The wireless charging market in China is poised for substantial growth, driven by increased sales of electric vehicles and consumer electronic devices. According to Allied Market Research's report, the Chinese wireless charging market was valued at $4.1 billion in 2020 and is projected to reach $24.7 billion by 2030, growing at a CAGR of 19.5%.
Technological Advancements and Market Drivers
Wireless charging, which facilitates power transfer without wires, is gaining traction in various sectors. Inductive charging, widely used in automotive systems, is the dominant technology. Emerging technologies like laser and microwave wireless charging are expected to grow rapidly due to their efficiency and broader bandwidth capabilities.
Key Growth Catalysts
The rapid evolution of portable electronics and wearables is a major driver of growth in China's wireless charging market. The convenience of wireless charging and the increasing adoption of electric vehicles are boosting market expansion. Additionally, extensive research in far-field wireless charging technologies and the rise of the Internet of Things (IoT) present lucrative growth opportunities. However, high integration costs and slower charging rates may pose challenges.
Segment Insights
In 2020, the inductive technology segment dominated the market, contributing 53.8% of the total revenue. The convenience of inductive charging technology is a significant factor in its popularity. Looking ahead, radio frequency (RF) technology is expected to grow faster, with a projected CAGR of 22.4% between 2020 and 2030. Far-field RF wireless charging, which uses radio waves to charge devices nearby, offers substantial growth potential.
Competitive Landscape
Key players in China's wireless charging market, such as Samsung Electronics, Energizer Holdings, Qualcomm Technologies, and Sony Corporation, are adopting strategies including product launches, collaborations, and partnerships to enhance their market presence. These companies are focusing on expanding their product portfolios and strengthening their market positions.
COVID-19 Impact
The global electronics and semiconductor sectors experienced disruptions due to the COVID-19 pandemic, resulting in stalled production and project delays. China's wireless charging market witnessed a temporary slowdown in growth during 2020, but it is expected to recover and grow steadily through the end of 2021.
Future Outlook
The home-based products segment is projected to be the primary growth driver during the forecast period. The increasing demand for efficient charging systems for portable electronics and the rising adoption of wearable devices in personal healthcare and consumer electronics are key factors contributing to this growth. China is anticipated to experience the highest growth rate during the forecast period.
Outlook on China's Wireless Charging Market
China's wireless charging market is set for robust growth, driven by technological advancements and increasing demand for efficient, wireless power solutions. With significant contributions from major industry players and favorable market conditions, the future of wireless charging technology in China looks promising.
Allied Market Research
Allied Market Research (AMR) is a provider of market intelligence, offering detailed reports from technology publishers. AMR focuses on market assessments, technological advancements, and industry analysis. Their team compiles comprehensive research reports and advises businesses to improve operations, utilizing various tools and proprietary data sources.