Wireless Charging Market size is expected to cross USD 120 billion by 2032, , according to a new research report by Global Market Insights Inc.
The increasing trend of device miniaturization will serve as a prominent driving force for wireless charging technology development. In the electronics sector, consumers have been opting for chargers with increased positioning freedom, shorter charging times, and other positive features. The demand for hassle-free solutions to power advanced consumer electronics is likely to contribute to the innovation of wireless charging devices.
The actual charging times of wireless chargers vary on the basis of power conditions and device status, leading to longer charging cycles. Consumer electronic devices can also be charged wirelessly only when they are within close proximity to the charging pad. These mobility issues and charging time constraints may hinder the wireless charging market development.
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Freedom of device placement to augment RF-based wireless charging system demand
The RF technology segment will be worth over USD 25 billion by 2032. Major features including its capability to eliminate the requirement for proper alignment in medical implants, wearables, and other small devices are encouraging consumers to opt for RF-based wireless chargers. Enterprises have also been investing in the development of RF technology, on account of advantages such as simultaneous rapid charging of multiple devices within a 3D range. This offers users the freedom of device placement, and will, in turn, promote the consumption of RF wireless charging technologies.
Browse key industry insights spread across 220 pages with 167 market data tables and 30 figures & charts from the report, “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, 2023 – 2032” in detail along with the table of contents:
Rise in EV production to increase installation of automotive wireless chargers
Automotive applications are projected to account for around 20% of the market revenue share by 2032, given the emphasis of the sector on electric vehicle production to reach carbon neutrality. Ford announced plans to increase EV sales in Europe to over 600,000 each year by 2026, to achieve its 2035 zero-carbon target. As a result, there is a strong focus on upgrading charging stations for newly launched EVs worldwide, which may accelerate the installation of wireless charging stations.
The aerospace & defense application segment held approximately 5% of the wireless charging market share in 2022, owing to the growing demand for of in-cabin charging processes. To adapt to these charging needs, aerospace technology providers are developing advanced systems to deliver safe, comfortable, and fast recharging of electronic devices. Also, with the rapid implementation of wireless charging systems for robots in military applications, the use of this technology by government organizations for defense applications will further rise.
IoT adoption and consumer electronics production boost wireless charger uses in APAC
Regionally speaking, the Asia Pacific wireless charger market is poised to register a CAGR of 27% through 2032, as a result of the increasing government initiatives to support IoT innovation. In countries such as South Korea, Japan, and India, government organizations have been focusing on the development of the IIoT sector to impact economic growth and productivity. Additionally, the production and sales of consumer electronics have grown tremendously, stimulating the development of wireless charging technologies in the region.
Innovative product launch strategies to expedite industry development
Argo AI, Cepton Technologies, Inc., Fugro N.V., Velodyne LiDAR, Inc., Ouster, Inc., Luminar Technologies, Inc., Phantom Intelligence, Quanergy Systems, Inc., Phoenix LiDAR Systems, Topcon Positioning Systems, Inc., Leica Geosystems AG (Hexagon), and Innoviz Technologies Ltd. are some of the key players profiled in the global wireless charging market. These companies are focusing on product range expansions and other strategies to strengthen their presence in the market.