Wireless Charging Market
Market Size, Share & Industry Analysis, By Technology (Inductive, Resonant, Radio Frequency), By Application (Consumer Electronics, Automotive, Healthcare, Industrial), By Implementation (Integrated, Aftermarket), By Distribution Channel (OEM, Aftermarket), By Power Output (Low Power Output, Medium Power Output, High Power Output), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The global Wireless Charging Market is projected to grow at a CAGR of 22.5% from 2024 to 2031. The market value is expected to rise from USD XX billion in 2024 to USD YY billion by 2031.
North America currently dominates the market, with key metrics indicating strong adoption across various industries. The market is experiencing rapid growth driven by increasing integration of wireless charging technology in consumer electronics, automotive, and healthcare sectors.
Wireless Charging Market Dynamics:
Market Trend: Rising adoption of electric vehicles boosts wireless charging demand
The growing popularity of electric vehicles (EVs) is considerably boosting demand for wireless charging options. As governments throughout the world strive for cleaner transportation alternatives, the EV market is expanding rapidly. This development has a direct impact on the wireless charging business, as manufacturers increasingly integrate wireless charging capabilities into their vehicles to improve user convenience and reduce range anxiety. For example, despite the pandemic, the worldwide electric car market increased by 43% in 2020, with over 3 million new EVs registered. This growth trajectory is projected to continue, presenting a significant opportunity for wireless charging technologies in the car industry.
Market Driver: Expanding smartphone market and increasing power requirements
The ubiquity of cellphones and their increasing power consumption are primary drivers of the wireless charging business. As smartphone capabilities increases, so does energy consumption, necessitating a larger demand for simple charging alternatives. By 2025, the worldwide smartphone market is predicted to exceed 1.5 billion units, with a large proportion of these handsets supporting wireless charging. Furthermore, the average smartphone battery capacity has climbed from approximately 2,500 mAh in 2015 to more than 4,000 mAh in 2021, indicating rising power demands. This tendency encourages manufacturers to adopt more efficient and powerful wireless charging methods, resulting in market development.
Market Restraint: Compatibility issues and lower efficiency compared to wired charging
Despite increasing popularity, wireless charging still faces compatibility and efficiency issues. Different wireless charging standards and proprietary technologies may cause compatibility concerns between smartphones and chargers. Furthermore, wireless charging is often less efficient than cable charging, with energy lost during transmission. Some studies indicate that wireless charging can be up to 30% less efficient than typical wired charging techniques. These factors may dissuade certain customers and manufacturers from completely adopting wireless charging technology, thereby limiting industry growth.
Segment Overview:
Consumer Electronics dominates the Wireless Charging Market:
The consumer electronics industry now dominates the wireless charging market, fuelled mostly by smartphones, smartwatches, and other portable gadgets. This dominance is due to the broad adoption of the Qi wireless charging standard in mobile devices and the growing incorporation of wireless charging capabilities into other consumer products.
Recent industrial developments have strengthened the segment's position. For example, Apple's use of MagSafe technology in the iPhone 12 series has reignited interest in magnetic wireless charging options. This action has led other manufacturers to investigate similar technology, potentially resulting in a new sub-segment of consumer electronics wireless charging.
The wearables market, notably smartwatches, has also made a substantial contribution to the expansion of wireless charging in consumer devices. According to latest data, global wristwatch shipments increased by 24% year on year in 2020, hitting 100 million devices. With most high-end smartwatches now offering wireless charging, this trend is projected to drive market development in the consumer electronics industry.
Regional Outlook:
North America leads the Wireless Charging Market:
North America currently leads the worldwide wireless charging market due to its strong technological infrastructure, high consumer adoption rates, and the presence of important industry competitors. The region's leadership is mostly driven by the United States, which has a robust ecosystem of wireless charging technology innovators and early adopters.
North America's supremacy can be ascribed to a number of factors, including high smartphone and other consumer electronics penetration, a thriving automotive industry that embraces electric vehicles, and increased investment in wireless charging infrastructure. The region has also led the way in establishing and implementing wireless charging standards, resulting in a more united market.
Major cities in the United States are progressively installing public wireless charging stations in a variety of venues such as airports, cafes, and shopping centres. This infrastructural improvement is intended to accelerate the use of wireless charging technology in the region.
North America's market leadership:
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The United States contributes for roughly 35% of the global wireless charging market share.
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In 2023, the number of public wireless charging stations in North America will have increased by 50% over the previous year.
In terms of country-specific advancements, Canada has announced plans to encourage wireless charging infrastructure for electric vehicles, in line with its aim of reaching net-zero emissions by 2050. This decision is expected to open up new potential for wireless charging technology vendors in the automobile industry.
Competitive Intelligence:
The wireless charging market is characterised by fierce competition among prominent companies, with each attempting to innovate and gain market dominance. Leading corporations are strengthening their market positions through technical innovations, strategic collaborations, and mergers and acquisitions.
Major market players have made significant investments in research and development to increase charging efficiency and broaden the range of applications. For example, several businesses have made substantial advances in long-range wireless charging technologies, which have the potential to revolutionise how we power electronics in our homes and offices.
In terms of market share, the top five competitors control over 60% of the worldwide wireless charging industry. These companies have formed excellent connections with device manufacturers, ensuring that their technology are implemented into a diverse range of products.
According to recent financial reports, the main companies experienced an average revenue growth of 15-20% in respective wireless charging categories over the last year. This expansion is linked to rising demand from both the consumer electronics and automobile industries.
Looking ahead, the competitive landscape is anticipated to change with the arrival of new companies, particularly in emerging regions. Collaborations between technology suppliers and industry-specific enterprises are also expected to boost innovation and open up new market opportunities.
Analyst Opinion:
The wireless charging market is expected to grow significantly in the future years, owing to technological advancements and increased acceptance across a wide range of sectors. One unique trend to keep an eye on is the development of "infrastructure-free" wireless charging solutions, which may allow devices to charge using ambient radio waves or other types of electromagnetic energy. This technology, while still in its early stages, has the potential to change the way we think about device charging and power delivery.
Another important development is the integration of wireless charging with other emerging technologies like 5G and IoT. As these technologies gain traction, we should expect to see additional wireless charging applications and use cases emerge, particularly in smart homes, industrial IoT, and smart city initiatives.
The industry is also expected to migrate towards higher-power wireless charging options, particularly in the automotive and industrial sectors. This could create new chances for wirelessly charging larger gadgets and equipment, hence extending the market's potential.
Major Players:
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Energizer Holdings, Inc.
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Evatran Group, Inc.
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Powermat Technologies Ltd.
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Qualcomm Incorporated
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Samsung Electronics Co., Ltd.
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Sony Corporation
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Texas Instruments Incorporated
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WiTricity Corporation
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Energous Corporation
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Integrated Device Technology, Inc.
Key Developments:
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The first commercially viable long-range wireless charging solution for consumer electronics will be launched in June 2023.
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March 2024: A major automaker announces the integration of high-power wireless charging into their forthcoming EV cars.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Energizer Holdings, Inc.
5.2. Evatran Group, Inc.
5.3. Powermat Technologies Ltd.
5.4. Qualcomm Incorporated
5.5. Samsung Electronics Co., Ltd.
5.6. Sony Corporation
5.7. Texas Instruments Incorporated
5.8. WiTricity Corporation
5.9. Energous Corporation
5.10. Integrated Device Technology, Inc. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Rising adoption of electric vehicles boosts wireless charging demand
6.1.2. Integration of wireless charging in public infrastructure
6.1.3. Advancements in long-range wireless charging technology
6.2. Market Drivers
6.2.1. Expanding smartphone market and increasing power requirements
6.2.2. Growing demand for convenience in device charging
6.2.3. Increasing adoption of IoT devices across industries
6.3. Market Restraints
6.3.1. Compatibility issues and lower efficiency compared to wired charging
6.3.2. Higher initial costs of wireless charging infrastructure
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TECHNOLOGY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Inductive
7.2. Resonant
7.3. Radio Frequency
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Consumer Electronics
8.1.1. Smartphones
8.1.2. Wearables
8.1.3. Other Consumer Electronics
8.2. Automotive
8.2.1. Electric Vehicles
8.2.2. Hybrid Electric Vehicles
8.3. Healthcare
8.4. Industrial
9. BY IMPLEMENTATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Integrated
9.2. Aftermarket
10. BY DISTRIBUTION CHANNEL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. OEM
10.2. Aftermarket
11. BY POWER OUTPUT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
11.1. Low Power Output
11.2. Medium Power Output
11.3. High Power Output
12. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
12.1. North America
12.1.1. United States
12.1.2. Canada
12.1.3. Mexico
12.2. South America
12.2.1. Brazil
12.2.2. Argentina
12.2.3. Rest of South America
12.3. Europe
12.3.1. Germany
12.3.2. United Kingdom
12.3.3. France
12.3.4. Italy
12.3.5. Spain
12.3.6. Russia
12.3.7. Rest of Europe
12.4. Asia-Pacific
12.4.1. China
12.4.2. Japan
12.4.3. India
12.4.4. Australia
12.4.5. South Korea
12.4.6. Rest of Asia-Pacific
12.5. Middle-East
12.5.1. UAE
12.5.2. Saudi Arabia
12.5.3. Turkey
12.5.4. Rest of Middle East
12.6. Africa
12.6.1. South Africa
12.6.2. Egypt
12.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
By Technology:
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Inductive
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Resonant
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Radio Frequency
By Application:
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Consumer Electronics
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Automotive
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Healthcare
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Industrial
By Implementation:
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Integrated
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Aftermarket
By Distribution Channel:
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OEM
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Aftermarket
By Power Output:
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Low Power Output
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Medium Power Output
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High Power Output
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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