Wireless charging technology offers hassle-free charging solutions for various electronic devices without the need of plugging in cables. Wireless charging works on inductive coupling which involves an electromagnetic field generated between two coils enabling transfer of electric power between them. Devices such as smartphones, smartwatches and wireless earbuds have become highly integrated into daily lives of consumers demanding round the clock connectivity. This has created a pressing need to charge such devices multiple times throughout the day without much effort. Wireless charging pads and power banks address this issue by providing seamless charging experience without any physical connection between devices and chargers.
The global Wireless Charging Market is estimated to be valued at US$7.1 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Standardization of technology is one of the key trends shaping the growth of wireless charging market. Currently, there are multiple technological standards co-existing in the market such as Qi, PMA (Power Matters Alliance) and AirFuel. This had been hindering widespread adoption of wireless charging technology as devices compatible with one standard could not be charged using chargers conforming to other standards. However, the Wireless Power Consortium which oversees Qi standard is actively working towards establishing a unified standard. This will facilitate development of products compatible across brands and regions further driving market demand. Additionally, integration of wireless charging capabilities in new verticals such as automobiles, IoT devices and smart home appliances is expanding the addressable market for wireless charging solutions beyond consumer electronics. Ongoing development efforts to enhance charging speeds, ranges and efficiencies are also supporting market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the wireless charging market as it requires high initial investments in R&D and production. The market also has few big players established over long period of time.
Bargaining power of buyers: The bargaining power of buyers is moderate as the wireless charging technology is relatively new with limited standardization between different products. However, growing consumer awareness increases their influence.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. Major components like electronic chips have large suppliers globally but wireless charging solutions providers face low threats from suppliers.
Threat of new substitutes: Threat of substitutes is moderate as wired charging still dominates but wireless technology is gaining traction. Emerging technologies like autonomous driving could impact future demand.
Competitive rivalry: The competitive rivalry is high among key players to gain maximum market share. Players compete on technology innovation, product performance and partnerships.
Key Takeaways
Global Wireless Charging Market Demand is expected to witness high growth over the forecast period supported by growing demand for contactless charging solutions in consumer electronics and automotive sector. Asia Pacific currently dominates the market attributed to large consumer base and presence of automotive manufacturing hubs in countries like China and Japan.
Regional analysis
Asia Pacific is the fastest growing as well as dominating region in the global wireless charging market. Countries like China, Japan, South Korea are major manufacturing hubs for smartphones, wearables and automotive. Growing middle class population and increasing demand for advanced features are driving the adoption of wireless charging in the region. North America and Europe are other prominent markets driven by high consumer spending on electronic gadgets.
Key players
Key players operating in the wireless charging market are Nippon Shokubai Co. Ltd., Evonik Industries AG, BASF SE, Yixing Danson Technology, Kao Corporation, Sumitomo Seika Chemicals Co. Ltd., San-Dia Polymers Global Co. Ltd., Sanyo Chemicals Industries, Formosa Plastics Corporation, and LG Chemicals Ltd. Companies are focused on developing advanced and efficient wireless charging solutions through innovations and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
