Wireless Charging Market Size to Surpass USD 129.02 Billion by 2030, exhibiting a CAGR of 25.8%

As per the report by Fortune Business Insights, the global Wireless Charging Market size is projected to reach USD 129.02 Billion by 2030, at a CAGR of 25.8% during the forecast period.

Pune, India, May 17, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Wireless Charging Market Size was valued at USD 22.17 billion in 2022 and is projected to grow from USD 25.87 billion in 2023 to USD 129.02 Billion by 2030, exhibiting a CAGR of 25.8% during the forecast period. Wireless charging is an advanced way of charging batteries. It is divided into three types, radio charging, resonance charging, and inductive charging. Each type serves its own purpose. Increasing Adoption of Electric Vehicles to Boost Demand for Wireless Chargers. Radio charging is used for small batteries such as smartphones, smartwatches, and hearing aids.

Meanwhile, resonance charging is used to charge industrial robots and heavy vehicles. Inductive charging is used in laptops, smartphones, and other consumer electronic devices. The rising adoption of electric vehicles and surging demand for simultaneous charging options will aid market augmentation. This information is provided by Fortune Business Insights, in its report titled, Wireless Charging Market Forecast, 2023-2030.

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Key Industry Development:

March 2022: Delta Inc., a leading provider of thermal and power management solutions, recently introduced its new and advanced 100 Kw DC electric vehicle cordless charger. This newly launched product offers up to 94% efficiency, which will enable the driver with a driving range of 100 kilometers in just 15 minutes.

Key Takeaways

• The demand for high-speed wireless and simultaneous multi-device charging stations is continuously increasing in the consumer electronics industry.

• The continuously emerging semiconductor industry and changes in customer buying behavior boosted the global market expansion

• These factors had slightly negative impacts on the wireless electric charging station industry.

Discover the Leading Players Featured in the Report:           

“Companies leading the Wireless charging Market are Delta Electronics, Inc. (Taiwan), Drone Power Pvt. Ltd. (India), Energizer Holdings, Inc. (U.S.), Energous Corporation (U.S.), Etatronix GmbH (Germany), Sony Corporation (Japan), Infineon Technology (Germany), Integrated Device Technology, Inc. (U.S.) , LG Corporation (South Korea), Samsung Electronics (South Korea)”

Report Scope & Segmentation

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Drivers and Restraints:

Increasing Adoption of Electric Vehicles to Boost Demand for Wireless Chargers

Several economies are trying to decrease their carbon emissions. Electric vehicles are an essential part of this initiative to go green and make the environment a cleaner place. The automobile industry has been shifting its operations to digital platforms and several companies in the automobile market are adopting cutting-edge technologies such as IoT, artificial intelligence, and electric vehicles. In February 2022, the global electric car sales elevated by 109% than in 2020. This surging demand for electric vehicles has escalated the need for wireless charging stations for rapid and safe battery charging. Moreover, the rising adoption of Qi-based charging stations to charge various consumer electric devices simultaneously in vehicles is also aiding the wireless charging market growth.

On the other hand, the high initial costs associated with the adoption of cordless chargers due to the high price of internal components will likely hinder market growth in the coming years.

Segments:

By Application

• Commercial Charging Station

• Home Charging Unit

By Technology

• Inductive

• Resonant

• Radio Frequency

• Others

By Industry Vertical

• Consumer Electronics

• Automotive

• Industrial

• Healthcare

• Aerospace & Defense

Regional Insights:

Asia Pacific Held a Dominant Share Backed by Availability of Several Vehicle Manufacturing Units

Asia Pacific captured majority of the wireless charging market share in 2022 owing to availability of vehicle manufacturing units and research and development facilities in South Korea, China, Japan, Taiwan, and Singapore. Moreover, India, Singapore, and China are making initiatives to boost electric vehicle manufacturing, which will attract investors and result in the setting up of manufacturing facilities and contribute to market proliferation in this region.

Meanwhile, the North America market is slated to record significant expansion in the forthcoming years. In this region, the U.S. gathered the highest revenue in 2022 backed by availability of leading companies. Furthermore, the federal government of the U.S. is encouraging the adoption of electric vehicles in the country, thus driving market proliferation. Meanwhile, the Canada market is projected to record the highest growth rate in North America due to rising investment by leading players on manufacturing wireless medical devices and power charging units in the country.

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Competitive Landscape:

Product Launches by Industry Leaders to Aid Market Augmentation

Leading companies often make strategic decisions such as mergers & acquisitions, collaborations, and partnerships to garner larger revenues and maintain their position in the global market. For example, in July 2019, Integrated Device Technology, Inc. (IDT), a leading provider of various electronics solutions, launched its P9247 transmitter and P9415 receiver. Together, these devices can perform wireless charging operations for devices with small batteries.

FAQ’s

How big is the wireless charging market?

Wireless Charging Market size was USD 22.17 Billion in 2022.

How fast is the wireless charging market growing?

The Wireless Charging Market will exhibit a CAGR of 25.8% during the forecast period, 2023-2030

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