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, MarketsAndMarkets reports. Get your new Samsung wireless charger below!
The driving factor for the growth of this market includes the rising adoption of wireless technology in consumer electronics, an increase in sales of electric vehicles, and the ability to charge multiple devices. However, compatibility issues restrict the growth of wireless charging in various industries.
Major players in the wireless charging market are Energizer Holdings, Inc. (US), Evatran Group (US), Energous Corporation (US), Leggett & Platt (US), Powermat (Israel), Momentum Wireless Power (US), Ossia Inc. (US), Powercast Corp. (US), Samsung Group (South Korea), Elix Wireless (Canada), WiTricity Corporation (US), and Zens (Netherlands)
The wireless power receiver IC is designed for applications such as smartphones, tablets, wearables, and other related accessories. Companies such as Samsung, Xiaomi, OnePlus, Apple, and Motorola have begun integrating wireless charging receiver into wearables, smartphones, hearing aids, and other electronic devices. Wireless charging is also integrated into public spaces such as offices, airports, hotels, cafes, and restaurants.
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Consumer electronics market to hold the largest market share for wireless charging in 2020.
Consumer electronics application is expected to hold the largest market owing to the large number of usage of wireless charging in electronics devices such as smart phones, laptops, wearables, and kitchen appliances. Major companies such as Apple, Motorola, iOttie, and Xiaomi are manufacturing wireless charging devices including smartwatches, fitness trackers, and smart eyewear with Qi-standard wireless charging technologies.
APAC to be the fastest growing market for wireless charging during the forecast period
The wireless charging market in APAC is expected to grow at highest CAGR during forecasted period. Rapid industrialization has boosted the manufacturing sector in APAC. China is one of the most impacted countries by the COVID-19 pandemic in APAC and a major manufacturing hub in the region. Apart from China, vigorous industrial activities in other countries of the region offer lucrative opportunities for the growth of the wireless charging market.