Wireless Charging Market Likely to Reach USD 13.4 billion by 2026
Posted by Tom C on January 3rd, 2023
The overall wireless charging market is expected to be valued at 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 growth of the wireless charging market is attributed to the rising adoption of wireless technology in consumer electronics; increase in sales of electric vehicles; and ability to charge multiple devices. However, compatibility issues restrict the adoption of wireless charging in various industries.
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Transmitters market is expected to grow at higher CAGR during forecasted period
The transmitters market is expected to grow at higher CAGR owing to the growth of new innovation by the startup players in the market. For instance, FLI Charge, a US-based startup, is offering wireless charging technology-based devices that comprise conductive modules and powered surfaces. These devices are suitable for charging smartphones and other consumer electronics, as well as low energy-consuming medical and industrial devices.
The inductive technology segment, by technology, is expected to continue to hold the largest share of the wireless charging market during the forecasted period. This growth is attributed to the rise in use of mid-sized items such as mobile phones, personal digital assistants (PDA), MP3, medical devices, electric toothbrushes, and power tools.
Major Key Players in the Wireless Charging Market
The market for automotive application is expected to grow at the highest CAGR during the forecast period. The increasing development and adoption of electric vehicles are also responsible for the rising demand for wireless charging for electric vehicles. Various companies are introducing wireless charging systems for forklifts, scissor lifts, trucks, automated guided vehicles, and golf carts used in warehouses. For instance, Delta Electronics has launched a 30KW wireless charging system for warehouse automation.
The wireless charging market in APAC is expected to grow at the highest CAGR during the forecast period, owing to the the increased adoption of wireless charging in China and India. However, lockdowns are being observed across countries, which has halted most economic activities. With many region- and country-level economic packages infusing money into the market to boost the economy to come out of recession brought on by COVID-19, recovery from world economic depression is expected between 2021 and 2022.
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About the AuthorTom C
Joined: July 2nd, 2020
Articles Posted: 347
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