May 29, 2024
Wireless Charging Market

Wireless Charging Market is Estimated to Witness High Growth Owing to Advancements in Inductive Charging Technologies

Wireless charging is a technology which uses inductive charging to power electronic devices without using cables or wires. Wireless charging offers several advantages over wired charging such as convenience, ease of use, and protection against wear and tear of ports. Devices such as smartphones, smartwatches, wireless headphones, and electric vehicles are increasingly being equipped with wireless charging capabilities which is driving the demand for wireless charging solutions worldwide.

The Global Wireless Charging Market is estimated to be valued at US$ 8.18 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in The Wireless Charging Market are 3M, Abbott, Bayer AG, F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher & Paykel Healthcare Limited. These players are focusing on developing advanced wireless charging solutions through R&D, strategic partnerships and acquisitions.

The growing sales of smartphones and smart wearables along with the increasing deployment of electric vehicles present significant growth opportunities for players in the wireless charging market. Wireless charging solutions help reduce charging downtime and cabling requirements especially for heavy duty applications like electric vehicles.

Technological advancements like magnetic resonance charging technology are allowing devices to charge across distances without requiring precise coil alignment. Induction charging standards like Qi are enabling interoperability between devices and charging pads from different manufacturers. Developments in areas like contactless charging shelves and furniture could make wireless power a ubiquitous feature in the future.

Market drivers

The convenience of inductive wireless charging compared to wired charging is a key driver of market growth. Wireless charging eliminates the hassle of cables and plugs for recurring charging needs. It especially enhances usability for devices that require frequent charging like smartphones. The proliferation of smartphones and increasing wireless power needs of smart wearables and other cord-cutting electronics will continue driving the wireless charging market over the forecast period.

Current Challenges in the Wireless Charging Market

The wireless charging market is still growing and facing various challenges. Key issues include high costs of technology development and production which is leading to higher prices of wireless charging devices and accessories. Interoperability between devices of different manufacturers due to lack of common standards is another big challenge restricting widespread adoption. Consumer awareness about this technology is still limited which affects demand generation. Dependence on non-renewable resources for powering wireless charging coils is an environmental concern. Maintaining efficiency over distances beyond a few centimeters is a technical barrier that needs more innovations. Overall, costs need to come down through economies of scale while standardization and R&D on improving technical capabilities will be crucial for the future of this industry.

SWOT Analysis

Strength: Wireless charging eliminates needs for ports and cables, providing more convenience to users. It can facilitate automation in various applications.
Weakness: Higher costs than wired charging currently. Issues regarding efficiency and heating over longer ranges.
Opportunity: Mainstream adoption in mobile devices and emergence of newer applications like electric vehicles charging presents huge market potential.
Threats: Slow standardization process hampers progress. Dependence on rare earth metals raises supply concerns over long term.

In terms of value, the Asia Pacific region currently dominates the wireless charging market attributed to robust electronics manufacturing industries and rising living standards in countries like China and India. North America is the second largest regional market driven by high smartphone penetration and growing sales of electric vehicles.

The electric vehicles segment within the wireless charging market is expected to witness fastest growth during the forecast period. Many automakers are developing electric vehicles with wireless charging capabilities. This is projected to revolutionize automotive refueling solutions over the coming decade. Countries like the US, China and various European nations are promoting electric mobility to reduce emissions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it