The Global Wireless Charger Market is expected to witness significant growth in the coming years, driven by the increasing demand for wireless chargers in various industries and applications. According to analysts, the market size was valued at US$ 16.4 billion in 2021 and is projected to reach US$ 243.3 billion by the end of 2031, growing at a CAGR of 31.9% from 2022 to 2031.
Wireless power technology, which eliminates the need for cord connections to recharge electronic devices, has evolved rapidly and offers numerous user-friendly applications. The demand for wireless chargers for smartphones, wearables, autonomous guided vehicles, autonomous robots, and electric vehicles is expected to drive market growth in the near future. Wireless chargers provide better user interaction, reachability, and automation compared to wired charging, and advancements in materials and circuit design are making them smaller and more portable.
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Companies operating in the market are focusing on innovation and research and development in wireless chargers. They are implementing strategies such as mergers and acquisitions and expanding their product portfolios to broaden their revenue streams. For example, Western Digital Technologies, Inc. launched its first wireless charging products, SanDisk Ixpand wireless charger Sync and SanDisk Ixpand wireless charger 15W, in August 2021. These products offer dual functions of wireless charging and automatic data storage and backup for Qi-compatible devices.
The adoption of wireless chargers in consumer electronic devices is growing rapidly. Wireless charging is being widely used for smartphones, portable media players, digital cameras, tablets, and wearables. The market expansion is driven by the advantages of wireless power transfer, such as sealed and waterproof device cases. Major players are investing in research and development to introduce cutting-edge products and gain a competitive advantage
Wireless chargers are also increasingly being used in electric vehicle charging stations and in-cabin automotive applications. Wireless charging enables hassle-free charging of mobile phones and key fobs in vehicles, without the need for bulky wires. The magnetic resonance technology of wireless chargers for electric vehicles allows drivers to simply park their EVs over a charging pad and recharge their vehicles with the same quickness and effectiveness as plugging into Level 2 equipment. The global sales of electric cars are rising strongly, and investments and partnerships are being made in the wireless charging technology for EVs
North America currently dominates the global wireless charger market, followed by Asia Pacific and Europe. The high demand for wireless charging in electric vehicles and the presence of premium smartphone brands in North America contribute to its market dominance. Asia Pacific and Europe are also witnessing significant growth due to the increasing demand for wireless chargers in EVs and consumer electronic devices.
The global wireless charger market is consolidated, with a few large-scale vendors holding a major share of the market. These companies are investing in the development of new products and conducting extensive research and development activities. Mergers, acquisitions, and portfolio expansion are key strategies employed by the key players in the market.
