Download Sample, Rising Adoption of Electric Vehicles is Stimulating the Wireless Charging Market Expansion
The sustained commitment of the global community to mitigating the consequences of climate change is anticipated to result in the widespread adoption of renewable energy technology such as electric vehicles (EV). Electric vehicles (EVs) are becoming increasingly popular since they minimize dependency on fossil fuels and greenhouse gas emissions. The primary conditions for a successful and easy transition to EV-based transportation are safety and convenience. Wireless charging stations will therefore become one of the growing trends in the field of EV charging that has lately gained significant critical attention from researchers and practitioners in order to adapt to the prospective power and energy demands of EV fleets. Major businesses are focusing on investing in wireless charging for electric vehicles in order to meet the increasing energy demands of electric vehicles.
For example, in June 2022, Siemens invested USD 25 million and acquired a minority position in WiTricity, a wireless charging technology firm located in the United States. It was determined that Siemens and WiTricity will collaborate to foster innovation in the expanding wireless EV charging industry. As part of this collaboration, the two businesses seek to address gaps in global wireless charging standardization for electric passenger and light-duty commercial vehicles, enabling interoperability between vehicles and infrastructure and assisting in market adoption. Furthermore, both parties are also determined to work together to enhance the technological development of wireless charging systems.
For example, in June 2022, Siemens invested USD 25 million and acquired a minority position in WiTricity, a wireless charging technology firm located in the United States. It was determined that Siemens and WiTricity will collaborate to foster innovation in the expanding wireless EV charging industry. As part of this collaboration, the two businesses seek to address gaps in global wireless charging standardization for electric passenger and light-duty commercial vehicles, enabling interoperability between vehicles and infrastructure and assisting in market adoption. Furthermore, both parties are also determined to work together to enhance the technological development of wireless charging systems.
Increasing Demand for Wireless Charging Stations is Propelling the Market Growth
There is a growing demand for high-speed wireless and simultaneous multi-device charging stations in the consumer electronics business. These wireless multi-device chargers can charge smartphones, laptops, smartwatches, and other electronic devices at the same time without any technical errors such as overheating since these chargers are provided with an advanced heat management system. Additionally, due to the lack of a cord, these Qi-based multi-device chargers are quicker, more convenient, and easier to transport than wired chargers.
Furthermore, to meet the huge demand for wireless simultaneous charging stations, several market participants are working on developing and marketing new Qi-based chargers. This contributes to the expansion of the footprints of key industry participants. Besides, the rise in smartphone usage will drive the need for wireless charging, while the rise in Internet connection will drive machine-to-machine and Internet of Things communication. Since the devices in an IoT network require continuous power sources, the global wireless charging industry has significant development potential.
Furthermore, to meet the huge demand for wireless simultaneous charging stations, several market participants are working on developing and marketing new Qi-based chargers. This contributes to the expansion of the footprints of key industry participants. Besides, the rise in smartphone usage will drive the need for wireless charging, while the rise in Internet connection will drive machine-to-machine and Internet of Things communication. Since the devices in an IoT network require continuous power sources, the global wireless charging industry has significant development potential.
Recent Trends in the Wireless Charging Industry
- Integration of wireless charging into wearable technology for added convenience.
- Incorporation of wireless charging pads in public spaces and commercial settings.
- Enhancement of compatibility across devices and brands for seamless charging.
- Integration of wireless charging technology into furniture and infrastructure.
- Adoption of wireless charging in the automotive industry for enhanced convenience.
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New Product Launches and Partnerships Present Lucrative Growth Opportunities for the Market Development
The market is controlled by established firms that invest significantly in research and development in order to increase performance through the deployment of cutting-edge technology. Contracts, new product releases, corporate expansions, collaborations, and acquisitions are a few of the innovative growth strategies used to expand the market internationally. In December 2022, Tesla officially introduced the Tesla wireless charging platform, a Qi-based wireless charging solution inspired by its future Cybertruck. It can wirelessly charge up to three devices at the same time, with each item receiving up to 15W of electricity.
Additionally, WiTricity, the global leader in wireless charging for electric vehicles, stated in July 2022 that it had licensed its wireless charging technology to Wiferion, the top supplier of mobile, wireless power supply for industrial e-vehicles. Wiferion creates wireless charging solutions for a variety of industrial applications, including automated guided vehicles (AGV), industrial trucks, and mobile collaborative robots (AMR/Cobots), all of which demonstrate the growing relevance of autonomy. Again, in July 2019, Integrated Device Technology, Inc. (IDT), a wholly owned subsidiary of Renesas Electronics Corporation announced the sampling of the P9415 receiver and P9247 transmitter, which work together to enable smartphones to charge wirelessly with up to 30W of power, closing the charging time gap between wireless and wired charging options.
Additionally, WiTricity, the global leader in wireless charging for electric vehicles, stated in July 2022 that it had licensed its wireless charging technology to Wiferion, the top supplier of mobile, wireless power supply for industrial e-vehicles. Wiferion creates wireless charging solutions for a variety of industrial applications, including automated guided vehicles (AGV), industrial trucks, and mobile collaborative robots (AMR/Cobots), all of which demonstrate the growing relevance of autonomy. Again, in July 2019, Integrated Device Technology, Inc. (IDT), a wholly owned subsidiary of Renesas Electronics Corporation announced the sampling of the P9415 receiver and P9247 transmitter, which work together to enable smartphones to charge wirelessly with up to 30W of power, closing the charging time gap between wireless and wired charging options.
High Costs, Lack of Standardisation and Technical Limitations Pose Threat to the Market Development
The initial cost of wireless chargers for consumer electronic products such as smartphones and laptops is greater than that of traditional cable chargers. The high cost of cordless charging decreases the margins of different consumer products manufacturers. Cordless charging additionally increases the cost of an electric car charging station. The components of a wireless and cordless charger, such as the transmitter, rectifier, inductive plate, and receiver, are considerably more expensive than previous generations of technology. The high cost of the internal components of cordless chargers impacts the overall cost and, as a result, boosts the final cost of the product. Cordless chargers are less compatible with existing electronic equipment; so, this charging technique can only be applied to new electronic gadgets, which is accountable for delaying adoption.
Furthermore, the global wireless charging industry has yet to settle on a single standard that is interoperable with all systems. As a result, the lack of consistent charging standards is expected to hinder the global wireless charging market throughout the forecast period. Apart from this, wireless charging is slower than traditional charging and takes twice as long to charge a smartphone as cable charging. This is because inductive power transmission takes longer to produce an electromagnetic field. This further slows the flow of electric current from the charging pad to the device, increasing the overall charging time. As a result, people prefer cable charging over wireless charging. As a result, slow charging rates are likely to hinder market growth during the forecast time frame.
Delta Electronics Inc., Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., Drone Power Pvt. Ltd., Energizer Holdings Inc., Energous Corporation, Integrated Device Technology, Inc., etatronix GmbH, Fulton Innovation LLC., InductEV, IPT Technology GmbH, LG Electronics, Meredot SIA, Powermat Technologies Ltd., Sony Corporation, WiBotic, Wiferion GmbH, Witricity Corporation are some of the prominent market players operating in the global wireless charging market.
Furthermore, the global wireless charging industry has yet to settle on a single standard that is interoperable with all systems. As a result, the lack of consistent charging standards is expected to hinder the global wireless charging market throughout the forecast period. Apart from this, wireless charging is slower than traditional charging and takes twice as long to charge a smartphone as cable charging. This is because inductive power transmission takes longer to produce an electromagnetic field. This further slows the flow of electric current from the charging pad to the device, increasing the overall charging time. As a result, people prefer cable charging over wireless charging. As a result, slow charging rates are likely to hinder market growth during the forecast time frame.
Delta Electronics Inc., Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., Drone Power Pvt. Ltd., Energizer Holdings Inc., Energous Corporation, Integrated Device Technology, Inc., etatronix GmbH, Fulton Innovation LLC., InductEV, IPT Technology GmbH, LG Electronics, Meredot SIA, Powermat Technologies Ltd., Sony Corporation, WiBotic, Wiferion GmbH, Witricity Corporation are some of the prominent market players operating in the global wireless charging market.
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Expansion of Manufacturing Units and Increasing Penetration of Smartphone Companies is Accelerating the Market Expansion
North America is anticipated to account for a significant share of the wireless charging market over the forecast period owing to the increased demand for wireless charging as well as the high penetration of luxury smartphone companies with flagship goods and other electronic gadgets in the region. Increased sales of electric cars are a significant driver driving market growth in North America. On the other hand, the Asia Pacific region is also expected to witness substantial growth in the wireless charging market. The market expansion in the region is being aided by the availability of advanced electric vehicle manufacturing units and contemporary research and development facilities in growing nations like China, South Korea and Japan. India, Singapore, and China are concentrating on boosting the manufacture of electric vehicles and supporting technologies, which draws global investors to build manufacturing units in India, pushing market growth.
Furthermore, Europe accounts for a sizeable share of the wireless charging market owing to the most advanced and contemporary production plants of charging stations for electric vehicles in countries like Germany. Additionally, the United Kingdom, France, and Italy are also anticipated to experience moderate growth in the wireless charging market in the region over the forecast period.
Furthermore, Europe accounts for a sizeable share of the wireless charging market owing to the most advanced and contemporary production plants of charging stations for electric vehicles in countries like Germany. Additionally, the United Kingdom, France, and Italy are also anticipated to experience moderate growth in the wireless charging market in the region over the forecast period.
The report provides a detailed overview of the wireless charging market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for wireless charging market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the wireless charging market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the wireless charging market. Some key countries and region included in the wireless charging market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Sweden, Norway, Denmark, Finland, Ireland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Turkey, Egypt, Morocco, Israel, Kenya, Rest of MEA |
Wireless Charging Market Research Report Covers In-depth Analysis on:
- Wireless charging market detailed segments and segment-wise market breakdown
- Wireless charging market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in wireless charging industry)
- Current, historical, and forthcoming 10 years market valuation in terms of wireless charging market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Wireless charging market demand analysis
- Wireless charging market pricing analysis over the forecast period (by key segment and by region)
- Wireless charging market regional insights with a region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the wireless charging market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in wireless charging market
- Wireless charging market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on wireless charging market forecast by countries
- Mergers and acquisitions in the wireless charging market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key drivers influencing the wireless charging market growth?
The wireless charging market is driven by increasing demand for convenience in device charging, the growing adoption of electric vehicles, advancements in technology, and the integration of wireless charging in consumer electronics.
What are the major challenges faced by the wireless charging market?
Key challenges include high initial implementation costs, compatibility issues among devices, and concerns regarding efficiency and charging speeds compared to wired solutions.
What are the emerging trends in the wireless charging market?
Emerging trends include the integration of wireless charging with IoT devices, advancements in fast-charging technologies, and the development of long-range wireless power transfer systems.
