What is the main driving factor of the global wireless charging market?

Wireless charging or inductive charging is a type of cordless power transfer wherein it uses electromagnetic induction to provide electricity to portable devices. Wireless charging is typically used to supply power to smartphones, tablets, and smartwatches. It is based on the principle of inductive power transfer (IPT) wherein an electromagnetic field between two objects is used for transferring energy. Wireless charging is comprised of two components namely receiver and transmitter. Moreover, it uses other technologies such as resonance charging and radiofrequency technology. Wireless charging is also used for charging vehicles, electric toothbrushes, power tools, and medical devices. In this, portable equipment can be placed close to a charging station or inductive pad without the contact or precise alignment. Apart from inductive technology, resonance charging, and radiofrequency technology, laser beam or microwave or conductive technologies are also used for energy transfer.

The global wireless charging market is estimated to account for US$ 7,139 Mn in 2019 and is expected to grow at a CAGR of 33.5% during the forecasted period (2019-2027)

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Increasing sales of electric vehicles worldwide are expected to drive growth of the global wireless charging market during the forecast period
The demand for electric vehicle is increasing rampantly, owing to low maintenance and cost-effective features. According to the Edison Electric Institute (EEI), in 2018, the electric vehicle sales increased by 81% as compared to 2017. Electric vehicles are powered by rechargeable batteries that are charged using electricity. Over the years, automakers have started using wireless charging since it is convenient and easy to use. The driver needs to part their car over the charging pad. This also provides sophisticated experience as there is no need to plug-in charging cables. Furthermore, strict regulatory policies related to harmful emissions have led to increase in adoption of electric vehicles thereby driving growth of the global wireless charging market in the near future.

Growing consumer awareness regarding wireless charging is expected to propel the global wireless charging market growth over the forecast period
Technological advancements in mobile devices such as embedded wireless charging technology have shifted preference of consumers towards wireless charging. Increasing number of mobile device vendors are incorporating wireless charging feature in high-end models of laptops, smartphones, wearable, and notebooks, which in turn, is expected to support the global wireless charging market growth the over the forecast period. For instance, Google Nexus 6 smartphone is enabled with Qi wireless charging technology.

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