U.S. & China Wireless Charging Market Outlook – 2030
The U.S. & China wireless charging market size was valued at $4,103.5 million in 2020, and is projected to reach $24,691.4 million by 2030, registering a CAGR of 19.5% from 2021 to 2030. Wireless charging is the transmission of energy from a power source to a consuming device without wires or cables. Wireless charging devices comprise a charging station (or transmitter) that transmits the energy, and a receiver (integrated inside a device) that receives the energy and charges the battery. It is a reliable, convenient, and safe technology to power and charge electronic devices such as smartphones, smartwatch, headphones, toothbrush, hair trimmers and other devices.
In addition, it provides efficient, cost-effective, and safer advantages over the traditional charging systems by eliminating the use of physical connectors and cables. Moreover, it maintains continuous transfer of power to ensure all types of devices (smartphones, smartwatch, electric toothbrush, face massagers, and others) are charged and ready for use.
Wireless charging is an emerging technology that provides enhanced durability of electronic devices & electric vehicles (EVs) and ease of charging. Moreover, Internet of Things (IoT) concept in the smart homes system includes portable devices that require continuous charging. The smart devices are continuously connected to the internet for their operation. The regular use of these devices causes excessive draining of battery. These issues can be resolved with the help of wireless charging technology. Growth in IoT technology is gaining popularity and is expected to provide lucrative opportunities during the forecast period.
The new trend of charging the devices wirelessly called drop & charge is developed by the Humavox Company in which charge station is defined as a key, or box and the receiver needs to be pressed on transmitter by an induction charging. Such features prove beneficial to the customer with better product designing, usability, and reliability. The excessive use of internet daily creates a charging problem for many smart phones & devices, which can be resolved by using a fast-wireless RF energy base charger. The rise in demand for efficient charging system is expected to significantly drive the U.S. & China wireless charging market growth.
Inductive segment will dominate the market throughout the forecast period
The U.S. & China wireless charging market is segmented on the basis of technology, industry vertical and country. By technology, the market is divided into inductive, resonant, radio frequency and others. By industry vertical, it is categorized into home based products, automotive and others. By country, the market is studied across U.S. and China.
By Industry Vertical
Home Based Product segment would exhibit the highest CAGR of 20.4% during 2021 - 2030
The key players profiled in the U.S. & China wireless charging industry include Samsung Electronics Co. Ltd., Qualcomm Incorporated, Semtech, Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, Renesas Electronics Corporation, Samsung Electronics Co. Ltd, and Fulton Innovation LLC. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance wireless charging market forecast and penetration.
U.S. region will generate the highest revenue during 2021 - 2030
COVID-19 Impact Analysis
The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and is causing widespread concerns and economic hardship for consumers, businesses, and communities across the globe. The “new normal” that includes social distancing and working from home has created challenges with daily activities, regular work, needs, and supplies, causing delayed initiatives and missed opportunities.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the supply chain. It is creating uncertainty in the stock market, reducing business confidence, hampering the supply chain, and increasing panic among customers. European countries under lockdown have suffered a major loss of business and revenue due to shutdown of manufacturing units in the region. Operations of production and manufacturing industries have been heavily impacted by the U.S. & China wireless charging market in 2020.
According to the U.S. & China wireless charging market trends, the COVID-19 pandemic has severely impacted the manufacturing and industrial sectors as production facilities have stalled, which, in turn, leads to significant demand in industries. The emergence of COVID-19 has lowered the growth of the U.S. & China wireless charging market in 2020. Nevertheless, the market is estimated to witness significant growth during the forecast period.
Top Impacting Factors
Notable factors positively affecting the growth of the U.S. & China wireless charging market include increase in sales of electric vehicles and rise in number of portable and wearable electronic devices. Electronic devices such as smartphones, smartwatch, headphones, coffee mug warmer, tooth brush, and others witness high demand.
Further, increase in penetration of electric vehicles fuels the demand for wireless charging systems. The design of wireless charging system in different shapes and capability to charge multiple devices on a single system drives the growth of the U.S. & China wireless charging market. Furthermore, the development of the wireless charging healthcare devices and smart homes are expected to offer lucrative opportunities for the growth of the wireless charging market in the coming years.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the U.S. & China wireless charging market size along with the current trends and future estimations to depict imminent investment pockets.
- The overall U.S. & China wireless charging market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The present U.S. & China wireless charging market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the U.S. & China wireless charging market share of key vendors.
- The report includes the market trends and competitive analysis of key vendors operating in the U.S. & China wireless charging market.
U.S. & China Wireless Charging Market Key Segments
- Radio Frequency
By Industry Vertical
- Home-based Products
- Personal Care
- Home Appliances
- Personal Healthcare
- Consumer Electronics
Key Market Players
- Samsung Electronics Co. Ltd.
- Qualcomm Incorporated
- Powermat Technologies Ltd.
- WiTricity Corporation
- Energizer Holdings Inc.
- Murata Manufacturing Co. Ltd.
- Sony Corporation
- Renesas Electronics Corporation
- Samsung Electronics Co. Ltd
- Fulton Innovation LLC
U.S. and China Wireless Charging Market Report Highlights
By INDUSTRY VERTICAL
Key Market Players
POWERMAT TECHNOLOGIES LTD., SONY CORPORATION, MURATA MANUFACTURING COMPANY, LTD., ENERGIZER HOLDINGS, INC., RENESAS ELECTRONICS CORPORATION (INTERATED DEVICE TECHNOLOGY, INC.), WITRICITY CORPORATION, FULTON INNOVATION LLC, .SAMSUNG ELECTRONICS CO., LTD., SEMTECH, QUALCOMM TECHNOLOGIES, INC
The U.S. & China wireless charging market is witnessing significant growth, owing to increase in sales of electric vehicles and electronic products. The wireless charging market is a process of charging the batteries or equipment without any wired connection. Wireless charging is possible through various technologies such as inductive, resonant, radio frequency, and others. The market is very fragmented with the presence of several private players, startups, and others.
The various market dynamics that include rise in demand for reliable, convenient, and safe technology to power and charge electrical devices such as toothbrush, hair trimmer, smartphones, home appliances, EVs, and others drive the growth of the wireless charging market. In addition, market growth is driven by the need for enhanced flexibility in devices in which replacing their batteries or connecting cables for charging is costly, hazardous, or infeasible (e.g., body implanted sensors).
Wireless charging for electric or plug-in hybrid vehicle is expected to experience increase in demand in a short period of time and can reduce present shortcomings of EVs such as short driving range and long charging time. Further, the rise in internet data penetration and increase in dependency on the mobile data for business process as well as personal usage influences the wireless charging market positively.
According to executives of wireless charging technology standardization organization, wireless charging holds a promising potential in changing the chemistry of conventional charging. The executive says, “Inductive wireless charging technology is extensively used in the automotive industry to charge EVs. Inductive technology consumes the largest share of the market, followed by resonant and others. Other technologies market is very niche and is expected to be evident after a couple of years.
Rise in sales of smartphones from different manufacturers, primarily Apple Inc., and other Chinese vendors, that have inbuilt wireless charging system accelerates the development of these systems for the electronics industry.