by The wireless charging market offers several advantages over conventional wired charging technologies including convenience, safety, and durability. Wireless charging solutions enable users to charge multiple devices simultaneously without messing with multiple power cords. The increasing penetration of smartphones, wearables, laptops, and other smart home appliances is fueling the demand for wireless chargers that can power these devices efficiently. Growing adoption of Internet of Things (IoT) devices and proliferation of smart cities concept are further propelling the wireless charging market growth.
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.
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. Wireless charging manufacturers are expanding their product portfolios to include fast charging solutions as well as extend battery lives of devices. The rising demand for innovative electronics and growing application areas of IoT offer significant growth opportunities for players in the wireless charging market. Leading wireless charging companies are focusing on expanding their global footprint through partnerships and acquisitions to capitalize on opportunities across all major markets.
Market Drivers
Growing adoption of smart electronics and rapid proliferation of IoT devices are fueling the demand for wireless charging solutions. As more people bring connected devices into homes and workplaces, the need for convenient charging ports is surging. The advantages of ease of use and safety provided by wireless charging over traditional wired charging has accelerated its adoption. Furthermore, the introduction of standardized formats such as Qi charging has enabled interoperability between devices augmenting the wireless charging market growth. Rapid urbanization and shift towards smart infrastructure also creates conducive environment for wireless chargers in public transit and commercial spaces. With continuous technological advancements, wireless charging is expected to become even more popular over the coming years.
PEST Analysis
Political: The political policies pertaining to the promotion of cutting edge technologies will influence the development of wireless charging. Governments provide funding support for R&D in next-gen technologies.
Economic: Strong economic growth globally is fueling the sale of electronic devices requiring constant power supply. Rising disposable incomes is driving demands for convenience in day to day life through advanced charging solutions.
Social: Young tech savvy population is the early adaptor for innovative wireless gadgets. Their preference for hassle-free usage is driving the preference for automated wireless charging over wired options. Growing health concerns is also increasing focus on safer charging standards.
Technological: Advances in components for electromagnetic induction like capacitors with high-energy density and miniaturized antenna are enhancing the capabilities of wireless power transfer. Close range and mid-range wireless charging through technologies like resonance magnetic coupling are enhancing the range and efficiency of wireless power systems.
Wireless Charging Market Geographical Concentration
The Asia Pacific region accounts for the largest share of the overall Wireless Charging Market Demand in terms of value. Rapid industrialization and urbanization coupled with rising disposable incomes have boosted the sales of portable consumer electronics like smartphones and laptops in countries like China and India. This has significantly driven the demand for convenient charging accessories like wireless chargers in Asia Pacific. North America is another major revenue generator for wireless charging solutions owing to high wireless power adopting countries like US and Canada.
Fastest Growing Region for Wireless Charging Market
The Middle East and Africa region is expected to be the fastest growing regional market for wireless charging during the forecast period. Although starting from a low base, increasing digitization of economic activities and modernization of infrastructure is driving immense interest in advanced wireless technologies across nations in Middle East and African countries. Rising affinity of young population in these regions towards new age portable devices is catalyzing the sales of wireless chargers. Furthermore, initiatives by governments to promote locally relevant frugal innovation is expected to boost indigenous R&D efforts to develop cost-effective wireless charging devices. This coupled with extensive infrastructure development programs involving smarter cities and transportation is anticipated to substantially augment the wireless charging market in Middle East and Africa region.
