Asia-Pacific Emerges as the Largest Market for Wireless Charging Solutions

Posted by Tom C on February 15th, 2023

Wireless Charging Market: An Overview

Wireless charging market is estimated to be 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 process of transferring electricity from a charging pad to a device without the use of connections or cables is referred to as wireless charging, also known as inductive charging. By bringing increased convenience and simplicity, this technology has altered the way consumers charge their electronic devices. With more and more gadgets adopting this technology, the market for wireless charging is expanding quickly.

Market Size and Growth

The market for wireless charging was estimated to be worth USD 7 billion globally in 2021, and it is anticipated to increase rapidly over the next few years. The main factor fueling market expansion is the rising demand for wireless charging options for smartphones, smartwatches, laptops, and other electronic devices. Additionally, the market is anticipated to develop as a result of the rising popularity of electric vehicles and the demand for wireless charging solutions for them. 

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Segmentation of the Market

The wireless charging market can be divided into submarkets based on geography, technology, product, and application.

The market can be divided into inductive charging, resonant charging, and radio frequency charging based on technology. The most popular charging method now available is inductive charging, and it is anticipated that this trend will continue in the years to come.

The market can be divided into charging pads, charging stands, charging cases, and other product categories. The market's most popular item, charging pads are anticipated to maintain their market share dominance.

The market can be divided into consumer electronics, automotive, industrial, and other categories depending on application. The market's main application sector is consumer electronics, and it is anticipated that this trend would continue in the years to come.

The market can be divided geographically into four regions: North America, Europe, Asia-Pacific, and the rest of the world. The biggest markets for wireless charging devices are in Asia-Pacific, North America, and Europe.

Key Players

There are several players operating in the fiercely competitive wireless charging sector. Apple Inc., Huawei Technologies Co., Ltd., Anker Innovation Technology Co., Ltd., Belkin International, Inc., Energous Corporation, Würth Elektronik eiSos GmbH & Co. KG, OPPO Electronics Corp., Xiaomi Corporation, and ZENS are a few of the major companies in the market.

Conclusion

With more and more gadgets adopting this technology, the market for wireless charging is expanding quickly. The market is anticipated to expand as a result of the rising demand for wireless charging options for smartphones, smartwatches, laptops, and other electronic devices. Additionally, the market is anticipated to develop as a result of the rising popularity of electric vehicles and the demand for wireless charging solutions for them. The market, which has a lot of businesses functioning in it and is very competitive, will be fascinating to observe in the upcoming years.