The global wireless charging market revenue stood at $4 billion in 2020, and it will rise significantly between 2021 and 2030 (forecast period), as per the estimates of P&S Intelligence, a market research company based in India. The major factors driving the expansion of the market are the burgeoning requirement for wireless charging in headphones, smartwatches, smartphones, and various other consumer electronic devices, integration of wireless charging features in medical instruments, and surge in the electric vehicle (EV) industry.
The popularity of this technology is surging in the EV industry, as it is being explored in order to replace the conventional method of charging the vehicle by connecting it to a power source with the help of a cord. Moreover, this charging technology is being incorporated in electric vehicles for reducing the requirement for human involvement. Several international organizations, such as the Society of Automotive Engineers (SAE), International Electro Technical Commission (IEC), Institute of Electrical and Electronics Engineers (IEEE), and the Underwriters Laboratories (UL) are focusing on introducing standards for improving the efficiency and safety of wireless EV charging systems.
Geographically, North America dominated the wireless charging market in the past, and it is predicted to exhibit rapid expansion in the coming years as well. This will be because of the existence of numerous industry players in the region, such as Qualcomm Technologies Inc. and Plugless Power Inc. Additionally, the rapid advancements being made in the medical equipment sector, primarily in the U.S., are providing opportunities to manufacturers for investing heavily in wireless charging.
This is expected to propel the regional market in the coming years. WiTricity Corporation, Samsung Electronics Co. Ltd., Texas Instruments Inc., Qualcomm Technologies Inc., Integrated Device Technology Inc., NXP Semiconductors N.V., Convenient Power HK Limited, TDK Corporation, and Powermat Technologies Ltd. are some of the major players operating in the industry. In recent years, these players have actively focused on product launches and collaborations in order to augment their revenue and bolster their position in the industry.
Hence, it can be safely said that the market will demonstrate rapid expansion in the coming years, mainly because of the growing requirement for wireless charging technology in consumer electronic devices.
The popularity of this technology is surging in the EV industry, as it is being explored in order to replace the conventional method of charging the vehicle by connecting it to a power source with the help of a cord. Moreover, this charging technology is being incorporated in electric vehicles for reducing the requirement for human involvement. Several international organizations, such as the Society of Automotive Engineers (SAE), International Electro Technical Commission (IEC), Institute of Electrical and Electronics Engineers (IEEE), and the Underwriters Laboratories (UL) are focusing on introducing standards for improving the efficiency and safety of wireless EV charging systems.
Geographically, North America dominated the wireless charging market in the past, and it is predicted to exhibit rapid expansion in the coming years as well. This will be because of the existence of numerous industry players in the region, such as Qualcomm Technologies Inc. and Plugless Power Inc. Additionally, the rapid advancements being made in the medical equipment sector, primarily in the U.S., are providing opportunities to manufacturers for investing heavily in wireless charging.
This is expected to propel the regional market in the coming years. WiTricity Corporation, Samsung Electronics Co. Ltd., Texas Instruments Inc., Qualcomm Technologies Inc., Integrated Device Technology Inc., NXP Semiconductors N.V., Convenient Power HK Limited, TDK Corporation, and Powermat Technologies Ltd. are some of the major players operating in the industry. In recent years, these players have actively focused on product launches and collaborations in order to augment their revenue and bolster their position in the industry.
Hence, it can be safely said that the market will demonstrate rapid expansion in the coming years, mainly because of the growing requirement for wireless charging technology in consumer electronic devices.
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