub for flat-panel display, smartphone, tablet, and wearable device manufacturers. Most of these manufacturers are based in countries such as South Korea, Japan, Taiwan, and China. With an increase in the demand for wireless charging devices and a rise in such technological advances, the market in focus will grow positively during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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The market has witnessed significant growth, driven by advancements in technology and the increasing adoption of Internet of Things (IoT) devices. Technologies like long-range wireless charging and bi-directional wireless charging are revolutionizing how devices are powered, offering convenience and efficiency. With standards like the Qi standard and Power Matters Alliance, interoperability among devices is improving. the market ecosystem includes various technologies, such as inductive technology, resonant technology, and radio frequency technology, catering to diverse needs. In sectors like automotive applications and smart city initiatives, wireless charging is becoming integral, contributing to fleet electrification and urban planning. Simultaneous multi-device charging and wear and tear reduction are enhancing user experience and cutting maintenance costs.
Amid increasing hygiene awareness due to the pandemic, demand for contactless solutions like wireless charging has surged, especially in the healthcare and industrial sectors. The semiconductor industry is witnessing a boom in wireless charging components like transmitters and receivers. Companies like PNY Technologies and Infineon Technology are leading this charge, offering innovative cordless chargers for various applications, including aerospace and defense. As the world shifts towards electric cars and environment-friendly solutions, the market is poised for rapid expansion, shaping the future of power delivery.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 34.28% |
Market growth 2024-2028 |
USD 25.17 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
25.64 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 33% |
Key countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Delta Electronics Inc., Energizer Holdings Inc., Energous Corp., etatronix GmbH, Leggett and Platt Inc., LG Electronics Inc., Murata Manufacturing Co. Ltd., 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 |
Market dynamics |
Parent market analysis, market research and growth, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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