Wireless charging or inductive charging is a method for transmitting power from a power source over an air gap to a receiving device without any wired connections. Wireless charging is mainly used for charging portable devices like smartphones, tablets, smartwatches, wireless earbuds, etc. It provides convenience to users by eliminating the need for physical connectors and cables for charging.
Market Dynamics:
The global wireless charging market is expected to witness high growth owing to increasing adoption of wireless charging technology. One of the key drivers for the growth of wireless charging market is the convenience it offers to users. Wireless charging eliminates the hassle of wires and connectors which allows users to charge their devices conveniently without being physically tethered to power sources. Moreover, wireless charging provides cable-free charging experience for devices which reduces the e-waste generated from discarded charging cables. The technology is also being integrated into public infrastructure like airports, cafes, etc. to provide wireless hotspots for charging portable electronic devices on-the-go. Such initiatives are encouraging wider acceptance of wireless charging technology.
SWOT Analysis
Strength: Wireless charging has eliminated the use of wires and physical connectors for charging devices. This provides convenience to users. It also helps reduce e-waste as wires do not need replacement. Wireless technology allows simultaneous charging of multiple devices on the same charging unit.
Weakness: The initial cost of installing wireless charging units is high. Wireless charging is also less efficient than wired charging and transfers lower power. It also has short operating ranges requiring devices to be in close proximity of the charging unit.
Opportunity: Growth of electric vehicles provides major opportunity for wireless charging as cars can be charged without plugging wires. Public places are expected to offer wireless charging spots to allow on-the-go charging of devices. Smart homes and offices increasingly adopting wireless charging points.
Threats: Slow adoption rate and preference for wired fast charging by some users. Strong competition from wired charging manufacturers and reluctance to migrate to new technology are key threats. Standardization issues between different technologies is also a challenge.
Key Takeaways
Global Wireless Charging Market Demand is expected to witness high growth. It was valued at US$ 7.1 Bn in 2023 and is forecast to reach US$ 34 Bn by 2030, expanding at a CAGR of 5.8% during the forecast period.
Regional analysis: Asia Pacific region currently dominates the market with a share of over 35% in 2023. China, South Korea and Japan are major countries driving the demand. North America is the second largest region. Growing sales of electric vehicles and widespread availability of wireless charging stations at airports, malls and commercial spaces have boosted the regional market. Europe is also expected to see steady growth during the forecast period.
Key players: Key players operating in the wireless charging market include Nippon Shokubai Co. Ltd., Evonik Industries AG, BASF SE, Yixing Danson Technology, Kao Corporation, Sumitomo Seika Chemicals Co. Ltd., San-Dia Polymers Global Co. Ltd., Sanyo Chemicals Industries, Formosa Plastics Corporation, and LG Chemicals Ltd. The market remains fairly concentrated with top players accounting for over 45% share. Innovation and development of new and efficient wireless charging solutions will help companies gain competitive advantage.
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