Wireless Charging Market Generated $4.1 Billion Revenue in 2020, Globally: P&S Intelligence
NEW YORK, Aug. 3, 2021 /PRNewswire/ -- The burgeoning requirement for wireless charging in consumer electronic devices, such as smartphones, and medical instruments, and the expansion of the electric vehicle (EV) industry are some of the major factors fueling the sales of wireless chargers. Additionally, the rapid technological advancements being made in wireless charging devices for increasing the power transfer efficiency are predicted to fuel the growth of the global wireless charging market during 2021–2030, from a value of $4.1 billion in 2020, according to P&S Intelligence.
The COVID-19 pandemic has negatively impacted the progress of the wireless charging market because of the temporary closing of retail stores and manufacturing facilities. Other factors, such as the imposition of social distancing protocols, absence of buyers, and disruptions in the supply chain, also affected the market growth considerably. However, the easing of the restrictions, opening of transportation systems and electronics industry, and the surging deployment of EVs are predicted to fuel a resurgence in the market in the coming years.
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The wireless charging market is categorized into radio frequency, magnetic resonance, and inductive, based on technology. Out of these, the inductive category dominated the market in 2020. This is ascribed to the fact that inductive coupling has the ability to transmit 30–60% of the power. Inductive coupling is extensively used in handheld devices, such as tablets, smartphones, ear pods, smartwatches, and laptops.
Furthermore, the receiver category contributed the higher revenue to the market in 2020, and it is predicted to register faster growth in the market during the forecast period, under segmentation by component. This is credited to the larger number of receiver components in use in comparison to transmitter components on account of the large-scale integration of wireless charging features in consumer electronic devices, such as drones, smartwatches, ear pods, and smartphones. In addition, the mushrooming deployment of EVs is predicted to fuel the expansion of the category in the market in the forthcoming years.
Browse detailed report with COVID-19 impact analysis on Wireless Charging Market Research Report: By Technology (Magnetic Resonance, Inductive, Radio Frequency), Component (Transmitters, Receivers), Application (Consumers Electronics, Healthcare, Automotive) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/wireless-charging-market
Globally, North America dominated the wireless charging market in 2020, and it is predicted to exhibit huge expansion in the forthcoming years. This is credited to the existence of several market players in the region, such as Qualcomm Technologies Inc. and Plugless Power Inc. Furthermore, the expansion of the medical equipment sector, especially in the U.S., is creating lucrative growth opportunities for wireless charger manufacturers. Moreover, the soaring popularity of the wireless EV charging technology is contributing to the boom of the market in the region.
The players operating in the wireless charging market are partnering with each other for enhancing their presence. For example,
Connected Kerb Limited announced in November 2019 that it has entered into a partnership with Munich-Magment GmbH, which is a German induction technology company, for providing induction/wireless charging systems at various public sites, such as car parks and taxi stations and on-street residential areas, in the U.K. This will propel the deployment of EVs in the country.
Likewise, WiTricity Corporation and Yura Corporation, which is a supplier of electronic distribution and automotive electrical components based in South Korea, signed an agreement in February 2019. As per the agreement, Yura will gain access to WiTricity's wireless charging technology, intellectual property (IP), and support, for utilizing the technology for the systems used in EVs.
WiTricity Corporation, Samsung Electronics Co. Ltd., Powermat Technologies Ltd., Qualcomm Technologies Inc., NXP Semiconductors N.V., Texas Instruments Inc., Convenient Power HK Limited, Integrated Device Technology Inc., and TDK Corporation are some of the major wireless charging market players across the world.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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SOURCE P&S Intelligence
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