Wireless Charging Market to reach $34.65 Billion in 2030 with a CAGR of 22.73

New York, United States, June 13, 2022 (GLOBE NEWSWIRE) -- Wireless Charging Market to reach $34.65 Billion in 2030 with a CAGR of 22.73

Global Wireless Charging Market was valued at US$ 4.47 billion in the year 2020 and is expected to reach approximately $34.65 billion in 2030 with a CAGR of 22.73 %, according to Strategic Market Research.

Wireless Charging, which is also known as Inductive charging or cordless charging, is a method of transferring power wirelessly. It primarily utilizes electromagnetic induction to deliver electricity to various portable devices. In terms of technology, the segment ‘Inductive’ held the biggest Wireless Charging market share of nearly 60.36% in the year 2020, with a healthy CAGR from 2020 to 2030. Based on the region, North America comprehensively dominated the global Wireless Charging Market in 2020 with a CAGR of 14.23% throughout the prognosticated period.

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The segmentation of the report established by SMR on the Wireless Charging Market is:

By Technology

• Radio Frequency
• Inductive
• Resonant
• Others

By Industry Vertical

• Healthcare
• Aerospace & Defense
• Industrial
• Automotive
• Consumer Electronics
  
  

Regions

• Europe
• Asia-Pacific
• LAMEA
• North America

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The Market for Global Wireless Charging is predicted to reach a market valuation of USD 34.65 Bn by 2030 from USD 4.47 Bn in 2020, at an overall growth rate of 22.73 percent during the prevised time period. The continual rise in the acceptance of wireless technology in the consumer electronics industry is the primary aspect fostering the market expansion throughout the forecasted time period. As per a research study, it was forecasted that approximately 90 percent of the individuals, especially from the developed nations, have utilized the internet in 2021 as compared to the 57% of people that belong from the developing countries. Moreover, as of April 2022, there existed around 5 Billion users of the internet globally, which is equivalent to around 63% of the total population of the world.

In terms of technology, the market segment Inductive held the most significant share of the Wireless Charging market

In terms of Technology, the segment ‘Inductive’ had the biggest Wireless Charging market share of nearly 60.36% in the year 2020, with a decent CAGR from 2020 to 2030. The surge in the utilization of a wide range of wireless charging consumer electronic products & electric automobiles and a vast development scope in the field of Magnetic resonance are the significant parameters fueling the segmental growth.

By Industry Vertical, the Consumer Electronics market segment possessed a significant share of the Wireless Charging market

The ‘Consumer Electronics segment had the most significant share of the market in 2020. Some of the most used Consumer electronic gadgets like tablets, smartphones, MP3s, laptops, wearables, gaming consoles, and Personal Digital Assistances are in great demand, mostly in the APAC region. It is because of the constant change in consumer lifestyle preferences, the rise in the number of internet users, and the growth of the urban population on a yearly basis.

North America had the most significant portion of the Wireless Charging Market share

North America comprehensively dominated the total Wireless Charging Market in 2020 with a CAGR of 14.23% throughout the prognosticated period. The presence of myriad number of industry participants (WiTricity, Energizer, Plugless Power, Qualcomm, etc.) along with the steady rise in the demand of the consumer electronic products, electric automobiles are the key factors fueling the market growth. With the rise of innovative medical devices coupled with wireless charging has made a drastic impact on the healthcare industry.

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The major participants in the Global Wireless Charging Market are:

• Samsung Electronics Co. Ltd. 
• Qualcomm Incorporated 
• Powermat Technologies Ltd. 
• Texas Instruments 
• Integrated Device Technology Inc.
• WiTricity Corporation 
• Sony Corporation 
• Energizer Holdings Inc. 
• Energizer Holdings, Inc. 
• Fulton Innovation LLC 
• Murata Manufacturing Co. Ltd. 
• Evatran Group 
• Momentum Wireless Power 
• Leggett & Platt 
• Zens
• Ossia Inc. 
• Elix Wireless
• Powercast Corp 

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Recent Developments related to Wireless Charging Market:

• In the month of February 2022, Amazon introduced its 1^st TWS earbuds in India. This Echo Buds 2nd Gen had been launched with an extra feature of Active Noise Cancellation (ANC) along with hands-free Alexa support and a wireless charging facility.
• In the month of July 2022, Huawei launched a new multi-device smart wireless charging board that supports a charging area of 15W (x3).
• In the month of June 2021, Sony declared the introduction of its brand new product, WF-1000XM4. It is a Wireless Headphone that supports HD Audio and delivers a better experience in terms of listening. It also offers an impressive 8-hour battery backup with a special feature of Noise Cancellation.
• In the month of November 2020, Ossia Inc. declared that it would release an advanced wireless power platform, Cota 2.4 GHz, approved by the FDC (Federal Communications Commission). This advanced wireless power platform, Cota 2.4 GHz, can be well utilized in terms of installations in different fields like industrial, commercial, and residential environments, which would power the receivers up to distances of about one meter. 
• In the month of July 2020, the Integrated Device Technology (IDT) declared the introduction of its new brand new product P9415-R. It is a wireless power receiver that is well equipped with the newest WattShare technology. This highly well-organized wireless power receiver enables the charging of power banks, smartphones, and even portable medical & industrial equipment wirelessly.
  
  

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