Wireless Charging Global Market Report 2023: Sector to Reach $71.47 Billion by 2030 at a 15.8% CAGR

DUBLIN, April 19, 2023 /PRNewswire/ -- The "Wireless Charging Market by Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast 2023-2030" report has been added to  ResearchAndMarkets.com's offering.

Wireless Charging Market size was valued at USD 18.21 billion in 2022, and is predicted to reach USD 71.47 billion by 2030 with a CAGR of 15.8% during the forecast period, 2023 to 2030.

Rise in adoption of wireless technology in consumer electronics such as smartphones, laptops, and wearable devices drives growth of the market. Moreover, increase in government initiatives to introduce vehicles with low carbon emissions to protect the environment and human health further propels demand for wireless charging.

For instance, in March 2022, the U.S. state of Washington passed a bill that stated all vehicles sold, purchased, or registered in Washington State from 2030 shall be EVs. Hence, governments are introducing wireless chargers for safer, convenient, and faster charging systems.

However, high cost of wireless chargers hinders growth of the market. On the contrary, introduction of air charging that uses electromagnetic waves to charge devices without the need for any physical contact or even a charging pad creates ample growth opportunities for the market growth.

Market Dynamics

Drivers

• Increase in the Sales of Electric Vehicles (Evs)
• Rising Adoption of Wireless Technology in Consumer Electronics

Restraints

• High Cost and Limited Range of Wireless Chargers

Opportunities

• Introduction of Air Charging Creates Growth Opportunities for Wireless Charging Market

Segment Overview

The global wireless charging market is segmented on the basis of technology, industry vertical, and region.

• By technology, the market is classified into inductive, resonant, radio frequency, and others.
• By industry vertical, the market is segmented into electronics, automotive, industrial, healthcare, and aerospace & defense.
• Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.

Regional Analysis

Asia-Pacific is projected to hold a dominant share in the market by 2030.

Asia-Pacific dominates the wireless charging market, and is potentially expected to remain dominant throughout the forecast period. Rise in adoption of smart gadgets such as earbuds and smartwatches in the region propels growth of the market.

In addition, rise in sales of smartphones such as Sony Xperia 1 Mark V and Sony Xperia 5 Mark IV, which support wireless charging propel growth of the wireless charging market.

For instance, in September 2022, Sony launched Xperia 5 Mark IV. This phone offered plenty of power with a 5,000 mAh battery and adaptive wireless charging that allows the battery life to be extended up to three years. Xperia 5 Mark IV also offered battery share to easily charge additional devices. Hence, such factors propel the market growth.

Key Market Players

Emerging and efficient key players in the wireless charging research include companies such as:

• Renesas Electronics Corporation
• Murata Manufacturing Company Ltd
• Qualcomm Incorporated
• Samsung Electronics
• Sony Corporation
• Xiaomi Corporation
• Energizer Holdings Inc
• Texas Instruments Inc
• Witricity Corporation
• Robert Bosch GMBH

Recent Developments

December 2022

Murata launched a new compact low-cost low-power wide area network (LPWAN) wireless product. The solution combines Semtech's LoRa Edge LR1110 transceiver IC and RF components and switch for a complete design. It is powered with a wide voltage range of 1.8 to 3.6V and can be utilized in an operating temperature range of -40 to 85 degrees C.

March 2022

Renesas Electronics Corporation launched a customer reference design for automotive wireless charging stations. The new P9261-3C-CRBv2 provides features that enable automotive manufacturers to quickly and efficiently deliver premium performance and safety features for in-cabin wireless charging.

May 2021

Robert Bosch engineering and business solutions (RBEI) launched a new phantom edge AIoT platform. This combines the power of artificial intelligence and the internet of things to provide a real-time view of electrical energy consumption, operating usage, electrical parameters, and appliance-level information.

May 2021

Texas Instruments (TI) launched new bidirectional buck/boost converter with an ultra-low quiescent current (IQ) of 60 nA - one-third the IQ of competing boost converters. The TPS61094 buck/boost converter integrates a buck mode for supercapacitor charging while providing ultra-low IQ, enabling engineers to extend battery life by as much as 20% when compared to commonly used hybrid-layer capacitors (HLCs) making it one of the best ICs for wireless chargers.s

January 2021

Xiaomi launched new wireless charging technology, named Mi Air Charge Technology. This new technology helps users charge their electronic devices remotely without any cables or wireless charging stands.

KEY BENEFITS

• The wireless charging market report provides quantitative analysis of the current market and estimations from 2023 to 2030 to identify the prevailing market opportunities.
• The study comprises a deep dive analysis of the wireless charging market including current and future trends to depict prevalent investment pockets in the market.
• Information related to key drivers, restraints, and opportunities and their impact on the wireless charging market is provided in the report.
• Competitive analysis of the market players, along with their market share in the wireless charging market is provided in the report.
• SWOT analysis and Porters Five Forces model is elaborated in the report.
• Value chain analysis in the market study provides a clear picture of role of stakeholders.

Key Topics Covered:

1. Introduction

2. Wireless Charging Market - Executive Summary

3. Market Overview

4. Market Share Analysis

5. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/8fm4tw

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