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Global Wireless Charging Market Analysis/Forecast Report 2024-2029: Burgeoning Opportunities to Charge Warehouse Trucks and Development of Faster and More Efficient Wireless Charging Technology
DUBLIN, Feb. 29, 2024 /PRNewswire/ -- The "Global Wireless Charging Market by Implementation (Transmitters, Receivers), Technology (Magnetic Resonance, Inductive, Radio Frequency), Application (Automotive, Consumer Electronics, Healthcare) and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The wireless charging market is expected to reach USD 16.0 billion by 2029 from USD 6.4 billion in 2024, at a CAGR of 20.3% from 2024-2029
The report will help the market leaders/new entrants with information on the closest approximate revenues for the overall wireless charging market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.
Rising adoption of smart and portable devices, increasing demand for wireless charging in electric vehicles, rising requirement for multi-device charging stations, increasing trend of integrating charging capabilities into furniture, infrastructures, smart homes, and IoT devices.
Major players in the wireless charging market include Energizer (US), SAMSUNG (South Korea), Plugless Power Inc. (US), Ossia Inc. (US), and Qualcomm Technologies, Inc. (US) and others.
Inductive technology segment is to hold the largest market share of wireless charging market in 2023
Inductive technology is widely utilized in wireless charging due to its effectiveness, convenience, and widespread acceptance. Specifically employed in the Qi wireless charging standard, inductive systems establish a close coupling between the coils of the transmitter and receiver, minimizing energy loss during the charging process.
Known for its effectiveness in power transfer and minimized energy loss, inductive technology is widely accepted in consumer electronics like smartphones and wearables. Inductive technology is used to wirelessly charge mid-sized electronic devices, such as mobile phones, personal digital assistants (PDA), MP3, medical devices, electric toothbrushes, and power tools.
Consumer electronics application is to hold the largest market share of wireless charging market in 2023
Consumer electronics dominate the wireless charging market, commanding the largest market share, primarily due to the widespread integration of wireless charging technology into everyday devices. The widespread presence of smartphones, a focus on enhancing user convenience, and the pursuit of seamless experiences have fueled the extensive acceptance of wireless charging in devices like smartphones, tablets, smartwatches, and other gadgets.
The demand for wireless charging is heightened by the popularity of wearable technology, particularly smartwatches, which intensifies the desire for cable-free and convenient charging experiences. Product differentiation is a key factor, with wireless charging capabilities serving as a unique selling point in the competitive consumer electronics market. The industry's global influence, trendsetting nature, and innovation contribute to its leadership in the wireless charging market, supported by the growing consumer preference for the desirable feature across various devices and rising disposable incomes.
The US in holds the largest market share of wireless charging market in 2023
North America comprises the US, Canada, and Mexico. The rising demand for wireless charging in electric vehicles, smart devices, furniture and infrastructure, and healthcare expected to support the market growth in North America. In the US, rapid adoption of technologies and product development are estimated to play a significant role in market growth.
The US manufacturing industry is one of the largest in North America. The growth of manufacturing facilities has increased the demand for wireless chargers in the US. The growth of the market in US is also attributed to presence of prominent market players such as Energizer (US), Plugless Power Inc. (US), Ossia Inc. (US), Qualcomm Technologies, Inc. (US), Leggett & Platt, Incorporated (US), Texas Instruments Incorporated (US), WiTricity Corporation (US).
Premium Insights
- Growing Adoption of Internet of Things (IoT) and Other Electronic Devices to Create Lucrative Opportunities for Market Players
- Inductive Segment Accounted for Largest Share of Wireless Charging Market in 2023
- Consumer Electronics Segment to Lead Wireless Charging Market During Forecast Period
- India to Register Highest CAGR in Wireless Charging Market Between 2024 and 2029
Case Study Analysis
- Electrified Transportation Company Deployed Wireless Charging Systems for Electric Vehicles
- Momentum Dynamics Deployed Wireless Charging System at Columbia Station in Wenatchee, Wa, US, to Charge Link Transit Buses with Momentum Dynamics Charging
- Daihen Corporation Incorporated Wireless Charging Technology for Industrial Applications Under Witricity License
- Delta Electronics Deployed Wireless Charging Technology Provided by Witricity Corporation to Revolutionize Warehouse Management
Market Dynamics
Drivers
- Rising Adoption of Smart and Portable Devices
- Increasing Sales of Electric Vehicles and Demand for Wireless Charging
- Rising Requirement for Multi-Device Charging Stations
- Increasing Trend of Integrating Wireless Charging Capabilities into Furniture, Infrastructures, Smart Homes, and IoT Devices
Restraints
- Compatibility Issues Associated with Wireless Charging Devices
Opportunities
- Use of Wireless Technology to Charge Warehouse Trucks
- Development of Faster and More Efficient Wireless Charging Technology
Challenges
- High Investments in Implementing Large-Scale Wireless Charging Infrastructure for Electric Vehicles
- Preference for Traditional Charging Technology
- Limited Range of Wireless Chargers
Technology Analysis
- Internet of Things (IoT)
- Artificial Intelligence (AI)
- Predictive Maintenance
- Industry 4.0
Standards
- Qi Standard
- Airfuel Alliance
- Power Matters Alliance (Pma)
- Iso 15118-20
- China Gb Standards for Wireless Charging of Electric Vehicles
- Radio Equipment Directive
- En 301 489-1 & -3 (Emc)
- Etsi En 303 417 (Radio)
- Standards for Wireless Charging
Company Profiles
Key Players
- Energizer
- Samsung
- Plugless Power Inc.
- Ossia Inc.
- Qualcomm Technologies, Inc.
- Leggett & Platt, Incorporated
- Infineon Technologies AG
- Renesas Electronics Corporation
- Texas Instruments Incorporated
- Witricity Corporation
Other Players
- Anker Innovations
- Convenientpower
- Energous Corporation
- Inductev Inc.
- Mojo Mobility Inc.
- Nucurrent
- Portronics
- Powercast Corporation
- Powermat
- Powersphyr Inc.
- Puls GmbH
- Wibotic
- Wi-Charge
- Wireless Advanced Vehicle Electrification, LLC.
- Zens
For more information about this report visit https://www.researchandmarkets.com/r/5qwa8a
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