Wireless Charging Market worth USD 147.25 billion in 2030 - Exclusive Report by Maximize Market Research

PUNE, India, July 23, 2024 /PRNewswire/ -- Global Wireless Charging Market size was valued at USD 29.20 Bn in 2023 and is expected to reach USD 147.25 Bn by 2030, at a CAGR of 26 %, according to a new report by Maximize Market Research.

Global Wireless Charging Market 2023-2030: Key Highlights

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Wireless charging has transformed powering devices by using electromagnetic induction to transfer energy without physical connections. It is widely used in consumer electronics like smartphones, smartwatches, earbuds and healthcare. Industrial automation and IoT applications also benefit from wireless charging technology. The market is driven by Electric Vehicle adoption, IoT expansion, and user demand for convenience. However, challenges such as standardization, efficiency, cost, and regulation need to be addressed. Future advancements, including dynamic EV charging and smart city integration, promise to make wireless charging an integral part of daily life.

The growing demand for continuous power solutions drives the growth of the wireless charging market during the forecast period.

The demand for the wireless charging market is increasing owing to the extensive adoption of wireless technologies in many sectors like the instrument wireless system market. For example, Xvive's upgraded A58 wireless system, which now operates on the 5.8 GHz band for cleaner transmission & proposals improved battery life & wireless range, highlights the trend of enhancing user convenience & reliability. As musicians seek more efficient and reliable wireless solutions, the need for advanced wireless charging systems that can offer longer battery life & faster charging becomes critical. This mutual relationship between wireless technology developments and the growing demand for continuous power solutions drives the growth of the wireless charging market during the forecast period.

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The rising demand for budget-friendly power banks is impacting the wireless charging market throughout the forecast period.

The emergence of budget-friendly power banks the Portronics Luxcell Wireless Mini, is significantly impacting the wireless charging market during the forecast period. Priced around Rs 1,250, this power bank offers a compelling combination of features, including MagSafe compatibility & a 10,000 mAh capacity, at a cost well below the typical Rs 2,500 threshold for wireless charging devices. This affordability is increasing the demand of wireless charging technology to a wider audience, mainly among budget-conscious customers. The Luxcell Wireless Mini's competitive pricing & robust feature set are likely to exert pressure on other manufacturers, driving them to innovate and adjust their pricing strategies. As a result, MMR analysts expect increased competition within the wireless charging market, which could lead to lower prices and enhanced technological offerings across the industry. Moreover, the introduction of such accessible wireless charging solutions is expected to accelerate the adoption of wireless charging standards & infrastructure, thereby increasing the market and expanding further growth.

Wireless charging technologies poised to revolutionize the EV industry during the forecast period.

Wireless charging technologies are poised to transform the EV industry by significantly enhancing convenience, cost-effectiveness, and meeting the rising demand from drivers and fleet operators. Traditional wired charging solutions need a cable to recharge EV battery, which heavy & time-consuming. In contrast, wireless charging eliminates the need for manual connections, allowing vehicles to charge without being physically plugged in. This technology can be integrated into many environments, including roadways & parking areas, enabling dynamic charging where vehicles can recharge while in motion or during brief stops. This innovation improves user experience by providing rapid alignment & initiation of charging. Safety is ensured with compliance to stringent magnetic field regulations. As these technologies advance, they are expected to significantly accelerate EV adoption & reshape the automotive industry.

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Asia Pacific dominated the Wireless Charging Market in 2023 and is expected to continue its dominance over the forecast period.

Asia Pacific is home to some of the world's largest consumer electronics markets such as China, Japan, and South Korea. These countries have a strong demand for smartphones, wearables and other wireless charging-enabled devices. The complete size of these markets contributes to the region's domination. Many of the world's leading consumer electronics manufacturers are based in Asia Pacific. Companies including Samsung, LG and Huawei are at the forefront of wireless charging technology. Their influence and innovation fuel the market's growth. Electric vehicle adoption in Asia Pacific especially in China, has been a substantial driver for wireless charging. Wireless charging technology is seen as a suitable solution for EV charging, contributing to the region's dominance in this sector.

Key Takeaways Wireless Charging Market Report:

• As more & more smartphones, wearables, and other devices adopt wireless charging technology, the global wireless charging market is expected to increase rapidly.
• Demand for wireless charging infrastructure drives the market, particularly in public places such as airports & cafes.
• The widespread adoption of smartphones & EVs in the region highlights Asia-Pacific as a major growth area for the wireless charging market.
• Rising interest in wireless charging solutions from the healthcare & hospitality sectors also drives the wireless power market.

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Competitive Landscape

The key players in the wireless charging market are increasing their market share through various business growth strategies. These include the overview of new products, the expansion of existing product lines & the signing of agreements. Several key players in the wireless charging market are devoting significant resources to research and development, primarily focusing on expanding the effective range of power transmission.

The global wireless charging market features a diverse array of companies, ranging from established industry giants to innovative newcomers. The market is highly competitive regarding product quality, price, and features.

• Energizer Holdings (US)
• Convenientpower (China)
• Integrated Device Technology (US)
• Murata Manufacturing (Japan)
• Leggett & Platt (US)
• Powerbyproxi Ltd. (New Zealand)
• Qualcomm Incorporated (US)
• Powermat Technologies (Israel)
• Texas Instruments (US)
• Witricity Corporation (US).

Browse Adjacent Market:  Global Wireless Power Bank Market Research Reports &Consulting

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