The surging deployment of electric vehicles (EVs) is one of the major factors fueling the demand for wireless charging across the world. This is because wireless charging solutions are rapidly becoming popular in the EV industry, with many organizations focusing heavily on exploring technologies that can replace the conventional method of connecting a vehicle to a power source via a cord. Moreover, in many countries, wireless charging is being increasingly adopted in all-electric vehicles for reducing human involvement.
This method of charging allows the charging of EVs with employing the use of plugs. Due to its benefits, several international organizations, such as the Society of Automotive Engineers (SAE), Electro Technical Commission (IEC), Institute of Electrical and Electronics Engineers (IEEE), and Underwrites Laboratories (UL) are focusing on standards in order to improve the efficiency and safety of wireless electric vehicle charging systems. Apart from the growing deployment of EVs, the mushrooming requirement for wireless charging in consumer electronics, such as smartphones, smartwatches, and earphones, is also fueling the expansion of the wireless charging market.
Many companies have already introduced this technology in premium smartphones and with the rising requirement for wireless charging-enabled devices, this technology is predicted to be adopted in several appliances and devices, such as laptops, handheld devices, and drones. Owing to these factors, the wireless charging market generated a revenue of $4 billion in 2020 and it is predicted to exhibit rapid expansion during 2021–2030 (forecast period). Depending on technology, the market is divided into radio frequency, magnetic resonance, and inductive categories.
Out of these, the inductive category dominated the market in 2020. This is ascribed to the fact that an inductive coupling has the ability to transmit 30–60% of the power. Moreover, inductive coupling is widely used in handheld devices, such as laptops, smartwatches, ear pods, and tablets. Transmitters and receivers are the two major components of wireless charging systems. Between these, the demand for receivers was observed to be higher in 2020.
This was because of the existence of a larger number of receiver components than transceiver components, owing to the use of wireless charging in consumer electronic devices. In addition, the increasing adoption of wireless charging in several devices, such as drones, smartphones, and smartwatches, and EVs is predicted to push up the demand for receiver components in the coming years. Geographically, North America dominated the wireless charging market in 2020.