The wireless charging market is expected to witness exponential growth by 2027 owing to proliferating consumer demand for technologically-advanced and efficient wireless charging solutions as well as the augmenting usage of electronic devices worldwide.
During the COVID-19 pandemic, there has been an upsurge in the need for medical devices in patient care procedures. Thus, industry leaders have extended their product offerings to accommodate the mounting demand for optimum charging systems in the medical sector, which has favorably impacted market outlook. For instance, in June 2021, Powermat Technologies, a leading developer of wireless power solutions, announced that it's patented wireless charging tech would be embedded in NewPace's latest devices.
Powermat's wireless charging solutions support a wide range of medical devices, including sensors, insulin pumps, neurostimulators, and remote healthcare monitoring devices. As part of the agreement, NewPace would use Powermat's technology platform for medical devices to wirelessly charge its life-saving cardiac rhythm product with the aim to offer seamless, safe, and sterile access to power.
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In recent years, automakers have been working on electrifying their vehicle fleet in keeping with the global efforts to reduce the carbon footprint of the automotive sector. Notably, wireless charging could potentially be leveraged for powering electric vehicles, which has unveiled massive growth avenues for automotive applications of the product. Similarly, to monetize the prevalent use of electronics, industry players are expanding their offerings to support more devices with wireless charging solutions, which has further enhanced product demand across the globe.
To cite an instance, in June 2021, tech leader Lenovo introduced its new product - dubbed the "Go Wireless Charging Kit" - that allows users to add wireless charging functionality to a broad array of laptops. The kit, which runs on Energy Square's "Power by Contact" tech, includes a brushed metal charging mat with a thickness of 3.2mm and a long wireless charging receiver, which connects over USB-C and can be attached to the base of the laptop.
In another instance, in June 2021, Zens, a key provider of wireless charging systems, presented its new Dual Magnetic Powerbank with a wireless charger on both sides, which allows users to simultaneously charge two Qi-compatible devices. As a result, increasing focus of companies on technological innovation is improving the product landscape, thereby fostering business outlook.
For extensive analysis, the wireless charging market has been segmented based on technology, application, and region. In terms of technology, the market has been divided into inductive, resonant, RF, and others.
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The wireless charging market from the others sub-segment is estimated to observe profitable growth by 2027, expanding at a notable CAGR through the projected timeline. Increasing demand for IR charging solutions that can simultaneously charge several devices in a room will be witnessed in the coming years, which is likely to foster segmental outlook through the analysis period.
From the application perspective, the wireless charging market has been segregated into consumer, automotive, healthcare, industrial, and aerospace & defense. The industrial sub-segment is calculated to grow at a substantial pace through the assessment timeframe to garner a considerable revenue by the end of 2027. Surging penetration of industrial IoT is set to propel the demand for wireless charging solutions in industrial applications over the following years.
On the regional spectrum, the Latin America wireless charging market is projected to exhibit significant growth by 2027, progressing at a steady CAGR through the analysis period. Increasing smartphone penetration rates in countries, such as Brazil and Mexico, is likely to contribute to regional market expansion in the coming years.