by Wireless charging or inductive charging is a type of power transfer which uses electromagnetic induction between two objects to transmit electricity without connectors. Wireless charging gives users the flexibility to charge their devices without plugging them in. Various types of products are integrated with wireless charging capabilities including smartphones, smartwatches, portable speakers, health and fitness trackers, and more. Smartphones are one of the major applications of wireless charging technology. Currently, various smartphone manufacturers like Samsung, Huawei, and others have introduced smartphones with wireless charging capabilities. Integration of wireless charging in other consumer electronic devices is expected to drive the growth of the overall wireless charging market over the forecast period.
The global Wireless Charging Market is estimated to be valued at US$ 7.1 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major driver expected to boost the wireless charging market is integration in consumer electronics. As mentioned earlier, wireless charging technology is increasingly being integrated into various consumer electronic devices like smartphones, portable speakers, smartwatches, and others. This enables users to easily charge devices without the hassle of plugging and unplugging charging cables. Manufacturers are also focusing on standardization of wireless charging solutions to provide seamless integration and improve charging efficiency. Growing adoption of electric vehicles is also fueling the demand for wireless charging pads and systems as they offer convenience to users for contactless power transfer. Growing preference for technically advanced features in electronic devices and standardization of wireless power transfer solutions are the major factors expected to drive the growth of global wireless charging market over the forecast period.
Segment Analysis
The global wireless charging market is segmented based on technology into inductive, resonance and radio frequency (RF). Among these, the inductive segment currently dominates the market, accounting for over 50% share. This is due to widespread availability of devices supporting inductive wireless charging technology. The resonance segment is expected to witness the fastest growth during the forecast period. This is because resonance technology enables charging over distances that are greater than inductive technology without any contact, making it convenient for charging devices placed apart.
PEST Analysis
Political: Regulations regarding emission of radio frequencies during wireless charging poses some challenges for market growth. However, the rising government support for development of wireless charging infrastructure and funding developmental projects is expected to drive market growth.
Economic: Rising disposable incomes and growing demand for technologically advanced devices is fueling the need for wireless charging solutions. However, high costs associated may restrict adoption, especially in price sensitive markets.
Social: Changing lifestyles and trends of on-the-go usage of mobile devices is driving demand for convenience charging solutions. Wireless charging eliminates the hassle of wires and plugs.
Technological: Advancements in wireless technologies such as magnetic resonance and laser beam charging are increasing charging range and efficiency. Integration of wireless charging technology in smart devices and smart home appliances are expanding application scope. However, technological incompatibilities limit universal adoption.
Key Takeaways
Global Wireless Charging Market Demand is expected to witness high growth at a CAGR of 5.8% during the forecast period of 2023 to 2030. This is attributed to rising penetration of smart devices and growing consumer inclination towards convenient charging solutions.
Regionally, North America is expected to remain the dominant market, aided by strong technological advancements and high disposable incomes. China is projected to register the fastest growth on account of extensive governmental support for development of wireless charging infrastructure. Key players operating in the wireless charging market are Nippon Shokubai Co. Ltd., Evonik Industries AG, BASF SE, Yixing Danson Technology, Kao Corporation, Sumitomo Seika Chemicals Co. Ltd., San-Dia Polymers Global Co. Ltd., Sanyo Chemicals Industries, Formosa Plastics Corporation, and LG Chemicals Ltd.
Key players analysis
Key players operating in the wireless charging market are Nippon Shokubai Co. Ltd., Evonik Industries AG, BASF SE, Yixing Danson Technology, Kao Corporation, Sumitomo Seika Chemicals Co. Ltd., San-Dia Polymers Global Co. Ltd., Sanyo Chemicals Industries, Formosa Plastics Corporation, and LG Chemicals Ltd. These leading players are focusing on new product launches and partnerships to expand their business and capture more market share. For instance, in 2022 Nippon Shokubai Co. Ltd partnered with LG Chem to mass produce polyacrylic acid for use in superabsorbent polymers and lithium-ion battery materials.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
