Wireless Charging Market Size By Technology (Inductive, RF, Resonant), By Application (Automotive, Consumer Electronics, Industrial, Healthcare, Aerospace & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Wireless Charging Market size surpassed USD 7 billion in 2020 and is projected to expand at around 26% CAGR from 2021 to 2027. The growing popularity of wearable devices, such as fitness trackers and smartwatches, will fuel the industry growth. These devices are trending towards wireless battery charging to eliminate the need for integrating exposed connectors or cables with the wearable. The integration of wireless charging technology enables wearable device manufacturers to design fully sealed, waterproof, and compact models.
 

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The ongoing trend of device miniaturization in the consumer electronics market will further propel the demand for non-wired charging solutions. Consumers are demanding easy-to-use charging options that feature shorter charging times and increased freedom of positioning. With manufacturers focusing on enhancing consumer experience by offering seamless charging solutions.
 

The outbreak of the coronavirus pandemic hampered the wireless charging market growth in the first half of 2020 due to stringent lockdown measures imposed by government administrations. Manufacturers faced delays in raw material procurement, in turn, impacting their production capabilities. The market regained traction in the second half of 2020, which is attributed to the relaxation in lockdown measures and reopening of industrial facilities. The modernizing healthcare industry will support the market demand in 2021. Government organizations are also focusing on strengthening their healthcare sector to ensure public safety. This factor will encourage manufacturers to develop advanced medical devices for wireless charging, in turn, supporting the market revenue.
 

The expanding industrial sector in the U.S. is offering strong market growth opportunities

The U.S. resonant wireless charging market size is set to grow at more than 27% CAGR through 2027 owing to the growing adoption of IoT based devices in various industries. In the country, the Manufacturing USA initiative aims to boost the manufacturing competitiveness, supporting the IoT market growth. Industrial facilities will deploy wireless charging solutions to charge Automated Guided Vehicles (AGVs), robots, and electric forklifts.
 

A consistent and reliable power supply is vital to support communication and high-performance computation in IoT applications. The resonant wireless charging technology enables industrial facilities to support fast and hassle-free power transfer to IoT-enabled devices. The expanding IoT market will propel the demand for wireless charging solutions that enable the charging of multiple devices simultaneously on the production floor.
 

The robust automotive market in Germany to support the demand for high-quality wireless charging solutions

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The Germany wireless charging market size is expected to observe above 28% CAGR till 2027 on account of the high demand for sophisticated Electric Vehicle (EV) charging stations. The robust automotive market in the country will support the demand for fast and convenient wireless charging solutions. Sales of EVs has increased three-fold in 2020, since 2016, encouraging government organizations to deploy the number of wireless EV charging stations. Robust charging infrastructure is crucial for the mass rollout of electric vehicles. The regional government is supporting the usage of EVs to ensure a cleaner environment, driving the industry statistics.
 

The increasing penetration of smartphones to support Asia Pacific wireless charging market growth

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Asia Pacific accounted for about 25% of the wireless charging market revenue share in 2020. A sharp rise in smartphone ownership rates will fuel the regional market growth. Smartphone shipments in India reached 150 million units while 5G smartphone shipments exceeded four million units in 2020, which was driven by high consumer demand post-lockdown. Similarly, improving economic conditions in Southeast Asia is also resulting in the smartphone market demand.
 

International business expansion forms a key strategy amongst market players

The market participants are focusing on expanding their global footprint and R&D capabilities to strengthen their product portfolio and industry position. For instance, in June 2021, Powermat Technologies opened an innovation office in Shenzhen, China to cater to the high demand for wireless charging solutions from the IoT, healthcare, and industrial sectors. Similarly, in May 2021, WiTricity Corporation opened a product development lab and an office in Auckland, New Zealand to partner with the established wireless charging research labs and commercial licensing arm of the University of Auckland.
 

Key players operating in the wireless charging market include Convenient Power Ltd., Energizer Holdings Inc., WiTricity Corporation, Evatran LLC (Plugless Power), Legget & Platt Inc., Murata Manufacturing Co., Ltd., Powermat Technologies, Texas Instruments Inc., Qualcomm Incorporated, and Samsung Electronics Co., Ltd.
 

This wireless charging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:

Market, By Technology

• Inductive
• Resonant
• RF
• Others

Market, By Application

• Aerospace & defense
• Automotive
• Consumer electronics
• Healthcare
• Industrial

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa