DataM Intelligence | Wireless Charging MarketAsia Pacific Wireless charging market is projected to produce the largest CAGR from 2022 to 2029, owing to the occurrences of emerging countries such as India, and China.Wireless Charging Market Outlook 2022-2029:
Wireless Charging Market is projected to grow at a CAGR of probable 30% from the forecast period of 2022 to 2029.
Wireless charging is the method of electrically charging battery-powered devices and equipment without the need for a wired electrical power connection. Furthermore, it maintains the continuous transfer of power to ensure all varieties of devices such as smartphones, wearable devices, and others are charged and readily available to use. Radio Frequency, inductive and resonant are the different technologies used in wireless charging.
The wireless charging method is a useful, steadfast, and secured technology to charge electrical devices. Furthermore, wireless chargers give cost-effective, capable and safer benefits than the traditional charging technique by removing the use of physical cables and connectors.
The increasing acceptance of wireless techniques in the consumer electronics industry, and the rising revenue of EVs (electric vehicles) are some of the major elements driving the growth of the global Wireless charging market. Moreover, the rise in the use of wireless to charge warehouse trucks will make lots of opportunities for wireless charges in the coming years.
The surge in electric vehicles, continuously growing portable electronics devices and wearable devices market, and constant requirements of farming ambient RF power are expected to drive the market growth over the forecast period. The inductive wireless charging segment controlled the wireless charging market in the position of revenue share in 2019 and is projected to continue the same growth over the forecast period. The electronics segment registered the largest market share in 2019, and the healthcare segment is projected to show the largest growth rate from 2022 to 2029.
Market Growth:
Generally, wireless power transfer is used in smartphones, wearable electronics, portable devices, and other electronic devices. An increase in acceptance of effective charging methods for wearable devices and portable electronics will raise the lifespan of the device and is expected to confirm the prominent growth of the electronics wireless charging sector. Furthermore, the Internet of Things is getting trends.
Besides, wireless charging is the initial need for portable electronics product-focused by IoT such as digital cameras and Camcorders, Smartphones, Laptops & tablets, wearable electronics, and home electronics. Therefore, the rise in popularity of the Internet of Things market is projected to benefit an opportunity for the growth of the global market.
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Impact of COVID-19 on the Industry:
At the time of the fast spread of the COVID 19, several countries’ governments have implemented some restrictions to control the spread of coronavirus such as lockdowns and closing the business temporarily. COVID 19 has affected several industries such as automotive, manufacturing, consumer electronics, and transportation. The close-in manufacturing actions have impacted the manufacturing of smartphones, laptops, vehicles, drones, wearable devices, and wireless charges which is prominently affecting the wireless charging industry.
Regional share Insights:
Asia Pacific Wireless charging market is projected to produce the largest CAGR from 2022 to 2029, owing to the occurrences of emerging countries such as India, and China. The Asia Pacific region is a major raw material production place for automotive, consumer electronics, and healthcare segments. Though owing to the covid-19 pandemic, several economies declared lockdown that stopped manufacturing activities, interrupted supply chain activities, and revenue losses, these factors affected several industries such as the wireless charging market in the Asia Pacific region in 2020.
North America registered for the utmost share due to the enhancement of the electronics market and increase in sales of electronic vehicles.
Europe region was the second highest producer of revenue and the region is projected to show prominent growth over the forecast period, due to the increase in the demand for fuel effective and long life charging systems for electronic products such as portable gadgets and power tools. Besides, the robust automotive sector will additionally the market growth in the European region over the forecast period 2022-2029.
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Geographical Classification:
North America
Europe
Asia Pacific
Latin America
The Middle East and Africa
Rest of the world
Competitive Analysis and Major Companies Profiled in the Market:
The major companies acquire collaboration, agreements, and partnerships as their major growth strategies to improve the revenue of the market and grow new products to progress their product portfolio. Some of the major companies listed below are; Qualcomm Technologies, Inc, Ubeam, Powermat, Semtech, Toshiba Electronic Devices and Storage Corporation, Integrated Device Technology, Inc., Powercast Corp, and Samsung Electronics Co., Ltd., Witricity Corporation, and Tdk Corporation are the major key player's.
The Full Report has the below insights.
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- Visualize the composition of Wireless charging Market segmentation By Technology, Component, By Application, and Region, highlighting the key commercial assets and players.
- By Technology
- By Application
- By Component
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