The overall wireless charging market is expected to be valued at USD 4.5 billion in 2021 and projected to reach USD 13.4 billion by 2026, at a CAGR of 24.6% between 2021 and 2026.The growth of the wireless charging market is attributed to the rising adoption of wireless technology in consumer electronics; increase in sales of electric vehicles; and ability to charge multiple devices. However, compatibility issues restrict the adoption of wireless charging in various industries.
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The wireless charging market for transmitters is expected to grow at the higher rate during the forecast period, as wireless transmitter manufacturers dominated the market in 2020. Wireless transmitters are used as standalone wireless charging devices, while receivers are built into the electronic devices. Companies manufacturing transmitters are investing heavily to innovate their wireless charger product portfolios. Moreover, the prominent players in the markethave been affected in 2020 owing to the outbreak of COVID-19. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the wireless chargingmarket in 2020.
The inductive technology segment, by technology, is expected to continue to hold the largest share of the wireless charging market during the forecasted period. This growth is attributed to the rise in use of mid-sized items such as mobile phones, personal digital assistants (PDA), MP3, medical devices, electric toothbrushes, and power tools.
The market for automotive application is expected to grow at the highest CAGR during the forecast period. The increasing development and adoption of electric vehicles are also responsible for the rising demand for wireless charging for electric vehicles. Various companies are introducing wireless charging systems for forklifts, scissor lifts, trucks, automated guided vehicles, and golf carts used in warehouses. For instance, Delta Electronics has launched a 30KW wireless charging system for warehouse automation.
The wireless charging market in APAC is expected to grow at the highest CAGR during the forecast period, owing to the the increased adoption of wireless charging in China and India.However, lockdowns are being observed across countries, which has halted most economic activities. With many region- and country-level economic packages infusing money into the market to boost the economy to come out of recession brought on by COVID-19, recovery from world economic depression is expected between 2021 and 2022.