DUBLIN–(BUSINESS WIRE)–Feb 9, 2021–
The "Wireless Charging Market with COVID-19 Impact by Implementation (Transmitters, Receivers), Technology (Magnetic Resonance, Inductive, Radio Frequency), Application (Consumer Electronics, Healthcare, Automotive), and Region – Global Forecast to 2026" report has been added to ResearchAndMarkets.com’s offering.
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; an increase in sales of electric vehicles, and the ability to charge multiple devices. However, compatibility issues restrict the adoption of wireless charging in various industries.
The market for transmitters to grow at higher CAGR during the forecasted period.
Wireless transmitters are used as standalone wireless charging devices, while receivers are built into the electronic devices. Companies manufacturing transmitters are investing heavily to innovate their wireless charger product portfolios. Moreover, the NXP Semiconductor provides a 15W wireless charging IC that offers broad controller functionality to implement a wireless charging transmitter solution. Renesas provides wireless power transmitter ICs for various wireless power applications such as portable charging electronic systems, charging mats and pads, personal computer docks, office furniture, and public facilities. These factors owing to the higher growth of transmitters market during the forecasted period.
The market for the automotive industry to grow at the highest CAGR during the forecast period.
Automakers are also heavily investing in the development of electric vehicles, leading to increased sales of these vehicles. Charging is the key concern in the case of electric vehicles. While the wired charging method is generally utilized to charge such vehicles, it comes with drawbacks such as safety concerns in a wet environment as well as messy wires. The increasing number of EVs globally is expected to drive the automotive segment of the wireless charging market by 2026.
APAC is projected to grow at a higher CAGR during the forecast period.
APAC is expected to be the fastest-growing market for the wireless charging market due to the presence of developing countries such as India and China. The region is a major raw material manufacturing hub for consumer electronics, automotive, and healthcare applications. Moreover, China is considered as one of the biggest manufacturing countries in the world, thereby driving the manufacturing sector in APAC. The China Electricity Council has announced new national standards for wireless electric vehicle charging, which incorporate WiTricity’s patented technology. All these factors are expected to increase the adoption of wireless charging in the country.
Market Dynamics
Drivers
- Rising Adoption of Wireless Technology in Consumer Electronics Devices
- Increasing Sales of Electric Vehicles
- Simultaneous Charging of Multiple Devices
Restraints
- Compatibility Issues Restrict Adoption of Wireless Charging Devices
- Declining Demand for Wireless Chargers due to COVID-19
Opportunities
- Use of Wireless Technology to Charge Warehouse Trucks
- Increasing Efficiency of Wireless Charging Devices
Challenges
- Expensive Infrastructure Needed for Dynamic Charging
- Customer Preference for Traditional Charging Technology
Companies Mentioned
- Chargifi Ltd.
- Convenientpower
- Elix Wireless
- Energizer
- Energous
- Evatran Group
- Infineon Technologies
- Leggett & Platt
- Momentum Wireless Power
- Murata Manufacturing
- Nucurrent
- Ossia
- Powercast
- Powermat
- Powersphyr
- Qualcomm
- Renesas Electronics
- Samsung
- Semtech
- Sonic Energy
- Texas Instruments Incorporated
- Wi-Charge
- Wibotic
- Wiferion GmbH
- Witricity
- Zens
For more information about this report visit https://www.researchandmarkets.com/r/mrvsrk
View source version on businesswire.com:https://www.businesswire.com/news/home/20210209005662/en/
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KEYWORD:
INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 02/09/2021 07:39 AM/DISC: 02/09/2021 07:39 AM
http://www.businesswire.com/news/home/20210209005662/en
