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.
The wireless charging market in North America is projected to hold the largest market size during the forecast period.
The region currently dominates the wireless charging market due to the presence of a large number of market players including Qualcomm, Energizer, Plugless Power, and WiTricty. Increasing advancements in the automotive sector, consumer electronic products, and medical devices has encouraged manufacturers to invest heavily in wireless charging, owing to which the market has gained traction in the region. For instance, WiTricty has invested USD 34 million with participation from Air Wave Wireless Electricity and a strategic investment by Mitsubishi Corporation.
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The consumer electronics application is projected to to hold largest market share of wireless charging market from 2021 to 2026.
Consumer electronic products such as smartphones, laptops, tablets, MP3s, wearables, gaming console, and personal digital assistance (PDAs) are in high demand, especially in the Asia Pacific region owing to changing consumer lifestyle preferences, expansion of urban population, and the growing number of internet users. Manufacturers of consumer electronics are thus increasingly producing wireless charging products. For instance, in April 2020, OnePlus announced the Warp Charge 30 wireless charging support in the OnePlus 8 series launch. The company has developed a Warp wireless direct charging architecture that allows real-time communication between the smartphone and the customized chip and wireless charger. These factors owing to the largest market share of consumer electronics application in wireless charging market during forecasted period.
Key Market Players
Energizer Holdings, Inc. (US), Ossia Inc. (US), Samsung Group (South Korea), WiTricity Corporation (US), Evatran Group (US), Leggett & Platt (US), Energous Corporation (US), Powermat (Israel), Momentum Wireless Power (US), Powercast Corp. (US), Elix Wireless (Canada), and Zens (Netherlands), are the major players in the wireless charging market.
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