The Wireless Charging Market is projected to grow at a CAGR of around 24.4% during 2023-28, cites MarkNtel Advisors in the recent research report. Wireless charging technology evolved significantly over the years and exhibited many user-friendly applications, promising massive growth in the coming years. One of the prime factors for the market's development is the increasing use of consumer electronics alongside chargers with increased positioning freedom, shorter charging times, and other features.
In addition, wireless chargers offer better user interaction, reachability, and automation than traditional charging systems. As a result, the market participants actively invest in R&D activities, adopt various growth strategies, and expand their product portfolios to broaden their revenue streams. Additionally, the advent of multi-device chargers for simultaneous charging and the popularity of drop & charge implemented through inductive technology is likely to bode well for the industry growth in the long run, further states the research report, "Wireless Charging Market Analysis, 2023."
Wireless Charging Market Segmentation Analysis
The market is broadly fragmented based on Product, Technology, Implementation, And Application. On the basis of Technology, the market is segmented into Magnetic Resonance, Magnetic Induction, And Radio Frequency. And, based on the implementation, the market is segmented into Transmitters, Receivers, Aftermarket, And Integrated. Based on application, the market is segmented into Consumer Electronics, Automotive, Healthcare, Industrial, And Other (Aerospace & Defense, Etc.,)
Integration of Multiple Innovations in Wireless Charging Leverage the Consumer Electronics Segment
Revenue from consumer electronics is likely to increase during the anticipated timeframe. Smartphones, tablets, wearable technology, laptops, and Personal Digital Assistants (PDAs) are just a few examples of consumer electronics in high demand for these kinds of goods and therefore driving market expansion. Wireless technology makes it possible to use these techniques to charge any battery-powered item by placing it close to the wireless power transmitter, making the charging procedure simpler and removing the need to locate a chord that works. Moreover, Bluetooth and Near Field Communication (NFC) can coexist with wireless charging, opening the door to a variety of highly creative solutions and promoting industrial growth because the device's functionality is not impeded while it is charging.
Growing Inclination for Premium Devices Drives the Market in North America
The presence of several market participants, including Qualcomm Technologies Inc. and Energizer, heightened the sales of consumer electronic products and charging innovations in the EV industry and encouraged the manufacturers to invest massively in wireless charging. Further, the growing impulse for premium smart devices with flagship products and significant technological innovations drives the regional market growth. Besides, the increasing penetration of IoT-based applications and other electronic gadgets in several industries demanding wireless charging systems fuels the overall growth across the region.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players including Samsung, Energous Corporation, Powermat, Powercast Corporation, Elix Wireless, Zens, Energizer, Ossia Inc., Evatran Group, Leggett & Platt, Fulton Innovation LLC, Murata Manufacturing Company Ltd., Qualcomm Technologies, Inc., Sony Corporation, Texas Instruments, Inc., and Others
Key Questions Answered in the Research Report