The global wireless charger market is anticipated to grow at a significant CAGR of 19.8% during the forecast period (2021-2027). Wireless chargers are increasingly gaining popularity in the market over the last few years.
Wireless chargers are the devices that use an electromagnetic field to transfer the power using transmitter and receiver used to charge any devices such as a smartphone, wearable devices, power tools, computing devices, robots, and vehicles.
The market is dominated by inductive and resonant wireless chargers. Moreover, the adoption of wireless charging technology in an autonomous vehicle and the investment by private firms are accountable for the significant growth of the global wireless charger market.
The continuous research and development for wireless technology and technological advancement can create an opportunity for the wireless charger market in near future. For instance, Energous Corp. is preparing a-distance wireless charging system which can charge devices from a distance of up to one meter.
Additionally, the government initiative for digitalization in emerging countries and the deployment of IoT and wearable devices will drive the market of wireless charging technology in near future. For instance, the Indian government had increased the fund of the Digital India Program by 23% in 2020 which is around $534 million.
Impact of COVID-19 Pandemic on Global Wireless Charger Market
The global wireless charging market had recorded a positive impact by the outbreak of COVID-19 since December 2019. It has a sudden and dramatic impact on healthcare as well as on smartphones and computing devices.
The organizations including educational institutes, governmental and industrial organizations have changed their work culture by implementing work-from-home due to strict restrictions of social distancing implemented by various governments across the globe in this COVID-19 pandemic.
This had boosted the demand for electronic devices to complete their work and meetings online and for uninterrupted excess of these devices; demand for wireless charging had also grown.
According to the Economic Times, the global sales of laptops in 2020 were 173 million units which value $132 billion and up by 9% from 2019. This had subsequently boosted the demand for wireless chargers.
However, the demand for wireless chargers from the automobile industry is reduced significantly due to the reduced sales of automotive vehicles in COVID-19 lockdowns. The demand for wireless chargers had increased from the healthcare industry due to increased sales of medical equipment in the global health emergency of COVID-19.
The global wireless charger market is segmented based on technology, mobility, and industry. Based on the technology, the market is segmented into inductive coupling wireless chargers, magnetic resonance wireless chargers, and radiofrequency radiation wireless chargers.
Based on mobility, the market is segmented into static and mobile wireless chargers. Apart from this, based on the industry, the market is segmented into smartphones, automobiles, healthcare, and others.
Global Wireless Charger Market Share by Industry, 2020 (%)
The smartphone and Automotive Industry will boost Market growth As the number of smartphone users is increasing globally, the need for efficient charging will get increased. The uses of wireless charging pads are getting popular.
Recently launched iPhone and Android mobiles are compatible with this feature. Apart from mobiles, the wireless charging pads can charge other wearable devices including wireless earphones, smartwatches, and many more.
Besides this, the use of the laptop is also increased in recent days due to the increment of work-from-home culture during the COVID-19 pandemic. This also invites the demand for wireless charging systems for the consumer’s comfort.
With the depleting fossil fuels and increasing government’s efforts towards electric vehicles for environmental sustainability, sales of such vehicles are increasing. The count of electric vehicles globally has reached 10.9 million in 2020 and is expected to grow continuously.
To ease the usage of such vehicles charging stations are establishing at a rapid rate with the help of government initiatives at various locations including in mall parking, in restaurants, and even at city outers.
Globally the count of charging stations in 2020 had passed the mark of 1 million. With lots of complications with cables, the need for an effective charging system is there; whose solution is a ‘wireless charging system’. Hence, this increasing count of electric vehicles will also significantly boost the market for wireless chargers.
The global wireless charger market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others0, and the Rest of the World (the Middle East and Africa, and Latin America).
North America has been predicted to dominate the global wireless charger market due to well-established health infrastructure, development in technology, support from the government, and high prevalence of electronic equipment. For instance, the US navy is anticipated to build an underwater wireless charging station for their submarine and unmanned undersea vehicles which can recharge their drones under the sea without the use of cables.
Market Players Outlook
The key players of the wireless charger market include Aircharge, Energous Corp., Renesas Electronics Corp., Nissan Motor Corp., NXP Semiconductors N.V., Murata Manufacturing Co., Ltd., Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., Shenzhen Esorun Technology Co., Ltd., Sony Corp., and Texas Instruments, Inc.
The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market.
Originally published at Pr news wire