The growing demand for wireless charging in smartphones and various other consumer electronic devices, as well as medical equipment, and growth of the electric vehicle (EV) market are some of the key factors behind the growing demand for wireless chargers. Moreover, the technological developments in wireless charging devices, to increase the efficiency of power transfer, are expected to benefit the global wireless charging market significantly during the forecast period (2021–2030).
The COVID-19 pandemic has considerably impacted the wireless charging market due to the temporary shutdown of manufacturing units and retail stores. Other factors, such as the interruption of the supply chains and absence of buyers, impacted the market to a huge extent. Only with the reopening of the electronics industry and transportation systems, coupled with the growth of the EV sector, the market is expected to fully recover from the losses sustained due to the COVID-19 pandemic.
The wireless charging market, on the basis of technology, is classified into inductive, radio frequency, and magnetic resonance. Among these, the inductive category held the largest share in 2020. This is because an inductive coupling can transmit 30 to 60% of the power. Inductive coupling is used in handheld devices, such as smartphones, tablets, laptops, ear pods, and smartwatches.
Further, the receiver category held the larger market share in 2020, and these components are expected to be the fastest-growing category during the forecast period. This can be majorly ascribed to the greater number of receiver components than transmitter components due to the adoption of wireless charging in consumer electronics. Additionally, the increasing integration of wireless charging in various devices, such as smartphones, drones, ear pods, and smartwatches, and EVs is expected to propel the market growth in this category.
Geographically, the North American wireless charging market held the largest share in 2020, and it is expected to witness significant growth during the forecast period. This would be due to the presence of a large number of market players in the region, such as Plugless Power Inc. and Qualcomm Technologies Inc. Furthermore, the developments in the medical equipment sector, mainly in the U.S., are providing an opportunity to the manufacturers to invest in wireless charging, which will boost the regional market for wireless charging systems. Moreover, the growing popularity of the wireless EV charging technology is propelling the market growth in the region.
Players in the wireless charging market are partnering with one another to enhance their presence. For instance,
In November 2019, Connected Kerb Limited partnered with Munich-Magment GmbH, a German induction technology company, to provide wireless/induction charging systems across multiple public sites, including on-street residential, car parks and taxi stations, in the U.K. This will encourage the adoption of EVs in the country.
Similarly, in February 2019, WiTricity Corporation signed a contract with Yura Corporation, a South-Korea-based supplier of automotive electrical and electronic distribution components. This agreement allows Yura to access WiTricity’s wireless charging technology, support, and intellectual property (IP), to utilize the technology for EV systems.
Some of the major players operating in the global wireless charging market are Samsung Electronics Co. Ltd., WiTricity Corporation, Qualcomm Technologies Inc., Texas Instruments Inc., Integrated Device Technology Inc., Powermat Technologies Ltd., NXP Semiconductors N.V., TDK Corporation., and Convenient Power HK Limited.