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WIRELESS CHARGING SYSTEMS MARKET REPORT OVERVIEW

Global wireless charging systems market market size was projected at USD 15.98 billion in 2024 and is anticipated to reach USD 388.85 billion by 2033, registering a CAGR of 42.1% during the forecast year.

Wireless charging, also known as inductive charging, is a wireless transfer method that uses electromagnetic induction to generate electricity for portable devices. Commonly used in smartphone, tablets and smartwatches, it works on the principle of inductive power transfer (IPT), where energy is transferred between two objects through an electromagnetic field. Consisting of receiver and transmitter components, wireless charging also includes other technologies such as resonant charging and radio frequency technology.

The distinct advantages of wireless charging for electric cars compared to wire charging are key drivers of the market. This includes zero-emission technology, a sustainable environment, and convenient operation, elimination of carrier cables and compact size of batteries used in production. Wireless charging is a reliable, convenient and safe technology for charging and recharging electrical devices. In addition, it offers efficient, cost-effective and safer advantages over traditional charging systems by eliminating the need for physical plugs and cables. In addition, it maintains a constant power transfer to ensure that all types of devices (portable industrial devices, smartphones, heavy equipment and more) are charged and easily accessible.

COVID-19 IMPACT

"Increased Usage Of Electric Cars During The Pandemic Increased Environmental Awareness Market"

The COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The exponential growth of COVID-19 cases worldwide has significantly affected the electronics and semiconductor sector. The ever-evolving semiconductor industry and Changes in customer purchasing behavior have accelerated the expansion of the global market. Growing demand for next-generation charging solutions is expected to drive demand for wired and wireless charging systems during the forecast period.

Several government agencies around the world have imposed nationwide restrictions, which affected several business sectors when the work-from-home policy was introduced. This in turn reduced the use of electric or non-electric cars, which further reduced the number of cars in electric charging stations. These factors had a somewhat negative effect on wireless charging systems industry. The emergence of the COVID-19 pandemic has devastated the world and affected all aspects of society. Partial or complete shutdowns in various regions have disrupted the global supply chain, causing significant financial losses, and the market is no exception. Market players faced challenges in sourcing raw materials and supplying finished products with disrupted supply chains. As a result, the growth of the market has slowed during the COVID-19 pandemic.

LATEST TRENDS

"Demand For Semi-Autonomous Vehicles Is Growing Which Foster Market Growth"

The demand for semi-autonomous vehicles has grown significantly in recent years. The development of such cars will boost the growth of the electric wireless charging systems market during the forecast period. Semi-autonomous vehicles are self-driving vehicles that recognize their own environment and navigate to a destination with partial human physical input and can be controlled by voice commands. These cars are equipped with advanced features such as parking assist, collision avoidance and advanced cruise control. Integrating wireless charging of electric car into their vehicles can further enhance this convenience by allowing drivers to effortlessly charge their vehicles without having to physically plug them into an outlet.

WIRELESS CHARGING SYSTEMS MARKETSEGMENTATION

By Type

According to type, the market can be segmented into inductive, resonant, RF, and others.

Inductive is anticipated to be the leading segment.

By Application

Based on application, the market can be divided into electronics, automotive, industrial, healthcare, and aerospace & defense.

Electronics will be the dominating segment.

DRIVING FACTORS

"Ability To Charge Multiple Devices Simultaneously To Accelerate Market Growth "

Simultaneous charging of multiple devices is driving the market growth. As the use of electronic devices continues to grow, the need for efficient and convenient charging solutions becomes paramount. Consumers often have multiple devices, such as smartphones, smartwatches, headphones and tablets, all of which require regular charging. The ability to charge multiple devices simultaneously provides a convenient and hassle-free charging experience, makes daily routines easier and increases user satisfaction. This demand for multi-device charging solutions has led to the development of advanced wireless charging technologies that can power multiple devices simultaneously. Manufacturers in the wireless charging market are focused on creating versatile and efficient charging platforms or stations that can accommodate multiple devices at once. Simultaneous charging of multiple devices is expected to increase the adoption of wireless charging technology across various industries and consumer segments, contributing to significant market growth in the coming years.

"Increasing Use Of Wireless Chargers In Electronic Devices to Fuel Market Growth"

The growth in the use of wireless chargers in consumer electronic devices is a major market driver for the global wireless charging market. As consumer electronic devices continue to play an important role in everyday life, the demand for convenient and simple charging solutions has increased. Wireless chargers offer a user-friendly and hassle-free charging experience, eliminating the need for cables and plugs. With the rise in popularity of smartphones, smart watches, wireless headphones and other portable devices, the demand for wireless charging technology has increased significantly. Manufacturers are constantly innovating and improving wireless charging solutions to serve a variety of devices and provide efficient charging options. In addition, the integration of wireless charging technology into various public spaces, homes and workplaces has further accelerated its adoption. The convenience and ease of use offered by wireless chargers are expected to significantly increase the global wireless charging market, making it a major market driver in the consumer electronics industry.

RESTRAINING FACTOR

"Slow Download Speed Of Wireless Charging Likely To Slow Down The Market Growth "

The slow charging speed of wireless charging is expected to hinder the wireless charging systems market growth during the forecast period. Although wireless charging technology offers convenience and eliminates the need for cables, its charging speed is relatively slower than traditional cable charging methods. Consumers, especially in the fast-paced world of modern technology, prefer fast and efficient charging solutions for their electronic devices. The relatively slower charging speed of wireless chargers may prevent some users from fully adopting the technology, especially when it comes to powerful devices such as smartphones and laptops. In addition, load distance and alignment requirements can also affect overall load efficiency by increasing load times. To overcome this limitation, manufacturers in the wireless charging market are actively investing in research and development to improve charging speed and efficiency, to provide users with faster and more reliable wireless charging solutions.

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WIRELESS CHARGING SYSTEMS MARKET REGIONAL INSIGHTS

"North America to Lead the Market Due To The Increasing Development Of Technology "

North America dominated the market and accounted for the largest wireless charging systems market share in 2022. North America leads the wireless charging market with significant turnover. The growth of the wireless charging market in the North America region is attributed to the increasing development of technology.

Growing usage of electronic devices such as laptops, tablets, smartphones and other devices is expected to drive the development of the market in the region during the forecast period. The desire of consumers to spend more on such electricity, especially for smartphones and tablets, has led to North America, especially the U.S., being an important regional segment. Private investments from key players such as WiTricity North America, Evatran and Fulton Innovation LLC along with government support are closing the investment gap in the automotive wireless charging system industry, which is expected to accelerate growth in the region. The growth in electric vehicle sales is expected to complement the growth in infrastructure, which will directly affect the market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.

List of Top Wireless Charging Systems Companies

• Powermat Technologies (Israel)
• WiTricity (U.S.)
• Energizer (U.S.)
• MediaTek, Inc. (Taiwan)
• Convenient Power Ltd. (U.K.)
• Leggett & Platt, Inc. (U.S.)
• Mojo Mobility, Inc. (U.S.)
• Sony (Japan)
• Samsung (South Korea)
• Qualcomm (U.S.)
• Texas Instruments (U.S.)
• Renesas Electronics (Integrated Device Technology, Inc.) (U.S.)
• Zonecharge (China)
• Plugless (Evatran) (U.S.)
• Toshiba (Japan)

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.