According to the latest report by IMARC Group, titled “Wireless Charging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global wireless charging market size reached US$ 9.6 Billion in 2019. Wireless charging is the process of charging battery-operated appliances without plugging them to a live power source. It operates on the principle of electromagnetic induction, which constitutes a transmitter to conduct the energy and a receiver to charge the battery. Wireless charging is a convenient and reliable technology that eliminates the need for power connectors and cables, providing a portable and cost-effective alternative to traditionally wired charging systems. In recent years, the demand for wireless charging has increased due to a rise in the utilization of electronic devices such as smartphones, laptops, wearables and household electronics.
Global Wireless Charging Market Trends:
A major factor driving the growth of the global market is the convenience of charging electronic devices at any time. Wireless charging systems the ensure hassle-free portability of appliances and eliminate the need for bulky power and charging devices. Owing to these benefits, wireless charging devices have penetrated various industrial sectors such as consumer electronics, industrial equipment and automotive. The growth of these end-user industries is likely to drive the growth of the wireless charging market over the coming years. Moreover, technological advancements made by the manufacturers are expected to improve the power transmission range of the existing wireless charging devices by enabling them to charge over longer distances, thereby enhancing the utility for the customers. For instance, Powermat Technologies Ltd., a developer of wireless power solutions, has developed platforms for magnetic induction wireless charging, which can power more types of devices, ranging from smaller wearables to mobile phones, tablets and even laptops, due to their higher power capabilities. Looking forward, the market value is projected to reach US$ 20.3 Billion by 2025, registering a CAGR of 13.2% during 2020-2025.
- Based on technology, inductive charging is the most popular technology used in wireless chargers. Other major segments include resonant, radio frequency based and other charging technologies.
- On the basis of the transmission range, the market has been segregated into short, medium and long range wireless chargers.
- The market has been classified based on the application into consumer electronics, automotive, healthcare, industrial, defense and others. Consumer electronics currently represent the largest application segment, accounting for the majority of the overall market share.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Convenient Power HK Limited, Energizer Holdings, Inc., Integrated Device Technology, Inc., Leggett & Platt, Inc., Murata Manufacturing Co. Ltd., Powermat Technologies Ltd., Qualcomm Incorporated, Texas Instruments Incorporated, Witricity Corporation and Samsung Group.
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