Wireless Charging Market Surges: 24.85% CAGR
Evolve Business Intelligence has published a research report on the Global Wireless Charging Market, 2023–2033. The global Wireless Charging market is projected to exhibit a CAGR of around 24.85%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Wireless Charging Market: Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, FULTON INNOVATION LLC.
More Information: https://evolvebi.com/report/wireless-charging-market-analysis/
Market Highlights
The Global Wireless Charging market is projected to be valued at USD 18.32 Billion by 2033, recording a CAGR of around 24.85% during the forecast period. The Wireless Charging Market refers to the technology and systems that enable the transfer of energy from a power source to a device without the need for physical connectors or cables. This is typically achieved through electromagnetic induction, resonant inductive coupling, or radio frequency-based charging. The market includes a wide range of applications, such as smartphones, electric vehicles, medical devices, and wearable technology. Growth in this market is driven by the increasing adoption of consumer electronics, the push for wireless infrastructure, and the development of more efficient and faster-charging solutions.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Wireless Charging market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
Segmental Analysis
The global Wireless Charging market has been segmented based on Technology, Industry Vertical
Based on Technology, the market is segmented based on Inductive, Resonant, Radio Frequency, Others. the Inductive technology segment dominates, primarily due to its early adoption, reliability, and widespread use in consumer electronics, such as smartphones and wearables, supported by established standards like Qi
Based on Industry Verticals, the market has been divided into the Electronics, Automotive, Industrial, Healthcare, Aerospace & Defense, Others. the Electronics segment dominates, driven by the widespread adoption of wireless charging in consumer devices like smartphones, tablets, and wearables, which constitute the largest market share due to their high demand and frequent usage.
More Information: https://evolvebi.com/report/wireless-charging-market-analysis/
Regional Analysis
The Wireless Charging market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. North America holds a dominant position in the Wireless Charging Market. Due to a rise in smartphone usage, the North American wireless charging market will dominate this industry. Furthermore, the region’s market will expand at a faster rate due to the increasing sales of electric vehicles. The Asia-Pacific region has indeed emerged as the fastest-growing market for the Wireless Charging industry. Because there are sufficient advanced electric car manufacturing facilities and contemporary research & development facilities in the Asia-Pacific region, the market for wireless charging is anticipated to grow at the quickest compound annual growth rate (CAGR) between 2024 and 2032. Additionally, the wireless charging market in China had the biggest market share, while the wireless charging market in India had the quickest rate of growth in the Asia-Pacific area.
