Press release
Wireless Charging Market Set to Reach USD 71.47 Billion by 2030, Driven by Electric Vehicle Surge and Advancements in Technology
Wireless Charging Market
One of the pivotal factors fueling this growth is the significant increase in electric vehicle (EV) sales. The demand for hassle-free and cable-free charging solutions from EV owners has led to the widespread adoption of wireless charging technology, eliminating the inconvenience of dealing with physical cables. Notably, advancements in wireless charging, including improved power transfer capabilities and extended ranges, have further enhanced the market's appeal. Leading automotive giants such as BMW, Nissan, Chevrolet, and Tesla are actively investing in research and development, exemplified by Tesla's recent announcement of 1 MW wireless charging for the Tesla Semi.
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The integration of wireless technology in consumer electronics is another key driver for market expansion. As more devices embrace wireless and cordless features, the demand for wireless charging technology continues to rise. Consumers, seeking convenient ways to charge their devices without the hassle of cords, are driving the adoption of wireless charging in smartphones, laptops, and wearables, further propelling market growth.
However, the market faces challenges, notably the high cost of wireless charging technology and its limited range. The current cost of wireless charging exceeds that of traditional methods, posing limitations on adoption, particularly in price-sensitive markets. Additionally, the proximity requirement between devices and charging pads restricts convenience, especially in high-power applications such as electric vehicle charging.
Looking towards the future, the introduction of air charging, or over-the-air charging, emerges as a promising avenue for the wireless charging market. This innovative technology utilizes electromagnetic waves to charge devices without any physical contact or charging pads. Air charging provides a convenient and flexible solution, allowing users to charge devices from a distance, thereby simplifying device charging and eliminating the need for cables or pads. This forward-looking approach creates exciting opportunities for the wireless charging market's future growth.
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Asia-Pacific's Dominance in Wireless Charging:
• Holds a major share in the global wireless charging market.
• Expected to sustain its dominant position throughout the forecast period.
Drivers of Asia-Pacific's Wireless Charging Market:
• Surge in Electric Vehicles (EVs) adoption across the region.
• Developments in the electronics industries, particularly in China, Japan, and South Korea.
Contributions from Mobile Phone Manufacturers:
• Presence of key mobile phone manufacturers, including Xiaomi, OnePlus, Sony, and Samsung.
• Manufacturers actively developing wireless chargers with advanced features such as fast charging and temperature control.
Propelling Growth in the Region:
• Combination of EV adoption, electronics industry advancements, and mobile phone manufacturers' innovations contributes to the overall growth of the wireless charging market in Asia-Pacific.
North America's Wireless Charging Growth:
• Substantial growth observed in the wireless charging market.
• Steady increase projected in wireless charging demand in North America.
Drivers of Growth:
• Expansion of the electronics market contributes to increased demand.
• Rise in sales of Electric Vehicles (EVs) a key factor in boosting wireless charging needs.
• Growing environmental awareness in North America fuels sales of EVs.
Aerospace & Defense Impact:
• Significant growth in wireless chargers' usage in the aerospace & defense industry.
• Applications in UAVs, USVs, satellites, rovers, and portable communication devices.
Influence of Tech Giants:
• Presence of major companies like Apple Inc. contributes to market growth.
• Introduction of wireless chargers for iPhones by industry leaders propels the market.
Competitive Landscape:
The wireless charging market includes various market players such as Renesas Electronics Corporation, Murata Manufacturing Company Ltd, Qualcomm Incorporated, Samsung Electronics, Sony Corporation, Xiaomi Corporation, Energizer Holdings Inc, Texas Instruments Inc, Witricity Corporation, and Robert Bosch GMBH. These market players are adopting several strategies such as product launches and investments across various regions to maintain their dominance in the electric vehicle charging market.
Wireless Charging Market Key Segments:
By Technology
• Inductive
• Resonant
• Radio Frequency
• Others
By Industry Vertical
• Electronics
• Automotive
• Industrial
• Healthcare
• Aerospace & Defense
By Region
• North America
o U.S
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
• Asia-Pacific
o China
o India
o Japan
o South Korea
o Taiwan
o Rest of Asia-Pacific
• RoW
o Latin America
o Middle East
o Africa
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About Next Move Strategy Consulting:
Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports that help multinational companies triumph over their competition and increase their industry footprint by capturing a greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining, and data analytics.
We have provided services to over 1000 customers globally, including 90% of Fortune 500 companies over a decade. Our analysts constantly track various high-growth markets and identify hidden opportunities in each sector or industry. We provide one of the industry's best-quality syndicate as well as custom research reports across ten different industry verticals. We are committed to delivering high-quality research solutions in accordance with your business needs. Our industry-standard delivery solutions range from pre-consultation to after-sales services; we provide an excellent client experience and ensure the right strategic decision-making process for businesses.
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