Wireless Charging Market is estimated to Witness High Growth Owing to Rising Adoption of Wireless Charging Technology
The global wireless charging market is estimated to be valued at US$ 27.65 billion in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024-2030.
Naufan Cmi
The wireless charging market involves the charging of devices wirelessly through the use of inductive charging, resonant charging, and RF-based charging. Wireless charging offers various advantages over wired charging such as convenience, safety, and sustainability. With increasing smartphone and wearable ownership worldwide, the demand for wireless charging is rising significantly as it provides hassle-free charging experience to users on the go. Moreover, wireless charging solutions help reduce cable clutter and prevent device and cable damage due to frequent plugging/unplugging of cables.
The global wireless charging market is estimated to be valued at US$ 27.65 billion in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024-2030.
Key Takeaways
Key players operating in the Wireless Charging Market Companies are Samsung Electronics, LG Electronics, Qualcomm Technologies, Texas Instruments, and MediaTek.
The rising demand for technologically advanced consumer electronics and increasing investments by OEMs in the development of devices compatible with wireless charging standards present significant growth opportunities in the market.
Major players are focusing on partnerships and collaborations with smartphone manufacturers and automakers to leverage opportunities across different regions. For instance, in 2022, Samsung partnered with Volkswagen to provide wireless charging solutions for electric vehicles.
Market Drivers
The rapid adoption of wireless charging technology across smartphones, wearables, and automotive sectors is a major factor driving the Wireless Charging Market Growth. Wireless charging solutions offer convenience to users by eliminating the need for frequent plugging/unplugging of devices for charging. Growing sales of Qi-certified devices coupled with increasing installation of wireless chargers in public places such as airports, cafes, and shopping malls are further augmenting the demand for wireless charging solutions.
PEST Analysis
Political: Governments play a key role in driving adoption of wireless charging standards. Most countries now have regulations in place to promote the use of such technologies.
Economic: Rising disposable incomes and higher spending on consumer electronics is fueling demand for technologies that offer convenience. Wireless charging removes the hassle of cables and connectors.
Social: Younger consumers are early adopters of new technologies and prefer easy to use products. Wireless charging aligns well with their on-the-go lifestyles. Its cord-free experience enhances convenience.
Technological: Significant improvements have been made in areas like charging speeds and distances. Multiple technologies also allow for backward compatibility. Continuous R&D is helping address challenges around heat dissipation and foreign object detection.
Geographical regions with high market value
North America accounts for the largest share of the market currently due to high penetration of supporting devices and early adoption of latest technologies. Asia Pacific is also among the major revenue generators with countries like China and India experiencing fast growth in device sales.
Fastest growing region
The Asia Pacific region is poised to witness the highest growth over the forecast period. This can be attributed to the massive smartphone and wearable markets in nations such as China and India. Rising expendable incomes and growing acceptance of new trends will drive further proliferation of wireless charging technologies in the Asia Pacific.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
