Wireless Charging Market Analysis, Business Opportunities, Competitor Strategies and Impact of COVID

Wireless Charging Market Overview

The Wireless Charging Market is expected to grow at a CAGR of 32.56% during the forecast period. Wireless charging is a reliable, convenient, and safe way to power and charges electrical devices. Furthermore, by removing the usage of physical connectors and cables, it outperforms standard charging systems in terms of efficiency, affordability, and safety. It also ensures that all types of devices (handheld industrial gadgets, cellphones, heavy-duty equipment, and others) are charged and ready to use at all times.

Drop & charge is a new wireless charging trend invented by the Humavox Company, in which the charge station is described as a key or box, and the receiver must be pressed on the transmitter using induction charging. Such characteristics benefit customers by improving product design, usability, and reliability. Because of their heavy use of the internet, many smartphones and devices have charging challenges, which can be solved by using a fast-wireless RF energy base charger. As demand for efficient charging solutions grows, the market for wireless charging is expected to grow rapidly.

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Market Segmentation

Based on the application, the global Wireless Charging Market is segmented into Automotive, Consumer Electronics, Healthcare, Aerospace, Industrial, and Others.

Based on the region, the global Wireless Charging Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

Regional Classification

Due to changing consumer lifestyle preferences, urbanization, and growth in internet users, smartphones, laptops, tablets, MP3 players, wearables, gaming consoles, and personal digital assistants (PDAs) are in high demand, particularly in the Asia Pacific. As a result, consumer electronics companies are increasingly using wireless charging solutions. North America accounted for the highest part due to the expansion of the electronics sector and growing EV sales. Europe was the second greatest contributor in terms of revenue and is expected to rise significantly throughout the projection period due to the surge in demand for fuel-efficient and long-lasting charging solutions for electronic equipment such as power tools and portable gadgets.

Due to the presence of growing nations such as India and China, the APAC market is predicted to grow at the fastest rate. Consumer electronics, automotive, and healthcare applications all benefit from the region’s raw material manufacturing. Due to the COVID-19 outbreak, however, several countries declared lockdowns, which interrupted manufacturing, hampered supply chain activity, and resulted in financial losses. In 2020, this had an impact on many APAC markets, including the wireless charging market.

Industry News

The major key players in the Wireless Charging Market are Samsung Electronics Co Ltd. (South Korea), Texas Instruments Inc. (U.S.), Integrated Device Technology Inc. (U.S.), NXP Semiconductors (Netherlands), Powermat Technologies Ltd (Israel), WiTricity Corporation (U.S.), PowerbyProxi (New Zealand), Qualcomm Inc. (U.S.), TDK Corporation (Japan), and Convenient Power HK Limited (China)

The OnePlus 8 series will support Warp Charge 30 wireless charging, according to OnePlus. The company developed the Warp wireless direct charging architecture, which allows for real-time communication between the smartphone and a specialized chip and wireless charger. These characteristics are attributed to consumer electronics having the largest market share in the wireless charging business over the forecast period.

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