Wireless Charging Market Size

Wireless Charging Market Size

Wireless Charging Market size surpassed USD 12 billion in 2022 and is slated to depict more than 25% CAGR through between 2023 and 2032.

Increasing reliance on smart IoT devices and burgeoning ICT sector worldwide will boost the market demand. Improvement in the processing capabilities of devices has made wireless charging an essential technology in the digital ecosystem. With the rising penetration of connected solutions and the development of smart IoT hubs, the demand for compact wireless charging modules has surged globally.

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Government organizations have been targeting to improve ICT infrastructure and digital platforms for exclusive use. The rapid growth of the ICT sector will consequently promote the adoption of advanced systems based on technologies including AI, 5G, IoT, and cloud computing, which require wireless charging. Furthermore, continuous technology upgrades in the IT sector are also set to stimulate the use of wireless charging devices to power smart products.

However, the wireless charging technology is associated with high costs as compared to wired alternatives, which may inhibit the market progress. Moreover, wireless chargers designed to simultaneously power multiple devices are more expensive. These cost concerns may restrict their adoption, particularly in underdeveloped regions where disposable incomes are low. Despite this, rapid improvement in the battery life of electronic gadgets due to tech innovations may create lucrative opportunities for the industry expansion.