Factors such as the adoption of wireless charging technology in medical equipment; rise in need for wireless charging in smartwatches, smartphones, headphones, and other consumer electronic devices; technological advancements; growth in the electric vehicle (EV) industry; developments of wireless EV charging infrastructure, and surge in the efficiency of power transfer are expected to drive the wireless charging market in the foreseeable period (2021–2030).
According to P&S Intelligence, the market generated revenue of around $4.1 billion in 2020, which is expected to witness significant growth in the coming years. Moreover, the technology segment of the wireless charging industry is categorized into inductive, magnetic resonance, and radio frequency. Among these, the inductive category accounted for the largest market share in 2020.
This is because an inductive coupling can conduct 30–60% of the power. Thus, this technology is most widely used by market players in their offerings. It is widely used in low-power devices like smartphones, smartwatches, and fitness bands, and medical appliances. With this technology, the devices can be charged by placing them on a conductive pad, which is directly connected to a wall socket.
This can be ascribed to the existence of several market players, such as Qualcomm Technologies Inc., Plugless Power LLC, Energizer Holdings Inc., and WiTricity Corporation; rapid growth in demand for consumer electronics; developments in wireless charging infrastructure; innovations in medical devices; surge in popularity of wireless EV charging; and high investment in research and development (R&D) of wireless charging technology, in the region.
Thus, the rising demand for wireless charging in consumer electronics and medical devices and the growing EV industry across the globe are expected to propel the market growth during the forecast period.
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