GLOBAL WIRELESS CHARGING MARKET IS ESTIMATED TO REACH USD 63.82 BILLION BY 2033: SPER MARKET RESEARCH
Energy is sent from a power source to a device that consumes it wirelessly, eliminating the need for wires or connectors. The energy that a receiver later receives and charges is transmitted by a charging station, also called a transmitter. With wireless charging available for many EV models these days, physical connections are not necessary throughout the charging process, making it easier. As electric vehicles become more popular, there are more options for fast and effective charging. Recently, there has been a push toward improving the efficiency, speed, and convenience of wireless charging technology. Together with radio-frequency and resonant charging, these innovations allow for more flexible device positioning and longer-range power delivery. Technological developments are cutting down on charging times.
According to the SPER Market Research, ‘Global Wireless Charging Market – By Technology Type, By Propulsion Type, By Operation- Regional outlook and Competitive strategies to 2033’ states that the Global Wireless Charging Market is estimates to reach USD 63.82 Billion by 2033 with a CAGR of 24.82%.
DRIVERS:
The increasing tendency of adding wireless charging capabilities to commonplace items like furniture, infrastructures, smart homes, and Internet of Things (loT) devices is what is propelling the wireless charging market. Users’ charging experience is streamlined through this integration, which is the direct integration of coils or charging pads into furniture elements like as workstations and tables. Airports and coffee shops are only two examples of public places where wireless charging is conveniently integrated into infrastructure. Adding wireless charging to a smart home is in line with the larger trend of automation and connectedness. The ease of charging without a cable is also a major factor in the rise in popularity of loT devices, which include a wide range of smart devices.
RESTRAINTS:
Wireless chargers are characterized by a number of standards, including Qi and Power Matters Alliance (PMA). These standards are intended to establish a common framework for wireless charging, however older devices or devices made by different manufacturers may still not work with certain types of wireless charging pads or surfaces. Devices that don’t fit the standards for Qi-compliant wireless charging cannot be used with the pad. For these kinds of devices, accessory makers are responding by offering external wireless charging solutions. Compatibility issues arise because different types of wireless chargers are needed for different devices, such as charging bowls, charging boxes, and pads. In order to accommodate several products, a consumer must buy numerous wireless chargers.
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The semiconductor and electronic sectors have been greatly impacted by the exponential increase in COVID-19 instances worldwide. Global market expansion was driven by the semiconductor industry’s continual evolution as well as shifts in customer purchasing behaviour. Due to growing demand for next-generation charging solutions, wired and cordless charging options are expected to become more popular during the forecast period. As work-from-home laws were put into effect, some governments throughout the world imposed nationwide lockdowns that had an impact on a range of commercial sectors. This in turn decreased the number of cars utilizing electric charging stations by decreasing the utilization of both electric and non-electric vehicles. The market for wireless electric charging stations was somewhat impacted negatively by these factors.
Wireless Charging Market Key Players:
Asia-Pacific is currently dominating the wireless charging market due to the rapid adoption of smart gadgets like smartphones, earbuds, and smartwatches, particularly in countries such as China, Japan, and South Korea. Major market players are Qualcomm Incorporated, WiTricity Corporation, Samsung Electronics Co. Ltd, Energizer Holdings Inc, Integrated Device Technology Inc, and others.
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Wireless Charging Market Growth
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