Selbyville, Delaware, April 12, 2021 (GLOBE NEWSWIRE) -- Seasoned analysts claim that global wireless charging market was worth USD 3.87 billion in 2019 and is estimated to record a y-o-y growth rate of 24.89% to amass USD 28.61 billion by the year 2028. Proliferation of electric vehicles across the world, demand for effective & fast charging systems, and extensive usage of smartphones as well as smart wearable devices are responsible for this lucrative expansion.
As per the study, worldwide wireless charging market is scrutinized with respect to component terrain, technology gamut, and end-user scope. Information pertaining to regional marketplaces and their contribution towards the total remuneration is presented. Moreover, survey of industry players is conducted to unveil their business profiled, product & service portfolio, and marketing tactics. Lastly, the report expounds on the Covid-19 impact on this business sphere.
Notably, wireless charging mechanism eliminates wires, and enables effective and convenient charging. The technology is being incorporated in a plethora of devices ranging from smartphones, neckbands, and fitness wristbands to electric vehicles.
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Rapid digitalization, and development of smart home and smart office infrastructures with built-in wireless charging option are stimulating the industry outlook. Moreover, furniture brands and construction companies are emphasizing on incorporating this feature in their offerings, hence generating revenues for global wireless charging industry.
On the contrary, high cost of these devices, more power consumption, and slower charging speed are some bottlenecks which market contenders will have to take head on to ensure constant progression of the business scenario.
Regional Summary:
Latin America
As per reliable estimates, Latin America wireless charging market size is slated to bolster with a CAGR of 23.92% through 2028, on account of surging sales of consumer electronics and electric vehicles. Reduction in import duty for EVs in Argentina, and presence of colossuses like Apple Inc. and Belkin International Inc. in Mexico are contributing towards industry valuation. Mexico is emerging as a promising market for wireless charging, owing to the growth in its automotive and consumer electronics industries. The country has played a vital role in developing wireless charging for varied applications. Furthermore, Mexico has taken numerous measures to promote the adoption of EVs, which is expected to propel the demand for wireless charging in the nation over the forecasting period.
Europe
Wireless charging market in Europe is poised to record a y-o-y growth rate of 22.74% over the analysis timeframe, owing to government initiatives like tax benefits from promoting adoption of electric vehicles, focus on developing EV charging infrastructure, and increasing penetration of smartphones. Government initiatives to boost the adoption of electric vehicles, such as tax benefits and the development of a charging infrastructure, along with the numerous benefits offered by EVs, are boosting the electric vehicle ecosystem in Europe. The increase in the adoption of electric vehicles has resulted in a subsequent demand for wireless charging technology in the region. In addition, the proliferation of smartphones in the region has led to a surging demand for wireless charging technology in the countries in the region. These factors indicate that the wireless charging market has immense scope for growth in Europe over the coming years.
North America
North America wireless charging market share is reckoned to multiply at 24.84% CAGR over 2019-2028, attributable to launch of several smart devices with wireless charging feature. Automakers in the region are also emphasizing on introducing EVs with wireless charging technology. The growing adoption of wireless charging technology for industrial applications and the rising consumer awareness are a few of the key factors responsible for the increased adoption of wireless charging in the United States. As the demand for EVs is rising exponentially, various electric vehicle manufacturers are now switching to wireless charging systems. For instance, the BMW 530e, sold by BMW in the country, provides wireless charging features to its users.
Asia Pacific
Asia Pacific is projected to lead global wireless charging market forecast during 2019 to 2028, creditable to huge population base with high spending capacity, leading escalating sales of latest consumer electronics models and electric vehicles. Asia-Pacific wireless charging market will be fast progress at a CAGR of 27.04% in terms of revenue over the forecast period of 2019-2028. South Korea, Taiwan, ASEAN countries, Australia & New Zealand, India, China, Japan, and Rest of APAC together shape the market in this region. Additionally, the electric vehicle market is expected to take shape in the country over the coming years, and thus, EVs remain a key area of focus. Therefore, the demand for wireless charging or inductive charging is expected to expand exponentially over the forecasted period.
Global Wireless Charging Market by Component Terrain (Revenue, USD Billion, 2019-2028)
- Receivers
- Transmitters
Global Wireless Charging Market by Technology Landscape (Revenue, USD Billion, 2019-2028)
- Radio Frequency
- Resonant
- Inductive
- Others
Global Wireless Charging Market by End-user Verticals (Revenue, USD Billion, 2019-2028)
- Aerospace & Defense
- Healthcare
- Industrial
- Consumer Electronics
- Wearable Devices
- Smartphones
- Tablets
- Others
- Automotive
- Others
Global Wireless Charging Market Geographic Outlook (Revenue, USD Billion, 2019-2028)
Latin America
- Mexico
- Brazil
- RoLATAM
Europe
- United Kingdom
- France
- Germany
- Italy
- Spain
- Russia
- RoE
North America
- Canada
- United States
Asia Pacific
- Taiwan
- ASEAN Nations
- Australia & New Zealand
- Japan
- China
- India
- South Korea
- RoAPAC
Middle East & Africa
- Turkey
- Saudi Arabia
- South Africa
- United Arab Emirate
- RoMEA
Global Wireless Charging Market Company Profiles (Revenue, USD Billion, 2019-2028)
- Renesas Electronics Corp.
- Samsung Electronics Co. Ltd.
- NXP Semiconductors N.V.
- Infineon Technologies AG
- Qualcomm Technologies Inc.
- Texas Instruments Incorporated
- TDK Corp.
- Semtech Corp.
- NuCurrent Inc.
- WiTricity Corporation
- Powermat Technologies Ltd.
- Energous Corp.
- Convenient Power HK Ltd.
- Belkin International Inc.
- Aircharge
TABLE OF CONTENTS
1. GLOBAL WIRELESS CHARGING MARKET - SUMMARY
2. INDUSTRY OUTLOOK
2.1. MARKET DEFINITION
2.2. KEY INSIGHTS
2.2.1. INCLINATION OF FOOD CHAINS TOWARD POWERMAT & CHARGING POINTS
2.2.2. FAR-FIELD WIRELESS CHARGING
2.2.3. USE OF WIRELESS CHARGING IN MULTIPLE FIELDS
2.3. IMPACT OF COVID-19 ON WIRELESS CHARGING
2.4. PORTER?S FIVE FORCE ANALYSIS
2.4.1. THREAT OF NEW ENTRANTS
2.4.2. THREAT OF SUBSTITUTE
2.4.3. BARGAINING POWER OF BUYERS
2.4.4. BARGAINING POWER OF SUPPLIERS
2.4.5. THREAT OF COMPETITIVE RIVALRY
2.5. MARKET ATTRACTIVENESS INDEX
2.6. VENDOR SCORECARD
2.7. INDUSTRY COMPONENTS
2.8. MARKET DRIVERS
2.8.1. NEED FOR CONVENIENCE & EFFECTIVE CHARGING SYSTEMS
2.8.2. RISING NUMBER OF SMARTPHONES & OTHER WEARABLE DEVICES
2.8.3. GROWTH OF ELECTRIC VEHICLES
2.9. MARKET RESTRAINTS
2.9.1. SLOWER CHARGING SPEED COMPARED TO COUNTERPARTS
2.9.2. HIGH PRICE & LOWER EFFICIENCY
2.10. MARKET OPPORTUNITIES
3. GLOBAL WIRELESS CHARGING MARKET OUTLOOK - BY COMPONENTS
3.1. TRANSMITTERS
3.2. RECEIVERS
4. GLOBAL WIRELESS CHARGING MARKET OUTLOOK - BY TECHNOLOGY
4.1. INDUCTIVE
4.2. RESONANT
4.3. RADIO FREQUENCY
4.4. OTHER TECHNOLOGIES
5. GLOBAL WIRELESS CHARGING MARKET OUTLOOK - BY END-USERS
5.1. AUTOMOTIVE
5.2. CONSUMER ELECTRONICS
5.2.1. SMARTPHONES
5.2.2. TABLETS
5.2.3. WEARABLE DEVICES
5.2.4. OTHERS
5.3. INDUSTRIAL
5.4. HEALTHCARE
5.5. AEROSPACE & DEFENSE
5.6. OTHER END-USERS
6. GLOBAL WIRELESS CHARGING MARKET REGIONAL OUTLOOK
Related Report:
Wireless Charging Market Size By Technology (Inductive, RF, Resonant), By Application (Automotive, Consumer, Industrial, Healthcare, Aerospace & Defense), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Wireless charging market is estimated to record momentous gains over the forthcoming timeframe. Wireless charging could be easily used at home or in industry as well as in workplace. It reduces the wires that works with the help of electricity or those which generally have physical electrical wires. With technological advancements, smartphones can now be charged with wireless technology. The demand for wireless charging is increasing since it saves the time and money, which is increasing the value and production of wireless chargers in the industry landscape.
Wireless charges function with the help of electromagnetic power connecting the bond between the device and the charger. The wireless charger is used between two objects through electromagnetic field.
Mobile phones or smart phones could be easily charged by a wireless charger. The main use of wireless charging is to connect with the object to recharge the battery of smart phones. The electric current of magnetic field generally performs the act of charging the device or any other object.
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