Wireless Charger Market Projected to Soar to US$ 243.3 Billion by 2031, Fueled by Rapid Technological Advancements and Surging Demand

 

The global wireless charger market, valued at US$ 16.4 billion in 2021, is poised for remarkable growth, projected to achieve a staggering CAGR of 31.9% from 2022 to 2031, culminating in an estimated market value of US$ 243.3 billion by the end of 2031.

Wireless power technology, heralded for eliminating cord connections in recharging electronic devices, has witnessed substantial evolution, offering a plethora of user-friendly applications. The surge in demand for wireless charger’s spans across smartphones, wearables, autonomous guided vehicles, robots, and electric vehicles, and is expected to significantly impact the global market in the near future.

Key factors driving this growth include the enhanced user interaction, availability, reachability, and automation offered by wireless chargers compared to wired charging. The market is anticipated to witness the development of smaller and more portable chargers, thanks to advancements in Gallium Nitride (GaN) materials and new circuit designs. Market players are focusing on innovation and research and development, employing strategies such as mergers & acquisitions and expanding product portfolios to diversify revenue streams.

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Consumer Electronic Devices Propel Market Expansion

Wireless charging, the transfer of power without connecting cables, is gaining traction in healthcare, automotive, and manufacturing industries, promising increased mobility and advancements for tiny Internet of Things (IoT) devices. The popularity of wireless charging for smartphones, wearables, digital cameras, tablets, and other consumer electronics is propelling market expansion. Major players like Western Digital Technologies, Inc. are investing in research and development to introduce cutting-edge products, such as the SanDisk Ixpand wireless charger, offering dual functions of wireless charging and automatic data storage.

Electric Vehicles Drive Demand in Automotive Sector

The automotive sector is witnessing increased adoption of wireless chargers for electric vehicles (EVs). The ease of wirelessly charging mobile phones and key fobs by placing them on the vehicle's dashboard or center console without bulky wires is contributing to this trend. The International Energy Agency (IEA) reports strong global sales of electric cars in 2022, and strategic investments, such as Siemens' $25 million investment in WiTricity, highlight the commitment to drive innovation in wireless EV charging.

Charger Pads and Inductive Technology Lead the Way

Charger pads, including power mats, charger stands, and Quick (Qi) chargers, are becoming increasingly popular across various industries. These pads eliminate the need for charging cables, providing safe and convenient charging for a wide range of devices. The global wireless charger market is categorized by technology, with inductive technology holding a significant share in 2021. Inductive technology, widely used in wireless chargers for smartphones, is also finding applications in the healthcare sector for charging medical devices.

Regional Landscape

North America dominated the global wireless charger market in 2021, driven by the increasing demand for wireless charging in electric vehicles and the high penetration of premium smartphone brands. Asia Pacific and Europe are also significant markets, with China leading in electric vehicle sales and setting new national standards for wireless electric vehicle charging.

In conclusion, the global wireless charger market is poised for extraordinary growth, fueled by technological advancements, increased adoption in consumer electronics and electric vehicles, and strategic investments in research and development. As wireless chargers continue to revolutionize the way we power our devices, the market is set to reach unprecedented heights by 2031.

Analysis of Key Players in Global Wireless Charger Market

The global market is consolidated, with a small number of large-scale vendors controlling majority of the share. Most of the companies are significantly investing in introduction of new products and extensive R&D activities. Moreover, key players emphasize on mergers, acquisitions, and widening of their respective portfolios.

Delta Electronics, Inc., Drone Power Pvt. Ltd., Energizer Holdings, Inc., Energous Corporation, etatronix GmbH, Fulton Innovation LLC., InductEV, Integrated Device Technology, Inc., IPT Technology GmbH, LG Electronics, Meredot SIA, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., Sony Corporation, Wiferion GmbH, and Witricity Corporation are the prominent entities operating in the market.