Wireless Charging Market projected to reach USD 33.4 billion by 2032, | Global Size, Industry Share, Revenue, Key Players, CAGR, Demand and Sales Forecast-Samsung Electronics Co. Ltd. Qualcomm Incorporated Texas Instruments Integrated Device Technology In

The global wireless charging market is estimated to be USD 5.23 billion in 2021 and projected to reach USD 33.4 billion by 2032, at a CAGR of 25.6% between 2021 and 2032 The growing adoption of wireless technologies in consumer electronics industry, and growing sales of electric vehicles (EV) are few of the primary factors driving market growth. Moreover, increase in use of wireless technology to charge warehouse trucks will create huge opportunities for wireless chargers in near future.

Global Wireless Charging Market 360-degree Analysis Of Different Segmentations:
The Global Wireless Charger Market segmentation is performed based on Technology, Industry Verticals, and Regions.



By Technology

Resonant

Inductive

Radio Frequency

Others



By Industry Vertical

Automotive

Consumer Electronics

Industrial

Aerospace & Defense

Healthcare

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Regional Insights

Favorable Government Policies in Asia Pacific to Generate Growth

Asia Pacific is anticipated to hold the largest wireless charging market share in the foreseeable future. This is because of the favorable government policies and encouragement towards alternative fuel vehicles. Moreover, the government authority in the region is also making efforts to curb carbon emissions.

Europe is projected to showcase substantial growth in the forthcoming years. This is because of the carbon emission regulations imposed in the region. For example, the European Union has imposed an enactment to reduce at least 40% carbon emissions by 2030.

Competitive Landscape

Key Players to Focus on Expanding Distribution Capacities to Facilitate Growth

The market landscape of wireless technology is highly competitive with the presence of multiple prominent manufacturers globally. Several of these manufacturers are multinational companies and have production and sales rights in various regions. In addition to this, heavy investment by the prominent players in research and development has induced a strong dose of innovation in the market and is increasing product launches. The companies are also focused on partnerships with domestic players to expand their footprint across developing countries.

List of Key Players Profiled in the Wireless Charging Market Research Report:

Samsung Electronics Co. Ltd.
Qualcomm Incorporated
Texas Instruments
Integrated Device Technology Inc.
Powermat Technologies Ltd.
WiTricity Corporation
Energizer Holdings Inc.
Murata Manufacturing Co. Ltd.
Sony Corporation
Fulton Innovation LLC

Driver: Simulteanous charging of multiple devices
Multi-device wireless chargers can be used to charge multiple devices at the same time; for example, Qi-enabled Android smartphones, iPhones, Apple watches, Airpods, and fit bands. Such chargers are portable and eliminate the need for carrying several chargers and cables when traveling. Companies such as Samsung, Belkin, and Mophie are increasingly manufacturing wireless chargers that can charge multiple devices in order to provide a greater user experience. For instance, in September 2020, Samsung announced the launch of a wireless charging pad that can charge three devices at the same time. The pad supports the Qi wireless charging standard, and other smart devices such as smartphones, ear pods, smart watches are also compatible with this charging pad.

Restraint: Declining demand for wireless chargers due to COVID-19
In order to contain the rapid spread of the COVID-19 virus, governments of various nations have taken preventive measures such as lockdowns and shutting down of businesses. The pandemic has impacted various industries, such as consumer electronics, automotive, manufacturing, and transportation. The halt in manufacturing activities has affected the production of smartphones, tablets, vehicles, wearable devices, drones, and wireless chargers, which is significantly impacting the wireless charging market. The extension of the lockdown in Q2 and Q3 of 2020 led to the closure of some manufacturing facilities due to the lack of workforce, disruption in supply chain activities, and revenue loss. Changing consumer buying preferences due to economic disruptions have also impacted the demand for wireless chargers, as customers are focusing on buying only essential products. Thus, the demand for wireless chargers was likely to fall significantly in 2020.

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Magnetic Resonance technology market for wireless charging is one of the fastest growing segment during forecasted period
Magnetic resonance is a wireless charging method for objects requiring a large amount of power - up to 11kW. This wireless charging method is used to charge multiple devices from the same charger. It is the most versatile wireless charging method and used for objects such as electric cars, laptops, computers, and vacuum cleaners.

Companies providing magnetic resonance technology include Infineon, Energizer, and WiTricity. In May 2020, China Electricity Council introduced a set of national standards for wireless charging electric vehicles that are based on the magnetic resonance charging technology developed and patented by WiTricity. Standardization is vital for large-scale deployment of wireless charging electric vehicles (EVs), in China and across the globe; it allows any electric vehicle with wireless capability to use a standard wireless charger.

APAC region is expected to record the highest CAGR during the forecast period
The market in APAC region is expected to record the highest growth rate from 2020 to 2026, due to the presence of developing countries such as India and China. The region is a major raw material manufacturing hub for consumer electronics, automotive, and healthcare applications. However, due to the COVID-19 outbreak, various countries announced lockdowns that halted production activities, disrupted supply chain activities, and resulted in revenue losses. This impacted various markets in the APAC region, including the wireless charging market, in 2020.

Key Market Players
The wireless charging players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, contracts, partnerships and, business expansions, to strengthen their offerings in the market. Energizer Holdings, Inc. (US), Ossia Inc. (US), Samsung Group (South Korea), WiTricity Corporation (US), Evatran Group (US), Leggett & Platt (US), Energous Corporation (US), Powermat (Israel), Momentum Wireless Power (US), Powercast Corp. (US), Elix Wireless (Canada), and Zens (Netherlands), are the major players in the wireless charging market.

The study includes an in-depth competitive analysis of these key players in the wireless charging market with their company profiles, recent developments, and key market strategies.

Recent Strategic Developments
In July 2020, Ossia Inc. has entered into a partnership with Toyoda Gosei, a part of the Toyota Group. The partnership includes strategic investment and a commercial agreement between the companies. . The partnership also includes various commercial projects as well as strategic components including wireless power for smart cities, automotive, IoT, and consumer applications.
In January 2020, Ossia Inc. has partnered with KonnectONE to build Ossia's Cota wireless power technology into the Moxee line of broadband and connected products of KonnectONE.
July 2019, Integrated Device Technology (IDT), a subsidiary of Renesas Electronics Corporation, announced the launch of the P9247 transmitter and P9415 receiver, which work together to allow smartphones to wirelessly charge up to 30 W of power, decreasing the charging time gap among wired and wireless charging options.

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