Wireless Charging Materials Market Overview
The Wireless Charging Materials Market size is estimated to reach US$40.35 billion by 2028,
growing at a CAGR of 20.8% from 2023 to 2028. The growing consumer electronics industry and the increasing trend towards miniaturization of electronics coupled with soaring demand for
wearable devices such as smartwatches, fitness trackers and others are
significantly boosting the Wireless Charging Materials industry. Through
wireless charging, power is delivered to portable devices using electromagnetic
induction technology. Wireless charging has an advantage over traditional
charging as it reduces infection risk, increases durability and protects
against electric connection. Furthermore, wireless charging allows for greater
mobility and is easier to operate for users as wireless power transfer doesn’t
depend on the alignment of transmitters and receivers which is responsible for
propelling the global Wireless Charging materials market. Additionally, innovations
in technologies such as inductive, resonant and radio frequency also create
opportunities for higher adoption of Wireless Charging Materials. These
aforementioned factors would positively influence the Wireless Charging
Materials industry outlook during the forecast period.
The report: “Wireless Charging Materials Industry
Outlook – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis
of the following segments in the Wireless Charging Materials industry.
Technology: Inductive, Resonant, Radio Frequency and Others.
By Components: Transmitters and Receivers.
By End-use Industry: Consumer Electronics, Automotive, Industrial, Aerospace and Defense, Healthcare and Others.
By Geography: North America (the US, Canada and Mexico), South America (Brazil, Argentina and Others), Europe (the UK, Germany, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others) and RoW (the Middle East and Africa).
- In the Wireless Charging Materials market report, the radio frequency segment is expected to grow at the highest CAGR of 21.5% owing to factors such as technological innovations in transmitters and receivers and the proliferation of smart home technology products.
- The Consumer Electronics industry is expected to grow at the highest CAGR of 21.2% due to increased demand for IoT-connected devices, miniaturization of electronic devices and increased internet penetration.
- North America dominated the global Wireless Charging Materials Market with a market share of 32% in 2022, due to the growing demand for electric vehicles and consumer electronics and the presence of major manufacturers.
Wireless Charging Materials Market Value Share, by Region, 2022 (%)
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Wireless Charging Materials Market Segment Analysis - by Technology
Based on Technology, the radio frequency segment in the Wireless
Charging Materials Market report is analyzed to grow at the highest CAGR of 21.5%
during the forecast period 2023-2028. Growing applications of radio frequency technology in consumer
electronics, technological innovations in transmitters and receivers and the
proliferation of smart home technology products are major factors driving the
radio frequency segment in the Wireless Charging Materials industry. In October 2021, according to a survey by Eco Experts, approximately 23%
of the UK's population which is approximately 66.4 million people, owned at least
one smart home technology product and approximately 8% of the population owns
two or more smart home devices. RF components and modules are integrated into a
variety of smart home technology products, including smart speakers, smart
security systems, intercom systems and HVAC systems. Such developments would boost the Radiofrequency segment and thereby increase the Wireless Charging
Materials market size.
Charging Materials Market Segment Analysis - by End-use industry
Based on End-use Industry, the consumer electronics segment in the Wireless
Charging Materials Market report is analyzed to grow at the highest CAGR of 21.2%
during the forecast period 2023-2028. Due to the increase in consumers’ disposable income and increased internet penetration, the consumer electronics
segment is constantly on the rise which creates ample opportunities for the
wireless charging materials market to grow. Additionally, the proliferation of IoT-connected devices and the growing trend toward the miniaturization of electronics are
boosting segment growth. In April 2021, One Plus revealed
Warp Charge 30 wireless charging functionality in the One plus 8 series launch
which allows for real-time interaction between the smartphone and the
proprietary chip, as well as wireless charging. These factors boost the
consumer electronics segment and thereby positively influence the Wireless
Charging Materials industry outlook.
Wireless Charging Materials Market Segment Analysis - by Geography
North America dominated the global market for Wireless Charging Materials with a market share of 32% in 2022 and was also analyzed to have significant growth over the forecast period. Growing demand for electric vehicles, rising digitalization across the industry, the soaring popularity of wearable devices and R&D investments by major manufacturers are propelling the wireless charging materials market in this region. In November 2020, Ossia Inc. announced that it would release an advanced wireless power platform, Cota 2.4 GHz, that had been approved by the FDC. This advanced wireless power platform can be installed in various fields such as industrial, commercial and residential environments. These factors boost the Wireless Charging Materials market in the North American region.
Wireless Charging Materials Market Drivers
Technological advancement and a growing trend towards miniaturization of electronic products:
The consumer electronics industry is an ever-evolving industry, with new innovations and technologies coming up constantly to offer consumers more advanced features. With rising technological advancements, the demand for miniaturized products has increased and has incentivized manufacturers to adopt wireless charging technologies such as Inductive, Resonant, Radio Frequency and others. In September 2020, Samsung announced the launch of a wireless charging pad that can charge three devices at the same time. The pad supports Qi wireless charging standards and smart devices such as smartphones, TWS and smartwatches are also compatible with this charging pad. Such developments increase the Wireless Charging Materials market size.
Growing consumer preference and continuous R&D initiatives by manufacturers:
Technological advancements in mobile
devices such as embedded wireless charging technology have shifted the preference
of consumers toward wireless charging. As more mobile device vendors
incorporate wireless charging features into high-end models of laptops,
smartphones, wearable devices and notebooks, the global
wireless charging materials market continues to grow. Continuous investments by major
manufacturers as well as continuous mergers and partnerships boost market
growth. In May 2021, WiTricity Corporation established a product development
lab and an office in Auckland, New Zealand, to collaborate with the University
of Auckland's established wireless charging research labs and commercial
licensing arm. These developments would positively influence the Wireless
Charging Materials industry outlook during the forecast period.
Wireless Charging Materials Market Challenges
Slow charging rate and compatibility issues:
slower charging than their wired charging counterparts is a primary factor hampering
the market growth for wireless charging materials. Additionally, wireless charging is available for
devices that support the Qi wireless charging standard. Devices that do not
support the Qi wireless charging standard would not work with the charging pad.
As a result, accessory makers are working on external wireless charging
solutions for such devices. These compatibility issues are hampering the growth of the Wireless Charging Materials market.
Wireless Charging Materials Industry Outlook
Product launches, collaborations and
R&D activities are key strategies adopted by players in the Wireless
Charging Materials Market. The top 10 companies in the
- Samsung Electronics Co. Ltd
- WiTricity Corporation
- Qualcomm Technologies Inc
- Texas Instruments Inc
- Integrated Device Technology Inc
- Powermat Technologies Ltd
- TDK Corporation
- Convenient Power HK Limited
- In July 2022, Huawei launched a new multi-device smart wireless charging board that supports a charging area of 15W and can support up to three devices at the same time. This is poised to increase the Company’s share in the Wireless Charging Materials market.
- In January 2021, Xiaomi Corporation introduced the Mi Air Charge technology, allowing users to remotely charge electronic devices without the use of a wireless charging stand. The Xiaomi remote charging technology can provide 5-Watt remote charging for a single device within a few meters. Such developments boost the adoption of Wireless Charging Materials.
- In July 2020, Integrated Device Technology announced the release of P9415-R. It is a wireless power receiver that includes the most recent WattShare technology and allows for wireless charging of power banks, smartphones and even portable medical and industrial equipment.
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