Global Wireless Charger Market 2022-2028

Global Wireless Charger Market 2022-2028

The wireless charger market is anticipated to grow at a plethoric rate with a CAGR of 27.0% during the forecast period (2022-2028). The wireless charger market is at a nascent stage which is a major factor for such enormous growth in the market. Some other major factors of the market growth include continuous launch of wireless charger by major consumer electronic companies (which includes Samsung, Apple, Huawei, Xiaomi and many other OEMs planning to join the bandwagon), increasing penetration of smartphones especially among ‘Generation Z’, adoption of smart wearables including smartwatches, wristbands, and rising in number of smartphones supporting wireless charging all across the globe.

Moreover, rising in-built wireless charging facilities of smartphones in cars is also augmenting the market. With the increasing thrust on EVs by governments across the globe, the innovation in the field of wireless charging for EVs through magnetic resonance technology is expected to provide a significant opportunity to the market. Rising adoption of wireless chargers in hearing aids, game consoles, power tools are also expected to provide considerable market growth during the forecast period. Electronic toothbrush also holds a major market share of the wireless charger market, however, a modest growth rate due to high penetration in the developed economy is expected during the forecast period. A major challenge to the market is the high price of the wireless charger as compared to the wired charger. Consumers in a price-sensitive market such as China, India, ASEAN countries, and Latin American countries can restrict themselves to use a wireless charger if not offered complimentary with the devices. Slow charging as compared to the wired charger is also one of the major restraints for the acceptance of the wireless charger among the consumer.

By mobility, the market is segmented into static wireless charger and mobile wireless charger. Mobile charger includes the chargers which can be relocated from a place to another whereas static wireless charger cannot be relocated from its place easily. Chargers for electronic vehicles such as wireless magnetic resonance chargers and RF radiation chargers are mostly static chargers, as they can charge the device from a distance (with an air gap).Most of the Qi technology chargers can be moved due to which mobile wireless charger segment holds the largest market share during the forecast period.

By application, the market is segmented into portable electronic device, automobile, healthcare, and others. The portable electronic device application includes smartphones, wearables, laptops, tablets, wristband and other device charger markets. The automobile application includes in-built wireless chargers for smartphones in vehicle and EV vehicle wireless charging technology. The healthcare application includes chargers for hearing aids, heart monitors, insulin pumps, and cardiac pacemakers. The Others subsegment includes electronic toothbrush charger, wireless game console charger, wireless power tool charger, and so on.

Geographically, the market is divided into North America, Europe, Asia-Pacific and the Rest of the World. North America holds the largest market share during the forecast period. High sales of electronic devices compatible with wireless charging including smartphones, smartwatches are one of the major factors for the major market share of the region. Companies such as Apple and Samsung, which were the major companies offering smartphones compatible with wireless charging in 2021; have a major market share in the region. Moreover, due to high disposable income, the consumer prefers buying aftermarket wireless chargers, when not provided complimentary with the phone. The higher adoption rate of wireless charging in automotive, medical devices, high penetration of electronic toothbrush in the region is also providing significant market share to the region.

Some of the major companies that are significantly contributing to the global wireless charger market include Samsung Electronics Co., Ltd., Aircharge, Panasonic Corp., Tesla Inc., Huawei Technology Co. Ltd., Witricity Corp., Qualcomm Technologies, Inc., Oral B, and others. The market is highly fragmented as most of the companies do not offer complimentary wireless charger with their devices and consumer has to opt aftermarket chargers. These provide enormous opportunities to the small market players to offer their products through various sources including online platforms. Due to this, as per Wireless Power Consortium, there are more than 3,000 Qi-certified products in the market. The price range of wireless charge varies from $15 to $150 (in January 2021). Companies such as Samsung, Apple, Xiaomi also offers their wireless charger. It is expected that in order to gain an edge over the competitive market, the Chinese manufacturers are expected to offer a compilatory wireless charger with the devices in the near future. The companies are focused on the technological advancement of the fast-wireless charging technology and are adopting various strategies such as R&D, geographical expansion, merger & acquisition, finding a new market or innovate in their core competency in order to expand individual market share. In January 2021, Tesla Inc., is soon expected to launch a wireless smartphone charger for its vehicles which will cost around $125 on the online platform.