Adoption of a smart wireless charging board is a key trend gaining popularity in the wireless charging market. The wireless charging circuit board can send power over distances greater than 15 feet. The most popular wireless technologies in use rely on an electromagnetic field between two copper coils, which greatly limits the distance between a device and a charging pad. For instance, in July 2021, Huawei, a China based Telecommunications equipment company, launched a new multi-device smart wireless charging board. This wireless charging board supports a 15W (x3) large charging area. It can charge three devices at the same time and also, all the devices will be charging at 15W.
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The global wireless charging market size is expected to grow from $9.58 billion in 2021 to $12.26 billion in 2022 at a compound annual growth rate (CAGR) of 27.96%. The global wireless charging market size is expected to reach $34.77 billion in 2026 at a compound annual growth rate (CAGR) of 29.77%.
The Increase In Electric Vehicle Sales Is An Important Driver For The Wireless Charging Market
As per the wireless charging market analysis, the rising popularity and high sales of electric vehicles (EV) are expected to drive the wireless charging market in the forecast period. All-electric vehicles, also referred to as battery electric vehicles (BEVs), have an electric motor instead of an internal combustion engine. The electromagnetic induction technique is used in wireless charging to send electrical power through the atmosphere as a magnetic field.
Wireless Charging Market Segmentation
The global wireless charging market research is segmented –
- By Components: Transmitters, Receivers
- By Technology: Inductive Charging, Resonant Charging, Radio Frequency Based Charging, Others
- By Transmission Range: Short Range, Medium Range, Long Range
- By Application: Consumer Electronics, Automotive, Healthcare, Industrial, Defense, Others
The High Cost Of Raw Materials Will Limit The Wireless Charging Market Growth
The high cost of raw materials would decrease the growth of the wireless charging market. The high costs might have an impact on the volume of products that can be produced and distributed. For instance, in 2021, according to the Canadian government, the Industrial Product Price Index (IPPI) showed that prices of goods manufactured in Canada grew 3.0% month over month in January 2022 and were 16.9% higher than in January 2021. In January 2022, the Raw Materials Price Index (RMPI) showed a monthly increase of 6.5 % and a year-over-year increase of 30.5% for raw materials purchased by Canadian firms.
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