The wireless charging market is in trends by growing adoption
of smart devices such as smartphones, tablets, wearables, and electric
vehicles. Wireless charging offers contactless and hassle-free charging
solutions for various smart devices and consumer electronics. This technology
uses induction coils to transfer power between charging stations and compatible
devices through an electromagnetic field. Wireless chargers eliminate the need
for cables or wires and provide seamless connectivity solutions.

The global
wireless charging market is estimated to be valued at US$ 8.18 Bn in 2024 and
is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.



Wireless charging provides a safe, convenient and greener alternative to wired
charging methods. It reduces electronic waste from worn-out charging cables and
facilitates simultaneous charging of multiple devices placed near the charging
pad or mat. Growing usage of smart home appliances and consumer electronics
along with the need for cost-effective and efficient charging solutions is a
key factor driving the demand for wireless charging technologies. Wireless
charging offers advantages such as cable-free experience, portability,
multi-device charging capability, and reduced risk of electric shocks or short
circuits. The technology offers flexibility and facilitates on-the-go charging
of mobile devices without physically connecting them to power sources using
cables.



Key Takeaways



Key players operating in the wireless charging market are 3M, Abbott, Bayer AG,
F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services,
Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke
Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher &
Paykel Healthcare Limited. These companies are investing in R&D to develop
innovative wireless charging solutions catering to various devices and
applications.



The global wireless charging market is driven by rising demand for portable
consumer electronics and increasing sales of electric vehicles. High adoption
of smartphones and wearable devices along with the need for convenient charging
options on the move is amplifying market growth. Wireless charging eliminates
cable hassles and provides an effortless charging experience for consumers.



Key players are also expanding their wireless charging portfolios and global
footprint through strategic collaborations with smartphone OEMs and electric
vehicle manufacturers. Increased partnerships for technology integration are
aimed at positioning wireless charging solutions for mainstream usage in
automobiles and consumer devices. Standardization of wireless power transfer
protocols is further expected to accelerate the commercialization of wireless
EV charging infrastructure and public wireless charging stations.



Market Key Trends



One of the major trends in the Wireless
Charging Market Demand is the development of wireless EV charging
technology. Several companies are developing highly efficient wireless charging
systems for electric buses and passenger cars to address range anxiety issues.
For instance, WiTricity is working with automakers to deploy wireless EV
charging on highways and parking lots through inductive charging technology.
Such initiatives are likely to bolster the adoption of electric fleet vehicles
and support green transportation goals. With ongoing R&D, wireless EV
charging infrastructure is anticipated to witness increased penetration over
the forecast period.

Porter’s
Analysis



Threat of new entrants: New entrants face high initial costs in terms of
technology development and compliance with industry standards. Bargaining power
of buyers: Individual buyers have low bargaining power as wireless charging is
applied across various industries. However, large industrial buyers may
negotiate on price and other terms. Bargaining power of suppliers: A few large
players dominate the supply of wireless charging solutions and components
globally. This gives them significant bargaining power over customers. Threat
of new substitutes: Alternatives such as wired charging and replaceable
batteries pose minimal threat currently due to their limitations. However, new
energy harvesting technologies can emerge as substitutes. Competitive rivalry:
The market has the presence of global players as well as startups focusing on
technology improvements and new applications. This leads to intense
competition.

Geographical
Regions



North America accounts for the largest share of the global wireless charging
market in terms of value due to presence of major technology companies,
affluent consumers, and growing adoption of electric vehicles. Asia Pacific
region is expected to be the fastest growing market during the forecast period
owing to increasing disposable incomes, rising standards of living, and massive
industrialization in countries such as China and India.

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Charging Market

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Author:

Ravina
Pandya, Content
Writer, has a strong foothold in the market research industry. She specializes
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