Devices may now be charged wirelessly without the use of cords thanks to a technology known as inductive charging, or wireless charging. It functions by sending energy between a charging station and an appropriate device—such as an electric car or smartphone—through electromagnetic fields. In order to charge a device, a transmitter (charging pad) uses a coil to create a magnetic field, which a receiver (device) converts into electrical current.
According to SPER market research, ‘Wireless Charging Market Size- By Application, By Technology, By Industry Vertical- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Global Wireless Charging Market is predicted to reach USD 63.82 billion by 2033 with a CAGR of 24.82%.
The market is anticipated to increase as a result of the rising demand for multi-device charging stations that offer simultaneous high-speed wireless charging. Moreover, the technology lessens the abrasion on device ports and connectors, resulting in a longer device lifespan and lower maintenance and replacement costs. These factors are expected to sustain the market demand for wireless charging during the projection period. The market is expanding as a result of the growing popularity of electric cars (EVs) and the increased desire for simple and smooth charging options. Due to the wireless technology, EV owners can charge their vehicles much more smoothly and conveniently since it eliminates the need for physical cords and connectors. The broad adoption of technology is being fueled in large part by this convenience aspect, which is supporting the market's strong expansion for wireless charging. In addition, major organisations are always striving to raise the bar for technology standards in order to provide better user experiences.
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However, the initial cost of cordless chargers for consumer electronics like laptops and smartphones is 50% more than that of conventional corded chargers. The profit margins of consumer goods makers, including Xiaomi, Samsung, Apple, and others, are negatively impacted by the high cost of cordless charging. The price of an electric vehicle charging station increases with cordless charging. In comparison to earlier technologies, the transmitter, rectifier, inductive plate, and receiver components of a wireless and cordless charging are more costly. The ultimate price of the product is increased due to the high cost of the internal components in cordless chargers, which affects the overall cost.
Impact of COVID-19 on Global Wireless Charging Market
COVID Impact: The COVID-19 epidemic prompted the imposition of lockdown measures and briefly required factories and production facilities to remain closed, which had a negative impact on the semiconductor sector as well as the global supply chain and demand. On the other hand, interest in technology as a practical and touch-free substitute may be fueled by the pandemic's aftermath and the growing significance of contactless solutions and hygiene awareness. The market is predicted to grow as digital connectivity and remote work become more commonplace, increasing the need for dependable power sources for gadgets.
Geographically, the Asia Pacific area dominated, mostly due to the growing popularity of electric vehicles in China and Japan, which made wireless charging infrastructure necessary. North America, which benefited from continued technical improvements and rising demand in the consumer electronics and automotive sectors, came in second with the largest market share. As a result of growing knowledge of the advantages of wireless charging and expanding smartphone and tablet penetration, the Middle East and Africa area is expected to have the fastest growth rate.
Wireless Charging Market Key Players:
Additionally, some of the market key players are Samsung Electronics Co. Ltd., Qualcomm Incorporated, Integrated Device Technology Inc., Sony Corporation, Ossia Inc., Others.
Global Wireless Charging Market Segmentation:
By Application: Based on the Application, Global Wireless Charging Market is segmented as; Commercial Charging Station, Home Charging Unit.
By Technology: Based on the Technology, Global Wireless Charging Market is segmented as; Inductive, Resonant, Radio Frequency, Others.
By Industry Vertical: Based on the Industry Vertical, Global Wireless Charging Market is segmented as; Consumer Electronics, Automotive, Industrial, Healthcare, Aerospace & Defence,
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
Wireless Charging Market Competitive Analysis
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