The wireless charging market is expected to hit $13.4 billion USD ($17.3 billion AUD) in five years, with APAC expected to be the fastest growing region.
A new report available at Research and Markets tips wireless charging to reach $4.5 billion USD ($5.8 billion AUD) this year before reaching $13.4 billion in 2026, representing a compound annual growth rate (CAGR) of 24.6 per cent.
According to the report, the growth will be driven not only by consumer electronics and capability to charge multiple devices at once, but also by the automotive sector.
“Charging is the key concern in the case of electric vehicles. While the wired charging method is generally utilized to charge such vehicles, it comes with drawbacks such as safety concerns in a wet environment as well as messy wires.
“The increasing number of EVs globally is expected to drive the automotive segment of the wireless charging market by 2026,” the authors said.
The Asia-Pacific region was highlighted as the fastest-growing market for wireless charging, as APAC is a major raw material manufacturing hub for CE, automotive, and healthcare applications; the report also called out developing countries like India and China as drivers of growth.
“China is considered as one of the biggest manufacturing countries in the world, thereby driving the manufacturing sector in APAC. The China Electricity Council has announced new national standards for wireless electric vehicle charging, which incorporate WiTricity’s patented technology.
“All these factors are expected to increase the adoption of wireless charging in the country,” it said.
The report predicted wireless transmitters – as found in devices like charging pads – would grow more quickly than receivers like the ones in phones and smartwatches that allow them to accept wireless power.
