The overall wireless charging market is expected to be valued at USD 4.5 billion in 2021 and projected to reach USD 13.4 billion by 2026, at a CAGR of 24.6% between 2021 and 2026. The growth of the wireless charging market is attributed to the rising adoption of wireless technology in consumer electronics; increase in sales of electric vehicles; and ability to charge multiple devices.
COVID-19 impact on the wireless charging market
The
COVID-19 impact forecast for the wireless charging market in this report is
based on the quarterly and annual reports of the companies under study. Primary
interviews have confirmed the downward trend in the wireless charging market in
2020. However, the market is expected to rise after the COVID-19 crisis has
been neutralized, as governments have imposed strict policies to maintain safe
environments in all manufacturing industries. At present, the adoption of
wireless charging is high in the consumer electronics, and automotive
industries.
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Restraint:
Compatibility issues restrict adoption of wireless charging devices
Wireless charging is useful for devices that are
compatible with the Qi-enabled wireless charging standard. Devices without the
Qi-compatible wireless charging standard are not compatible with the charging
pad. Accessory providers are thus offering external wireless charging solutions
for such devices. Different types of wireless chargers, such as charging pads,
charging bowls, and charging boxes, are required for various products, raising
the issue of compatibility. A user is thus forced to invest in a large number
of wireless chargers to suit different products. While some manufacturers offer
multi-device wireless chargers, the general issue of compatibility in the case
of devices that are not Qi-enabled is expected to restrict the adoption of
wireless charging devices
Opportunity:
Increasing efficiency of wireless charging devices
Inductive charging is widely used for wireless
charging of consumer electronic devices and electric vehicles. Magnetic
resonance allows power transmission at longer distances between receiver and
transmitter, and increases efficiency. In wireless charging, efficiency depends
upon the power accessible to charge the device with the wireless transmitter's
power. It is a vital consideration for wireless power, as it determines how hot
the battery has got and how much power is wasted. The higher the efficiency,
the lesser the cost and size of the charger required for the same delivered
power. Wireless chargers offer benefits in terms of security, cost, and
efficiency, and rising customer confidence in such chargers is expected to
drive the growth of the market.
Challenge: Customer
preference for traditional charging technology
Wired charging offers faster-charging speed and is
less expensive than wireless charging. Wired chargers are usually provided by
the manufacturers along with the devices. While it offers mobility and
portability, wireless charging requires devices to be Qi-compatible, thus
proving unsuitable for many products. With wireless charging pads getting
larger, and adapters getting smaller and more durable, customers are showing a
greater preference for the traditional charging technology. This is expected to
hamper the rapid adoption of wireless charging technology.
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
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