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Wireless Charging Market Poised for Significant Growth Owing To Standardized Regulation Of Wireless Power Transfer Technology

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Lucy Kart
Wireless Charging Market Poised for Significant Growth Owing To Standardized Regulation Of Wireless Power Transfer Technology

Wireless charging technology allows devices to be charged without being connected through cables. It makes use of resonance phenomenon to transfer energy between two coils — one in the charging device and the other built into the device being charged. This is a more convenient charging method for users and helps save time spent connecting cables.

The global Wireless Charging Market is estimated to be valued at US$ 7.1 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growth Accelerated by Standardization of Wireless Charging Technology

The growth of the Wireless Charging Market has accelerated owing to standardized regulation of wireless power transfer technology. Standards such as those defined by organizations including AirFuel Alliance, Power Matters Alliance (PMA), and Wireless Power Consortium (WPC) have enabled cross-device and cross-manufacturer compatibility, expanding the availability of wireless charging solutions. Standardization ensures interoperability of wireless chargers and compatible devices and simplifies the implementation of wireless charging across diverse product portfolios. This plays a vital role in increasing consumer adoption and driving the market growth over the forecast period.

Segment Analysis

Global Wireless Charging Market Demand comprises induction technology and resonance technology sub-segments. Among these, the induction technology sub-segment is dominating and anticipated to hold a share of over 70% during the forecast period. Induction technology-based wireless charging solutions provide high efficiency, reliable operation, and easy incorporation into small and large devices such as smartphones, wearable devices, and electric vehicles. This wide range of usability and easy accessibility of induction technology is leading to its high demand.

Key Takeaways

Asia Pacific region accounts for a share of more than 40% of the global wireless charging market owing to the strong presence of electronics and automotive industries in countries such as China, South Korea, Japan, and India. The large consumer base of smartphones and wearable devices along with government initiatives to develop electric vehicles industry in these countries are fueling the demand for wireless charging solutions in Asia Pacific.

Key players

Key players operating in the wireless charging market are 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 global wireless charging market is expected to witness high growth during the forecast period from 2023 to 2030 on account of increasing adoption of Internet of Things technology globally. Wireless charging solutions eliminate the use of wires and ports which can cause damage, reduce productivity due to charging times, and are more convenient. These advantages are driving the demand from numerous end-use industries including consumer electronics, industrial, defense, healthcare, and automotive. Advanced technologies such as magnetic resonance and laser-based wireless charging are expected to open new growth avenues during the forecast period.


Get More Insights on this Topic- https://www.dailyprbulletin.com/wireless-charging-market-demand-analysis-and-forecast-outlook/ 

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