by Wireless charging technology offers convenient and hassle-free charging solutions for various electronic devices such as smartphones, laptops, wearables and other smart devices without any physical connectors or cables. Wireless chargers employ electromagnetic induction or radio frequency to facilitate power transfer between a charging station and a compatible device. With the increasing adoption of mobile and IoT devices, the need for efficient yet convenient charging solutions has risen significantly.
The global Wireless Charging Market is estimated to be valued at US$ 7.1 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for convenient charging solutions is a key trend propelling the growth of the wireless charging market. As modern electronic devices have become an integral part of our daily lives, the need for a hassle-free charging experience without the fuss of cables has increased considerably. Wireless charging offers users the freedom and flexibility to charge their smart devices effortlessly without any physical connectors. This has boosted its adoption across various consumer applications including mobile phones, wearables, laptops and other smart home products. Furthermore, rapid technological advancements are enabling faster and more efficient wireless charging standards such as Wireless Power Consortium (WPC) and Power Matters Alliance (PMA) which is also contributing to the rising popularity of this technology.
SWOT Analysis
Strength: Wireless charging technology offers convenience to users by eliminating the need for wires or cables for charging devices. It provides a cord-free experience.
Weakness: The range of wireless charging is limited and devices need to be placed very close to the charging pad/mat to get charged. The efficiency/speed of charging is also relatively lower compared to wired charging.
Opportunity: Growing demand for technologically advanced features in smartphones and other consumer electronics is driving the growth of wireless charging market. Continuous innovations to improve the range and efficiency of wireless charging present business opportunities.
Threats: Health concerns related to radio frequency exposure from wireless charging devices and standards war between competing charging technologies are major threats. Higher costs compared to traditional wired charging can also limit mass adoption.
Key Takeaways
Global Wireless Charging Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Rapid adoption of smartphones and increasing preference for smartphones with advanced features are expected to be the major growth drivers.
Regional analysis
Asia Pacific region currently dominates the wireless charging market with countries like China, Japan, and South Korea adopting wireless charging technology faster than other regions. Rapid economic growth, increasing disposable incomes, and rising demand for high-end consumer electronics in emerging countries of Asia Pacific are projected to sustain its leading position in the global market during the forecast period.
Key players
Key players operating in the wireless charging market are Nippon Shokubai Co. Ltd., Evonik Industries AG, BASF SE, Yixing Danson Technology, Kao Corporation, Sumitomo Seika Chemicals Co. Ltd., San-Dia Polymers Global Co. Ltd., Sanyo Chemicals Industries, Formosa Plastics Corporation, and LG Chemicals Ltd. These players are focusing on continuous innovations to enhance the efficiency, speed and range of wireless charging to drive further adoption across different applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
