The wireless charging market in APAC is expected to grow at highest CAGR during forecasted period. Rapid industrialization has boosted the manufacturing sector in APAC
The overall wireless charging market is expected to be valued at $4.5 billion in 2021 and is projected to reach $13.4 billion by 2026, at a CAGR of 24.6 per cent between 2021 and 2026. The driving factor for the growth of this market includes the rising adoption of wireless technology in consumer electronics, an increase in sales of electric vehicles, and the ability to charge multiple devices. However, compatibility issues restrict the growth of wireless charging in various industries.
“The wireless power receiver IC is designed for applications such as smartphones, tablets, wearables, and other related accessories. Companies such as Samsung, Xiaomi, OnePlus, Apple, and Motorola have begun integrating wireless charging receiver into wearables, smartphones, hearing aids, and other electronic devices. Wireless charging is also integrated into public spaces such as offices, airports, hotels, cafes, and restaurants,” read a report by Markets and Markets.
APAC to be the fastest growing market
The wireless charging market in APAC is expected to grow at highest CAGR during forecasted period. Rapid industrialization has boosted the manufacturing sector in APAC. China is one of the most impacted countries by the COVID-19 pandemic in APAC and a major manufacturing hub in the region.
Apart from China, vigorous industrial activities in other countries of the region offer lucrative opportunities for the growth of the wireless charging market. Consumer electronics application is expected to hold the largest market owing to the large number of usage of wireless charging in electronics devices such as smart phones, laptops, wearables, and kitchen appliances. Major companies such as Apple, Motorola, iOttie, and Xiaomi are manufacturing wireless charging devices including smartwatches, fitness trackers, and smart eyewear with Qi-standard wireless charging technologies.
Receivers market to lead the wireless charging market
The wireless power receiver IC is designed for applications such as smartphones, tablets, wearables, and other related accessories. Companies such as Samsung, Xiaomi, OnePlus, Apple, and Motorola have begun integrating wireless charging receiver into wearables, smartphones, hearing aids, and other electronic devices. Wireless charging is also integrated into public spaces such as offices, airports, hotels, cafes, and restaurants.
The magnetic resonance wireless charging technology is used to charge multiple devices from the same charger. It is the most versatile wireless charging method and used for objects such as electric cars, laptops, computers, and power tools.
Companies providing magnetic resonance technology include Infineon, Energizer, and WiTricity. In May 2020, China Electricity Council introduced a set of national standards for wireless charging electric vehicles that are based on the magnetic resonance charging technology developed and patented by WiTricity.
