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.
COVID-19 impact on the wireless charging market
The COVID-19 impact forecast for the wireless charging market in this report is based on the quarterly and annual reports of the companies under study. Primary interviews have confirmed the downward trend in the wireless charging market in 2020. However, the market is expected to rise after the COVID-19 crisis has been neutralized, as governments have imposed strict policies to maintain safe environments in all manufacturing industries. At present, the adoption of wireless charging is high in the consumer electronics, and automotive industries.
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Restraint: Compatibility issues restrict adoption of wireless charging devices
Wireless charging is useful for devices that are compatible with the Qi-enabled wireless charging standard. Devices without the Qi-compatible wireless charging standard are not compatible with the charging pad. Accessory providers are thus offering external wireless charging solutions for such devices. Different types of wireless chargers, such as charging pads, charging bowls, and charging boxes, are required for various products, raising the issue of compatibility. A user is thus forced to invest in a large number of wireless chargers to suit different products. While some manufacturers offer multi-device wireless chargers, the general issue of compatibility in the case of devices that are not Qi-enabled is expected to restrict the adoption of wireless charging devices
Opportunity: Increasing efficiency of wireless charging devices
Inductive charging is widely used for wireless charging of consumer electronic devices and electric vehicles. Magnetic resonance allows power transmission at longer distances between receiver and transmitter, and increases efficiency. In wireless charging, efficiency depends upon the power accessible to charge the device with the wireless transmitter's power. It is a vital consideration for wireless power, as it determines how hot the battery has got and how much power is wasted. The higher the efficiency, the lesser the cost and size of the charger required for the same delivered power. Wireless chargers offer benefits in terms of security, cost, and efficiency, and rising customer confidence in such chargers is expected to drive the growth of the market.
Challenge: Customer preference for traditional charging technology
Wired charging offers faster-charging speed and is less expensive than wireless charging. Wired chargers are usually provided by the manufacturers along with the devices. While it offers mobility and portability, wireless charging requires devices to be Qi-compatible, thus proving unsuitable for many products. With wireless charging pads getting larger, and adapters getting smaller and more durable, customers are showing a greater preference for the traditional charging technology. This is expected to hamper the rapid adoption of wireless charging technology.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062