Exploring the Future of Wireless Charging Market: Anticipating a remarkable 24.4% yearly growth, leading to a market worth US$ 150,889.5 Million by 2033
Future Market Insights, an ESOMAR-certified market research organization and a Greater New York Chamber of Commerce member, recently published a report on wireless charging. This analysis delves into the world of wireless charging and its exciting prospects. We expect the wireless charging market to experience an impressive annual growth rate of 24.4%, ultimately leading to the market being valued at a substantial US$ 150,889.5 million by 2033.
Wireless power transfer has become common in portable electronics like smartphones, laptops, wearables, and gaming devices. The demand for wireless charging is rising as consumers look for products that last longer, such as smartphones and smartwatches. This trend aligns with the growing importance of the Internet of Things (IoT), which aims to connect various electronic devices, including smartphones, cameras, laptops, and home appliances. For all these devices, wireless power is essential. Therefore, the increasing interest in IoT is expected to drive the growth of the wireless power market.
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One of the most talked-about new developments in wireless energy transmission is the widespread adoption of wireless charging. The need for wireless charging systems has grown alongside the popularity of wireless mobile devices. A wireless charging system has a charging pad, power supply, and battery receiver.
It has several advantages over conventional charging systems, including convenient, safe, cost-effective, efficient, and reliable for powering and charging electrical devices. Wires, connectors, and cables are no longer unnecessary. As a result, wireless charging systems will gain popularity due to their many advantages.
Due to their superior performance and low fuel consumption, electric vehicles (EVs) have become increasingly popular in recent years. As a bonus, governments worldwide actively encourage citizens to switch to electric vehicles. The proliferation of EVs should propel the development of wireless charging technology.
Wireless charging market demand in the United States is rising, thanks to the increasing popularity of smartphones, portable devices, and electric vehicles. With a market share of 22.1%, the United States is expected to experience significant growth in the wireless charging industry in the coming years. As more people seek efficient and convenient ways to charge their devices, the wireless charging market is set to expand rapidly.
Wireless charging technology is reshaping the way we power our devices. This innovative approach to recharging electronics eliminates the need for cords and cables, providing convenience and efficiency for a wide range of consumer electronics, from smartphones to electric vehicles. – asserts the research manager, referencing their recent study.
Key Takeaways from the Wireless Charging Market Report:
- As more and more smartphones, wearables, and other devices adopt wireless charging technology, the global wireless charging market is projected to expand rapidly.
- Demand for wireless charging infrastructure drives the market, especially in public places like airports and cafes.
- The wireless power market is expected to expand due to technological developments in wireless charging, such as resonant and bi-directional charging.
- The wireless power market has a lot of competition due to the large number of suppliers and service providers.
- The proliferation of smartphones and EVs in the region points to Asia-Pacific as a promising growth area for the wireless charging market.
- Rising interest in wireless charging solutions from the healthcare and hospitality sectors also propels the wireless power market.
- The market is hampered by incompatibilities, high prices, and slow charging times compared to wired alternatives.
Competitive Landscape:
The major players in the wireless charging market are increasing their market share through various business growth strategies. These include the introduction of new products, the expansion of existing product lines, and the signing of agreements. Several major players in the wireless charging market are devoting significant resources to R&D, primarily focusing on expanding the effective range of power transmission.
There is a wide variety of companies, both new and old, competing in the global wireless charging market. The market is highly competitive regarding product quality, price, and features.
Key Players:
- Convenient Power HK Ltd.
- WiTricity Corporation
- Murata Manufacturing Co. Ltd.
- Texas Instruments, Inc.
- Murata Manufacturing Co. Ltd.
- Murata Manufacturing Co. Ltd.
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Recent Developments
To popularise NFC wireless charging in computing and consumer devices, in July 2022, Pathronic AG, a semiconductor company specializing in wireless charging technology, partnered with Luxshare-ICT, a china based design manufacturer (ODM) company specializing in connector and interface technologies.
Xiaomi Inc., a company that designs and manufactures consumer electronics, released its MI Air Charge Technology in January 2021.
Wireless Charging Market Segmentation:
By Technology:
- Inductive
- Radio Frequency
- Resonant
- Others
By Industry Vertical:
- Electronics
- Industrial
- Aerospace & Defense
- Automotive
- Healthcare
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APECJ
- China
- Japan
- Middle East and Africa (MEA)
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
Wireless Charging ICs Market Growth– The wireless charging ICs market is anticipated to expand its boundaries at a steady CAGR of 16.7% during the forecast period. The market holds a share of US$ 2.8 Billion in 2023 while expecting revenue of US$ 13.1 Billion by 2033.
Wireless Power Transmission Market Trend– The wireless power transmission market revenue by the end of 2021 was US$ 35.1 Bn. The wireless power transmission market is expected to reach US$ 293.5 Billion by 2032, as it is estimated to grow at a CAGR of 21.4% for 2022-2032.
In-Building Wireless Market Demand– The global in-building wireless market was worth US$ 12,550 million in 2022 and is expected to be worth US$ 23,450.5 million by 2032, growing at a CAGR of 6.5% over the forecast period.
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