New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wireless Charging Global Market Report 2023" - https://www.reportlinker.com/p06320109/?utm_source=GNW
The global wireless charging market grew from $12.43 billion in 2022 to $16.34 billion in 2023 at a compound annual growth rate (CAGR) of 31.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wireless charging market is expected to grow to $48.24 billion in 2027 at a CAGR of 31.1%.
The wireless charging market includes revenues earned by entities by providing electricity to portable devices without the need for a connecting cable.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Wireless charging refers to the transfer of power from a power outlet to the device without the need for a connecting cable.It uses electromagnetic induction to transfer energy from the charger to a receiver.
The charger has an induction coil to generate an alternating electromagnetic field, which the receiver coil converts back into electricity and supplies into the battery.
North America was the largest region in the wireless charging market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the wireless charging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of wireless charging are transmitters and receivers.Transmitters refer to the charging station that transfers energy and it remains connected to an outlet.
The transmitter is used to boost overall efficiency and safeguard the wireless charging system completely.Inductive charging, resonant charging and radio frequency-based charging are the technologies used in wireless charging with short, medium and long transmission ranges.
Wireless charging is used in consumer electronics, automotive, healthcare, industrial, defense and others.
The increasing sale of smartphones is expected to propel the growth of the wireless charging market.Smartphone devices feature a built-in computer that provides various features such as an operating system, web browsing, and the capacity to run software programs.
Wireless chargers offer convenience and increased durability to smart device users, making them a popular choice amongst customers.According to Counterpoint Research, a Hong Kong-based research firm specializing in mobile & technology products, would smartphone sales have totaled for $448 billion in revenues for 2021, an increase of 7% compared to the values for 2020.
Also, according to Gartner Inc., a US-based consulting firm, in March 2022, worldwide smartphone sales grew 6% in 2021, from 1,351,836.5 (Thousands of Units) in 2020 to 1,433,859.4 in 2021. Therefore, the increase in sales of smartphones will drive the wireless charging market.
Technological innovation is a key trend gaining popularity in the wireless charging market.Major companies operating in the wireless charging market are focused on providing technologically advanced solutions to strengthen their market position.
These companies are implementing next-generation wireless charging technologies into their products, such as electromagnetic induction, automation, radio frequency waves, near field waves, capacitive wireless technology, and others, to enhance the charging speed and usability.For instance, in April 2021, Xiaomi (Mi), a China-based consumer electronics company, introduced a new charging system - Mi Air Charge Technology.
It enables users to charge electronic devices remotely without the necessity of wires or wireless charging stands. Its phase control array composed of 144 antennas transmits millimeter-wide waves directly to the phone through beamforming.
In June 2022, Siemens, a Germany-based industrial manufacturing company, acquired WiTricity for $25 million.With this acquisition, Siemens and WiTricity will work to drive innovation in the emerging wireless EV charging industry and significantly narrow the gap in wireless charging for electric passenger and light-duty commercial vehicles.
Witricity is a US-based wireless charging technology company.
The countries covered in the wireless charging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wireless charging market research report is one of a series of new reports that provides wireless charging market statistics, including wireless charging industry global market size, regional shares, competitors with a wireless charging market share, detailed wireless charging market segments, market trends and opportunities, and any further data you may need to thrive in the wireless charging industry. This wireless charging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06320109/?utm_source=GNW
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