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Wireless Charging Global Market Report 2024 To 2033 | Energizer Holdings, Inc, Samsung Electronics Co. Ltd, Leggett & Platt Incorporated, Renesas Electronics Corporation
Wireless Charging Market Share
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According to The Business Research Company's, The wireless charging market size has grown exponentially in recent years. It will grow from $16.43 billion in 2023 to $21.49 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth in the historic period can be attributed to rise in disposable income, a rise in the number of various surgical procedures, rising demand for consumer electronics and increasing government initiatives.
The wireless charging market size is expected to see exponential growth in the next few years. It will grow to $61.3 billion in 2028 at a compound annual growth rate (CAGR) of 30.0%. The growth in the forecast period can be attributed to the rising demand for electronic devices, increasing popularity and high sales of electric vehicles (ev), growth of a wide range of autonomous and commercial automobiles and rising urbanization. Major trends in the forecast period include advances in wireless charging, use of mi air charge wireless charging technology, strategic collaborations and partnerships, adoption of smart wireless charging board and automotive in-cabin wireless charging solution.
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Market Drivers and Trends:
The increasing sale of smartphones is expected to propel the growth of the wireless charging market. Smartphone devices feature a built-in computer that provides various features such as an operating system, web browsing, and the capacity to run software programs. Wireless chargers offer convenience and increased durability to smart device users, making them a popular choice amongst customers. According to Counterpoint Research, a Hong Kong-based research firm specializing in mobile & technology products, smartphone sales have totaled $448 billion in revenues for 2021, an increase of 7% compared to the values for 2020. Also, according to Gartner Inc., a US-based consulting firm, in March 2022, worldwide smartphone sales grew 6% in 2021, from 1,351,836.5 (Thousands of Units) in 2020 to 1,433,859.4 in 2021. Therefore, the increase in sales of smartphones will drive the wireless charging market.
Technological innovation is a key trend gaining popularity in the wireless charging market. Major companies operating in the wireless charging market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next-generation wireless charging technologies into their products, such as electromagnetic induction, automation, radio frequency waves, near field waves, capacitive wireless technology, and others, to enhance charging speed and usability. For instance, in April 2021, Xiaomi (Mi), a China-based consumer electronics company, introduced a new charging system - Mi Air Charge Technology. It enables users to charge electronic devices remotely without the necessity of wires or wireless charging stands. Its phase control array composed of 144 antennas transmits millimeter-wide waves directly to the phone through beamforming.
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Major Key Players of the Market:
Progressive Corporation, Allstate Corporation, UNIPOLSAI ASSICURAZIONI S.P.A, Allianz SE, Liberty Mutual Insurance, AXA, Mapfre S.A., State Farm Mutual Automobile Insurance Company, American International Group, Inc, Nationwide Mutual Insurance Company, Tata AIG, UbiCar, Takaful Islami Insurance Ltd, Pragati Insurance Company Limited, PingJia Technology, Insure The Box, Aviva Group, Octo Group S.p.A, Teltonika Telematics, ARCUS S.A, T-matic Systems S.A, Cefin Romania Systems, Cambridge Mobile Telematics, Zubie, Inc, Modus Group, LLC, Metromile Inc, Amica Mutual Insurance Company, Sierra Wireless, Intact Financial Corporation, TrueMotion, CAA insurance, The Co-operators Group Limited, Desjardins Insurance, EnVue Telematics, Aon Risk Services Argentina S.A, TTMS Argentina S.A, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Marsh Brasil - EZ Towers, Abu Dhabi National Takaful Company, Oman Insurance Company, Wehbe Insurance Services LLC, Al Sagr National Insurance Company, Noor Takaful Insurance, Adamjee Insurance Company Limited, Old Mutual plc, Santam, MiWay Insurance, Hollard Group, Carrier Insurance Brokers, Glanvills Enthoven
Wireless Charging Market 2024 Key Insights:
• The wireless charging market size is expected to see exponential growth in the next few years. It will grow to $61.3 billion in 2028 at a compound annual growth rate (CAGR) of 30.0%.
• Surge In Smartphone Sales Fuels Growth Of The Wireless Charging Market
• Technological Innovation Drives Advancements In The Wireless Charging Market
• North America was the largest region in the wireless charging market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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