Wireless Charging Market Trends

Growth Drivers

• Development of Smartphones with Wireless Charging Technology – The establishment of industry standards such as the Qi wireless charging standard, has facilitated wireless charging in smartphones.  By the end of 2021, nearly one billion smartphones globally were able to support wireless charging.
• Increasing Adoption of the Internet of Things (IoT) – IoT devices such as environmental sensors, asset trackers, and location often require continuous power to operate efficiently. Wireless charging provides a seamless power transfer solution for these devices. The world has roughly 15 billion connected IoT devices. By 2030, this figure is predicted to nearly triple close to 29 billion.
• Surging Research in Wireless Charging Technologies – Manufacturers and university teams are developing the next generation of wireless charging technology for electric vehicles and consumer electronics. For instance, a Stanford team recently announced the development of a system designed for efficiently delivering power to a portable gadget within arm's length. In the coming years, this technology could help eliminate the use of power cords at home and on the road.

Challenges

• Wireless Charging Infrastructure for Electric Vehicles is Expensive - Installing wireless charging infrastructure requires a significant upfront investment. Unlike traditional wired charging stations that use cables, wireless charging pads need to be embedded in the ground or infrastructure surface. This installation process involves civil engineering work, including excavation, laying foundations, and electrical connections. The cost associated with infrastructure installation, including labor, materials, and permitting, contribute to the overall expense of wireless charging infrastructure.
• Compatibility Issues with Various Products
• Slower Charging Rate of Wireless Charging