Westford, USA, Aug. 29, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Wireless Charging Market will attain a value of USD 35.52 billion by 2031, with a CAGR of 23.80% over the forecast period (2024-2031). One reason for the broader market growth of electric vehicle (EV) charging stations is the increasing popularity of electric cars and the mounting consumers’ desire for ease of charging. When you have such wireless technologies in place, people who own EVs will easily charge their vehicles without any disturbances as they no longer need cables or plugs that connect them physically. A large degree of popularity of technology results from the ease of using it hence facilitating rapid growth in the market for wireless charging.
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Browse in-depth TOC on the " Wireless Charging Market "
- Pages - 197
- Tables - 66
- Figures – 74
Wireless Charging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 6.44 billion |
| Estimated Value by 2031 | $ 35.52 billion |
| Growth Rate | Poised to grow at a CAGR of 23.80 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Charging Type, Component, Charging System, Applicationm, Power Supply Range, Vehicle Type and Propulsion. |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Integration of wireless charging in furniture and public spaces |
| Key Market Opportunities | Development of faster and more efficient wireless charging technology |
| Key Market Drivers | Increasing adoption of electronic devices and wearables |
Widespread Adoption in Consumer Electronics Allows Inductive Technology to Hold a High Market Share
Currently, inductive technology currently dominates the global wireless charging industry as it has become very popular with consumers and is respected to be reliable, effective and safe. Due to inductive charging is so widely used, more manufacturers are compelled to include it in their products, further solidifying its market domination and generating a self-sustaining loop of growing use and advancements in technology.
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High Demand for Convenient Device Charging in Electronics Industry Allowing them to Emerge as a Dominant Segment
The strong need for efficiency and convenience in device charging is the reason why the electronics end-use industry leads the global wireless charging market. The need for wireless charging in smartphones, tablets, and wearables propels ongoing innovation and integration, which in turn upholds the industry's hegemony by establishing industry standards and promoting wider consumer use.
Significant Demand from Consumers Electronics Allowing North America to Spearhead Market Demand
With a market share of more than 35%, North America dominated the global wireless charging market. The reason why the region is leading in terms of the use of smartphones alongside other types of mobile devices is due to the fact that it has very many major players. The US is the largest market in North America for any type of charging with electricity that does not have wires since people and organizations are in dire need of it.
Wireless Charging Market Insight
Drivers:
- Increasing Adoption of Electronic Devices and Wearables
- Growing Demand for Electric Vehicles (EVs)
- Surging Demand for Simultaneous Charging Solutions
Restraints:
- Limited Charging Efficiency and Longer Charging Times
- Cost and Infrastructure Limitations
- Compatibility Issues Associated with Wireless Charging Devices
Prominent Players in Wireless Charging Market
The following are the Top Wireless Charging Companies
- Toshiba Corporation (Japan)
- Samsung Electronics Co., Ltd. (South Korea)
- Powermat Technologies Ltd. (Israel)
- Sony Corporation (Japan)
- Texas Instruments Incorporated (US)
- Apple Inc. (US)
- Energizer Holdings, Inc. (US)
- Panasonic Corporation (Japan)
- Qualcomm Incorporated (US)
- Broadcom Inc. (US)
Key Questions Answered in Global Wireless Charging Market Report
- What factors are expected to propel the worldwide wireless charging market to a projected value of USD 209.96 billion by 2031?
- What effect does the ubiquitous application of inductive technology in consumer electronics have on its market share in the worldwide wireless charging sector?
- Why is it anticipated that North America would dominate the world market for wireless charging, especially in terms of market share?
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This report provides the following insights:
- Analysis of key drivers (Proliferation of electronic devices, hassle-free charging methods, eliminate the need for cables and integration of wireless charging capabilities), restraints (Relatively lower efficiency, energy loss during power transmission and increased charging times), opportunities (Fast charging technology enhances user convenience, beneficial for users on the go and integrating safety measures), and challenges (Requires close proximity between the charging pad & device and extending operational range) influencing the growth of wireless charging market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the wireless charging market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the wireless charging market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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Wireless Electric Vehicle Charging Market
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