Wireless Charging Market To Reach USD 22.22 Billion at a 22.2 % of CAGR by 2030 - Market Research Future (MRFR)
Increasing Adoption in Healthcare Sector to Boost Wireless Charging Market Growth
New York, USA, May 30, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Wireless Charging Market Information by Technology, Components, Application – Market Forecast Till 2030”, the Wireless Charging Market could thrive at a rate of 22.2% between 2022 and 2030. The market size will be reaching around USD 22.22 Billion by the end of the year 2030.
Wireless Charging Market Key Players
Prominent market players profiled in the global wireless charging market report include
Samsung Electronics Co Ltd. (South Korea),
Texas Instruments Inc. (U.S.),
Integrated Device Technology Inc. (U.S.),
NXP Semiconductors (Netherlands),
Powermat Technologies Ltd (Israel),
WiTricity Corporation (U.S.),
PowerbyProxi (New Zealand),
Qualcomm Inc. (U.S.),
TDK Corporation (Japan), and
Convenient Power HK Limited (China).
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Scope of the Report - Wireless Charging Market:
Report Metrics | Details |
Market Size by 2030 | USD 22.22 Billion |
CAGR during 2022-2030 | 22.2% |
Base Year | 2021 |
Forecast | 2022-2030 |
Key Market Opportunities | The rise in disposable income and the changing customer preference to spend on high-quality consumer electronic goods built for the niche segment is accelerating market growth. |
Key Market Dynamics | Strong demand for smartphones. Growth in semiconductor industry. Developing market of IoT |
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Wireless Charging Market Drivers
Increasing Adoption in Healthcare Sector to Boost Market Growth
The increasing adoption of wireless charging in the healthcare sector will bolster market growth in the forecast period. Medical gadgets include implanted devices, insulin pumps, neurostimulators, & hearing aids may all be powered and recharged wirelessly. Wearable gadgets may now be readily recharged without having to be taken off the patient's body or disconnected from it thanks to wireless charging. Systems for patient monitoring, including wearable sensors or bedside monitors, can incorporate wireless charging. Wheelchairs & electric beds may come equipped with wireless charging systems that enable quick and easy charging without the inconvenience of attaching cords. Healthcare personnel may simply charge their devices sans any hassle of several charging wires by utilizing wireless charging technologies in healthcare facilities like hospitals or clinics. By doing away with cumbersome wires and lowering the possibility of stumbles or falls brought on by cables on the floor, wireless charging can improve the overall patient experience. Additionally, it lessens the possibility of electrical risks and could help to create a cleaner, more orderly workplace.
Opportunities
Growing Need for Electronic Devices to offer Robust Opportunities
During the projected period, the market for wireless charging is anticipated to be driven by the growing demand for electronic devices. Mobile phones, computers, and iPads can all be charged more efficiently thanks to the wireless charger or the wireless charging pad that comes with a portable wireless charging stand. For instance, according to Oberlo's (dropshipping app) current data, smartphones will be the most popular gadgets worldwide in 2022. In 2022, 96.1% of the users will have a mobile phone. The most popular type of mobile phone are smartphones. They are owned by 95.8% of customers globally. Today wireless charging station is available in plenty thus making charging hassle free. Only 7.7% of users, in comparison, use feature phones. These are smartphones that lack the more complex features of a smartphone, including an excellent camera, but still have the basic functions of being capable of making calls, sending messages, and accessing the internet. Thus, the market will expand due to the increasing demand for electronic gadgets that allow wireless charging.
Restraints and Challenges
Compatibility Issues to act as Market Restraints
The compatibility issues of wireless charging, strong preference of the customers for the traditional charging technology over a wireless phone charger, and comparatively slower charging may act as market restraints over the forecast period.
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Wireless Charging Market Segmentation
The global wireless charging market is bifurcated based on technology, components, and application.
By technology, inductive charging will lead the market over the forecast period.
By components, receivers will domineer the market over the forecast period.
By application, consumer electronics will spearhead the market over the forecast period.
Wireless Charging Market COVID-19 Analysis
The need for contactless technology to minimize physical contact and lower the danger of viral transmission has increased due to the epidemic. Without the need of wires or connectors, wireless charging offers a practical and sanitary charging option. Smart home technology has become more popular as a result of lockdowns, remote working, and people spending maximum time at home. Many of these gadgets use wireless charging, including wireless earbuds, smartwatches, and smartphones. The need for wireless charging solutions has been fueled by the shift to remote work and the growing reliance on the IoT devices at the time of the epidemic. On the other side, the epidemic has hampered international supply chains, delaying the manufacturing and shipping of wireless charging parts and gadgets. The epidemic has delayed the introduction of novel wireless charging goods and technology. The adoption of novel solutions has been hampered by travel restrictions, labor shortages, and disrupted R&D efforts.
Wireless Charging Market Regional Analysis
North America to Head Wireless Charging Market
North America grabbed the greatest percentage due to the growth of the electronics industry and a rise in EV sales. A number of manufacturers have increased their investments in wireless charging as a result of the rise in demand for energy-efficient & long-lasting charging systems for the electronic devices like power tools and portable gadgets. This demand has been fueled by the presence of numerous market players (Qualcomm, Plugless Power, Energizer, WiTricty, etc.) as well as the ongoing technological advancements in the consumer electronics industry, the automotive industry, and medical devices. All of these elements are considerably boosting regional market expansion.
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Industry Updates:
May 2023 - Google's newest, most affordable Pixel smartphone is now available. The $499 Pixel 7A was just unveiled by the business. It is more difficult than ever to distinguish the "budget" A-series phone from the Pixel 7 that was unveiled last autumn in terms of style. Google has also included additional features including a high-refresh display, a wireless charging, & an improved camera in the face of increased competition at the 7A's pricing range.
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