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Wireless Charging Market Growth, Size, and Key Players 2024-2033: SPER Market Research

admin September 17, 2024 Business, IT Industry

Energy is sent from a power source to a device that consumes it wirelessly, eliminating the need for wires or connectors. The energy that a receiver later receives and charges is transmitted by a charging station, also called a transmitter. With wireless charging available for many EV models these days, physical connections are not necessary throughout the charging process, making it easier. As electric vehicles become more popular, there are more options for fast and effective charging. Recently, there has been a push toward improving the efficiency, speed, and convenience of wireless charging technology. Together with radio-frequency and resonant charging, these innovations allow for more flexible device positioning and longer-range power delivery. Technological developments are cutting down on charging times.

According to the SPER Market Research, ‘Global Wireless Charging Market – By Technology Type, By Propulsion Type, By Operation- Regional outlook and Competitive strategies to 2033’ states that the Global Wireless Charging Market is estimates to reach USD 63.82 Billion by 2033 with a CAGR of 24.82%.

DRIVERS:

The increasing tendency of adding wireless charging capabilities to commonplace items like furniture, infrastructures, smart homes, and Internet of Things (loT) devices is what is propelling the wireless charging market. Users’ charging experience is streamlined through this integration, which is the direct integration of coils or charging pads into furniture elements like as workstations and tables. Airports and coffee shops are only two examples of public places where wireless charging is conveniently integrated into infrastructure. Adding wireless charging to a smart home is in line with the larger trend of automation and connectedness. The ease of charging without a cable is also a major factor in the rise in popularity of loT devices, which include a wide range of smart devices.

RESTRAINTS:
Wireless chargers are characterized by a number of standards, including Qi and Power Matters Alliance (PMA). These standards are intended to establish a common framework for wireless charging, however older devices or devices made by different manufacturers may still not work with certain types of wireless charging pads or surfaces. Devices that don’t fit the standards for Qi-compliant wireless charging cannot be used with the pad. For these kinds of devices, accessory makers are responding by offering external wireless charging solutions. Compatibility issues arise because different types of wireless chargers are needed for different devices, such as charging bowls, charging boxes, and pads. In order to accommodate several products, a consumer must buy numerous wireless chargers.

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The semiconductor and electronic sectors have been greatly impacted by the exponential increase in COVID-19 instances worldwide. Global market expansion was driven by the semiconductor industry’s continual evolution as well as shifts in customer purchasing behaviour. Due to growing demand for next-generation charging solutions, wired and cordless charging options are expected to become more popular during the forecast period. As work-from-home laws were put into effect, some governments throughout the world imposed nationwide lockdowns that had an impact on a range of commercial sectors. This in turn decreased the number of cars utilizing electric charging stations by decreasing the utilization of both electric and non-electric vehicles. The market for wireless electric charging stations was somewhat impacted negatively by these factors.

Wireless Charging Market Key Players:

Asia-Pacific is currently dominating the wireless charging market due to the rapid adoption of smart gadgets like smartphones, earbuds, and smartwatches, particularly in countries such as China, Japan, and South Korea. Major market players are Qualcomm Incorporated, WiTricity Corporation, Samsung Electronics Co. Ltd, Energizer Holdings Inc, Integrated Device Technology Inc, and others.

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Wireless Charging Market Growth

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Wireless Charging Market Trends, Growth, Demand, Industry Share, Challenges, Key Manufacturers, Business Opportunities and Competitive Analysis Till 2033: SPER Market Research

admin April 8, 2024 Business, IT Industry, News

Devices may now be charged wirelessly without the use of cords thanks to a technology known as inductive charging, or wireless charging. It functions by sending energy between a charging station and an appropriate device—such as an electric car or smartphone—through electromagnetic fields. In order to charge a device, a transmitter (charging pad) uses a coil to create a magnetic field, which a receiver (device) converts into electrical current.

According to SPER market research, ‘Wireless Charging Market Size- By Application, By Technology, By Industry Vertical- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Global Wireless Charging Market is predicted to reach USD 63.82 billion by 2033 with a CAGR of 24.82%.

The market is anticipated to increase as a result of the rising demand for multi-device charging stations that offer simultaneous high-speed wireless charging. Moreover, the technology lessens the abrasion on device ports and connectors, resulting in a longer device lifespan and lower maintenance and replacement costs. These factors are expected to sustain the market demand for wireless charging during the projection period. The market is expanding as a result of the growing popularity of electric cars (EVs) and the increased desire for simple and smooth charging options. Due to the wireless technology, EV owners can charge their vehicles much more smoothly and conveniently since it eliminates the need for physical cords and connectors. The broad adoption of technology is being fueled in large part by this convenience aspect, which is supporting the market’s strong expansion for wireless charging. In addition, major organisations are always striving to raise the bar for technology standards in order to provide better user experiences.

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However, the initial cost of cordless chargers for consumer electronics like laptops and smartphones is 50% more than that of conventional corded chargers. The profit margins of consumer goods makers, including Xiaomi, Samsung, Apple, and others, are negatively impacted by the high cost of cordless charging. The price of an electric vehicle charging station increases with cordless charging. In comparison to earlier technologies, the transmitter, rectifier, inductive plate, and receiver components of a wireless and cordless charging are more costly. The ultimate price of the product is increased due to the high cost of the internal components in cordless chargers, which affects the overall cost.

Impact of COVID-19 on Global Wireless Charging Market

COVID Impact: The COVID-19 epidemic prompted the imposition of lockdown measures and briefly required factories and production facilities to remain closed, which had a negative impact on the semiconductor sector as well as the global supply chain and demand. On the other hand, interest in technology as a practical and touch-free substitute may be fueled by the pandemic’s aftermath and the growing significance of contactless solutions and hygiene awareness. The market is predicted to grow as digital connectivity and remote work become more commonplace, increasing the need for dependable power sources for gadgets.

Geographically, the Asia Pacific area dominated, mostly due to the growing popularity of electric vehicles in China and Japan, which made wireless charging infrastructure necessary. North America, which benefited from continued technical improvements and rising demand in the consumer electronics and automotive sectors, came in second with the largest market share. As a result of growing knowledge of the advantages of wireless charging and expanding smartphone and tablet penetration, the Middle East and Africa area is expected to have the fastest growth rate.

Wireless Charging Market Key Players:

Additionally, some of the market key players are Samsung Electronics Co. Ltd., Qualcomm Incorporated, Integrated Device Technology Inc., Sony Corporation, Ossia Inc., Others.

Global Wireless Charging Market Segmentation:

By Application: Based on the Application, Global Wireless Charging Market is segmented as; Commercial Charging Station, Home Charging Unit.

By Technology: Based on the Technology, Global Wireless Charging Market is segmented as; Inductive, Resonant, Radio Frequency, Others.

By Industry Vertical: Based on the Industry Vertical, Global Wireless Charging Market is segmented as; Consumer Electronics, Automotive, Industrial, Healthcare, Aerospace & Defence,

By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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Wireless Charging Market Competitive Analysis

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Wireless Charging Market Trends 2023, Industry Share, Growth Drivers, Demand, Key Players, Challenges, Business Opportunities and Competitive Analysis Till 2033: SPER Market Research

admin November 3, 2023 Business, IT Industry

The transfer of energy from a power source to a consuming item without the use of cables or connectors is referred to as wireless charging. A charging station (or transmitter) broadcasts the energy, which a receiver (placed in a device) receives and charges.

Wireless charging is a dependable, convenient, and safe way to power and charge electrical equipment. Furthermore, because no physical connectors or cables are utilized, it outperforms traditional charging options in terms of efficiency, cost-effectiveness, and safety. It also ensures that all devices (handheld industrial gadgets, telephones, heavy-duty equipment, and so on) are fully charged and ready for use.

According to SPER market research, ‘Wireless Charging Market Size- By Application, By Technology, By Industry Vertical – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Wireless Charging Market is predicted to reach USD 63.82 billion by 2033 with a CAGR of 24.82%.

The need for simultaneous multi-device charging stations that offer high-speed wireless charging is rising in the consumer electronics market. With the help of these wireless multi-device chargers, you can simultaneously charge your laptops, smartphones, smartwatches, and other electronic devices without worrying about any technical problems like overheating. An advanced temperature management technology is featured in these chargers. These Qi-based multi-device chargers are faster, more portable, and easier to carry than cable chargers because there is no connection. Additionally, a number of industry participants are focusing on creating and promoting new Qi-based chargers in order to meet the enormous demand for wireless simultaneous charging stations. This helps the footprints of important market players to grow.

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Consumer devices like laptops and cellphones cost 50% more to charge wirelessly than they do when charging wiredly. The high cost of cordless charging lowers the profit margins of companies that manufacture consumer goods, such as Xiaomi, Samsung, Apple, and others. Cordless charging drives up the cost of an electric vehicle charging station. The transmitter, rectifier, inductive plate, and receiver of a wireless and cordless charger cost more than those of earlier models. The high cost of internal cordless charger components drives up overall expenses, which in turn drives up the final price of the product.

Impact of COVID-19 on Global Wireless Charging Market

The electrical and semiconductor industries have been significantly impacted by the worldwide rise in COVID-19 incidents. Global market expansion was fueled by shifts in client purchasing habits and the dynamic semiconductor sector. The increasing need for next-generation charging solutions is anticipated to drive up demand for both wired and cordless charging options over the course of the projection period. Many governments throughout the world implemented nationwide lockdowns in response to the introduction of work-from-home rules, which had an impact on a variety of business sectors. This thus decreased the number of cars utilizing electric charging stations by decreasing the utilization of both electric and non-electric vehicles. These elements had a little detrimental effect on the market for wireless charging stations.

Wireless Charging Market Key Players:

Furthermore, the market share of wireless charging is dominated by Asia Pacific. It is becoming a more powerful area in the world market. The factors promoting market growth in the region include the sufficient availability of cutting-edge electric car manufacturing units and contemporary research and development facilities in growing nations like China, South Korea, Japan, Singapore, and Taiwan. Emerging nations like Australia, India, and the ASEAN nations are essential to the expansion of the regional market. China, Singapore, and India are concentrating on boosting the production of electric cars and related equipment, which draws foreign investors to India to establish production facilities and fuels the expansion of the industry. Additionally, some of the market key players are Samsung Electronics Co. Ltd., Qualcomm Incorporated, Integrated Device Technology Inc., Texas, WiTricity Corporation, Energizer Holdings Inc., Instruments, Powermat Technologies Ltd., Murata Manufacturing Co. Ltd., Sony Corporation, Ossia Inc.

Global Wireless Charging Market Segmentation:

By Application: Based on the Application, Global Wireless Charging Market is segmented as; Commercial Charging Station, Home Charging Unit.

By Technology: Based on the Technology, Global Wireless Charging Market is segmented as; Inductive, Resonant, Radio Frequency, Others.

By Industry Vertical: Based on the Industry Vertical, Global Wireless Charging Market is segmented as; Consumer Electronics, Automotive, Industrial, Healthcare, Aerospace & Defence,

By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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Wireless Charging Market Future Outlook

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