Wireless Charging Market Trends 2023, Industry Share, Growth Drivers, Demand, Key Players, Challenges, Business Opportunities and Competitive Analysis Till 2033: SPER Market Research

The transfer of energy from a power source to a consuming item without the use of cables or connectors is referred to as wireless charging. A charging station (or transmitter) broadcasts the energy, which a receiver (placed in a device) receives and charges.

Wireless charging is a dependable, convenient, and safe way to power and charge electrical equipment. Furthermore, because no physical connectors or cables are utilized, it outperforms traditional charging options in terms of efficiency, cost-effectiveness, and safety. It also ensures that all devices (handheld industrial gadgets, telephones, heavy-duty equipment, and so on) are fully charged and ready for use.

According to SPER market research, ‘Wireless Charging Market Size- By Application, By Technology, By Industry Vertical - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Wireless Charging Market is predicted to reach USD 63.82 billion by 2033 with a CAGR of 24.82%.

The need for simultaneous multi-device charging stations that offer high-speed wireless charging is rising in the consumer electronics market. With the help of these wireless multi-device chargers, you can simultaneously charge your laptops, smartphones, smartwatches, and other electronic devices without worrying about any technical problems like overheating. An advanced temperature management technology is featured in these chargers. These Qi-based multi-device chargers are faster, more portable, and easier to carry than cable chargers because there is no connection. Additionally, a number of industry participants are focusing on creating and promoting new Qi-based chargers in order to meet the enormous demand for wireless simultaneous charging stations. This helps the footprints of important market players to grow.

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Consumer devices like laptops and cellphones cost 50% more to charge wirelessly than they do when charging wiredly. The high cost of cordless charging lowers the profit margins of companies that manufacture consumer goods, such as Xiaomi, Samsung, Apple, and others. Cordless charging drives up the cost of an electric vehicle charging station. The transmitter, rectifier, inductive plate, and receiver of a wireless and cordless charger cost more than those of earlier models. The high cost of internal cordless charger components drives up overall expenses, which in turn drives up the final price of the product.

Impact of COVID-19 on Global Wireless Charging Market

The electrical and semiconductor industries have been significantly impacted by the worldwide rise in COVID-19 incidents. Global market expansion was fueled by shifts in client purchasing habits and the dynamic semiconductor sector. The increasing need for next-generation charging solutions is anticipated to drive up demand for both wired and cordless charging options over the course of the projection period. Many governments throughout the world implemented nationwide lockdowns in response to the introduction of work-from-home rules, which had an impact on a variety of business sectors. This thus decreased the number of cars utilizing electric charging stations by decreasing the utilization of both electric and non-electric vehicles. These elements had a little detrimental effect on the market for wireless charging stations.

Wireless Charging Market Key Players:

Furthermore, the market share of wireless charging is dominated by Asia Pacific. It is becoming a more powerful area in the world market. The factors promoting market growth in the region include the sufficient availability of cutting-edge electric car manufacturing units and contemporary research and development facilities in growing nations like China, South Korea, Japan, Singapore, and Taiwan. Emerging nations like Australia, India, and the ASEAN nations are essential to the expansion of the regional market. China, Singapore, and India are concentrating on boosting the production of electric cars and related equipment, which draws foreign investors to India to establish production facilities and fuels the expansion of the industry. Additionally, some of the market key players are Samsung Electronics Co. Ltd., Qualcomm Incorporated,  Integrated Device Technology Inc., Texas, WiTricity Corporation, Energizer Holdings Inc., Instruments, Powermat Technologies Ltd., Murata Manufacturing Co. Ltd., Sony Corporation, Ossia Inc.

Global Wireless Charging Market Segmentation:

By Application: Based on the Application, Global Wireless Charging Market is segmented as; Commercial Charging Station, Home Charging Unit.

By Technology: Based on the Technology, Global Wireless Charging Market is segmented as; Inductive, Resonant, Radio Frequency, Others.

By Industry Vertical: Based on the Industry Vertical, Global Wireless Charging Market is segmented as; Consumer Electronics, Automotive, Industrial, Healthcare, Aerospace & Defence,

By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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Wireless Charging Market Future Outlook

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