The Global Wireless Charging Market is Expected to Witness High Growth Owing to Rising Adoption of W

Author : naufan cmi | Published On : 10 May 2024

The global wireless charging market revolves around wireless power transfer technology that allows charging of various devices without being physically attached to a power cord. Its key advantages include convenience, portability and seamless charging experience for users. The growing popularity of smartphones, smartwatches, laptops and other smart devices requiring frequent charging along with declining battery lives have fueled the demand for efficient wireless charging solutions. Wireless charging has emerged as a user-friendly and sustainable alternative to wired chargers.

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 new product launches and strategic collaborations to strengthen their market position.

The growing demand for smart and efficient gadgets is fueling profitable opportunities in the wireless power transfer technologies space. Additionally, increasing adoption of IoT devices requires scalable charging solutions, representing a key growth area.

Major players are expanding globally to tap growth opportunities in emerging markets of Asia Pacific, Middle East, Africa and Latin America. Favorable government policies supporting wireless charging infrastructure and growing consumer awareness are encouraging global expansion.

Market drivers: Growing sales of smartphones and smartwatches are a key driver as they require frequent charging. Additionally, the convenience of placing devices on a charger pad instead of plugging cables is fueling consumer preference for wireless technology.

Market restraints: High initial costs of wireless charging solutions and limited standardization of technologies are some challenges slowing broader acceptance. Device incompatibility and line of sight requirements for effective charging are also restraining widespread adoption.

Segment Analysis
Receivers subsegment dominates the wireless charging market currently owing to their wide ranging applications for consumer electronics devices. More than half of the market share is captured by receivers used wireless charging enabled smartphones. Advances in wireless charging technology and growing popularity of wearable consumer electronics has opened up new growth avenues for transmitters. While transmitters were earlier limited to wireless charging pads and stands, wide range and fast charging variants are gaining traction. Industrial applications of wireless charging are opening new frontiers especially for robotics, automation and electric vehicles charging. Healthcare and medical devices is another emerging sub segment led by innovations in implantable medical devices wireless charging.

Global Analysis
Asia Pacific region accounts for largest share of the global wireless charging market currently. Presence of leading smartphone manufacturers and growing middle class demand for advanced consumer devices in China, India drives significant demand. North America follows Asia Pacific owing to rapid adoption of newer technologies and existence of key players. Considerable investments and focus on electric mobility by European automakers is supporting market expansion in the region. Government initiatives promoting use of electric vehicles and investments in advanced charging infrastructure in countries like Germany and UK offers opportunities.

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