The wireless charging market is anticipated to reach around USD 95.6 billion by 2027.
In 2021, the consumer electronics segment dominated the global market in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global wireless charging market revenue during the forecast period.
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The wireless charging market has substantial potential for the present and future applications, owing to the rise in the mobile phone usage across the world, especially emerging regions such as India, China and South-East Asia. The growing demand for mobile devices and consumer goods drives the growth of the market during the forecast period. The wireless charging market is expected to grow significantly during the forecast period owing to increasing popularity of electric vehicles. Wireless charging has multiple applications in the EV technology including fuel supply, and in-car electronics. However, factors such as lack of standardization of mobile devices and their charging potentials, longer charging duration, and limited portability hamper the market growth to a certain extent. Growing demand from emerging economies, increasing adoption of IoT and smart devices are expected to provide numerous growth opportunities in the coming years.
Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global wireless charging market throughout the forecast period. The economic growth in countries such as China and India, leading to rising living standards and high disposable income has increased the penetration of smart phones and other mobile devices in the region, thereby increasing the demand for wireless charging. The increasing environmental concerns and depletion of traditional fuel sources have encouraged consumers to use electric vehicles in the region. China exhibits the highest penetration of electric vehicles, which supports market growth of wireless charging.
COVID-19 Impact
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Wireless Charging Market also experienced a slowdown. Statista estimates that the Wireless Charging Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Wireless Charging Market generated revenues of US$ 5.4 trillion at a record high.
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The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Wireless Charging Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
The key players operating in the market include Integrated Device Technology, Mojo Mobility, Powercast Corp., Texas Instruments, Energizer Holdings, Leggett & Platt, Incorporated, Qualcomm Incorporated, Power mat Technologies Ltd., Convenient Power, and Murata Manufacturing Co. Ltd. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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