Wireless Charging Market to Grow at 15.8% CAGR by 2030
Rise in adoption of electric vehicles, owing to advancements in wireless charging technology such as higher power transfer capabilities, longer ranges, and increasingly stringent government policies regarding adoption of EVs boosts growth of the market.
According to a new research report by Next Move Strategy Consulting, the wireless charging market was valued at USD 18.21 billion in 2022, and is expected to reach USD 71.47 billion by 2030, with a CAGR of 15.8% during the forecast period, 2023 to 2030.
The industry is expanding as a result of the development of wireless chargers that can charge several devices. Wireless charging enables users to charge multiple devices without having to use multiple charging cables and adapters, thereby eliminating the clutter & reducing the number of charging accessories needed. This is especially useful in environments where multiple devices need to be charged, such as offices, airports, and public spaces.
For instance, in December 2022, Tesla introduced its wireless charging platform, a Qi-based wireless charging solution inspired by its future Cybertruck. It can wirelessly charge up to three devices such as iPhones, AirPods, and even Apple Watch with each item receiving up to 15W of electricity.
On the contrary, the limited range and high cost of wireless chargers are the factors that hamper growth of the market. On the contrary, introduction of air charging is expected to create ample opportunities in the market in the coming years. Air charging is expected to allow users to charge their devices from a distance, making it a more convenient and flexible solution than other traditional methods.
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According to the report, leading market players of wireless chargers include Renesas Electronics Corporation, Murata Manufacturing Company Ltd, Qualcomm Incorporated, Samsung Electronics, Sony Corporation, Xiaomi Corporation, Energizer Holdings Inc, Texas Instruments Inc, Witricity Corporation, and Robert Bosch GMBH.
Key Insights from the Wireless Charging Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the wireless charging market is provided in the report.
Value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the global wireless charging market, along with their competitive analysis is provided in the report.