Wireless Charging Market is Anticipated to Witness High Growth Owing to Increasing Adoption of Wireless Charging Technology
The wireless charging market involves charging portable devices wirelessly through inductive power transfer technology without plugging into a power socket. Wireless charging provides more convenient and safer charging solutions for portable electronic devices like smartphones, smartwatches, laptops, wearables, and other consumer electronic devices that need to be recharged periodically. The demand for wireless charging is growing rapidly as it eliminates the hassle of cables and plug points, provides a cleaner look to devices, and also prevents damage to ports caused due to repeated plugging and unplugging of cables.
The global wireless charging market is estimated to be valued at US$ 8.18 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the wireless charging market are 3M, Abbott, Bayer AG, F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher & Paykel Healthcare Limited. These players are focusing on new product launches and partnerships to expand their market share.
The growing demand for smartphones, smartwatches, and other consumer electronics are offering significant opportunities for wireless charging manufacturers. Increasing investment by companies in research and development of advanced wireless charging technology is expected to open new growth avenues. Several companies are expanding their wireless charging offerings to automotive and industrial applications which is anticipated to drive future revenues.
The technology is gaining global acceptance and companies are focusing on partnerships and geographical expansion to increase customer base worldwide. Growing demand from emerging economies of Asia Pacific and Latin America due to rising disposable incomes is attracting large investments in these regions.
Market drivers and restrain
The rapid adoption of smartphones and increasing demand for convenience devices is a major driver for the Wireless Charging Market Demand. As wireless charging eliminates the hassle of cables, its demand is growing significantly among smartphone and consumer electronics users. Additionally, increasing research and development activities to enhance charging speeds and ranges is also fueling the market growth. For instance, some new wireless charging standards promise charging speeds comparable to wired solutions.
However, high costs of wireless charging products and technology compared to conventional wired charging methods is a major restraint. Additionally, limitations regarding charging ranges and heat generation during wireless charging hampers customer acceptance to some extent. Strong competition from established wired charging solutions is also challenging the market growth. Standardization issues around multiple competing technologies further complicate mass adoption of wireless charging.
Segment Analysis
For Wireless charging market, the dominating sub segment is reciever which accounted for around 30% market share in 2024. Wireless charging needs power receiver devices which can receive power through inductive coupling technology from charging pad or dock. Most smartphones, tablets and other portable devices launched in recent past comes with built in wireless charging receiver which has increased adoption of wireless charging technology.
Global Analysis
In terms of region, North America dominated global wireless charging market in 2024 with around 35% market share. Early adoption of advanced technologies across various industries such as consumer electronics, healthcare etc and presence of major players in the region driving market growth. Asia Pacific is fastest growing region for wireless charging market with CAGR of over 10% during forecast period. Increasing disposable income, growing smartphone sales and expanding middle class population especially in major countries like China and India contributing to regional market growth.
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