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Wireless Charging Market Size to Surpass USD 129.02 Billion by 2030, exhibiting a CAGR of 25.8%

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Pune, India, May 17, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global Wireless Charging Market Size was valued at USD 22.17 billion in 2022 and is projected to grow from USD 25.87 billion in 2023 to USD 129.02 Billion by 2030, exhibiting a CAGR of 25.8% during the forecast period. Wireless charging is an advanced way of charging batteries. It is divided into three types, radio charging, resonance charging, and inductive charging. Each type serves its own purpose. Increasing Adoption of Electric Vehicles to Boost Demand for Wireless Chargers. Radio charging is used for small batteries such as smartphones, smartwatches, and hearing aids.

Meanwhile, resonance charging is used to charge industrial robots and heavy vehicles. Inductive charging is used in laptops, smartphones, and other consumer electronic devices. The rising adoption of electric vehicles and surging demand for simultaneous charging options will aid market augmentation. This information is provided by Fortune Business Insights, in its report titled, Wireless Charging Market Forecast, 2023-2030.

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Key Industry Development:

March 2022: Delta Inc., a leading provider of thermal and power management solutions, recently introduced its new and advanced 100 Kw DC electric vehicle cordless charger. This newly launched product offers up to 94% efficiency, which will enable the driver with a driving range of 100 kilometers in just 15 minutes.  

Key Takeaways

  • The demand for high-speed wireless and simultaneous multi-device charging stations is continuously increasing in the consumer electronics industry.
  • The continuously emerging semiconductor industry and changes in customer buying behavior boosted the global market expansion
  • These factors had slightly negative impacts on the wireless electric charging station industry.

Discover the Leading Players Featured in the Report:           

“Companies leading the Wireless charging Market are Delta Electronics, Inc. (Taiwan), Drone Power Pvt. Ltd. (India), Energizer Holdings, Inc. (U.S.), Energous Corporation (U.S.), Etatronix GmbH (Germany), Sony Corporation (Japan), Infineon Technology (Germany), Integrated Device Technology, Inc. (U.S.) , LG Corporation (South Korea), Samsung Electronics (South Korea)”

Report Scope & Segmentation

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Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 25.8%
2030 Value Projection USD 129.02 Billion
Base Year 2022
Wireless Charging Market Size in 2022 USD 22.17 Billion
Historical Data for 2019 to 2021
No. of Pages 140
Segments covered Application, Technology, Industry Vertical, and Geography
Wireless Charging Market Growth Drivers Increasing Adoption of Electric Vehicles to Boost Demand for Wireless Chargers

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https://www.fortunebusinessinsights.com/wireless-charging-market-105183

Drivers and Restraints:

Increasing Adoption of Electric Vehicles to Boost Demand for Wireless Chargers

Several economies are trying to decrease their carbon emissions. Electric vehicles are an essential part of this initiative to go green and make the environment a cleaner place. The automobile industry has been shifting its operations to digital platforms and several companies in the automobile market are adopting cutting-edge technologies such as IoT, artificial intelligence, and electric vehicles. In February 2022, the global electric car sales elevated by 109% than in 2020. This surging demand for electric vehicles has escalated the need for wireless charging stations for rapid and safe battery charging. Moreover, the rising adoption of Qi-based charging stations to charge various consumer electric devices simultaneously in vehicles is also aiding the wireless charging market growth.

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On the other hand, the high initial costs associated with the adoption of cordless chargers due to the high price of internal components will likely hinder market growth in the coming years.

Segments:

By Application

  • Commercial Charging Station
  • Home Charging Unit

By Technology

  • Inductive
  • Resonant
  • Radio Frequency
  • Others

By Industry Vertical

  • Consumer Electronics
  • Automotive
  • Industrial
  • Healthcare
  • Aerospace & Defense

Regional Insights:

Asia Pacific Held a Dominant Share Backed by Availability of Several Vehicle Manufacturing Units

Asia Pacific captured majority of the wireless charging market share in 2022 owing to availability of vehicle manufacturing units and research and development facilities in South Korea, China, Japan, Taiwan, and Singapore. Moreover, India, Singapore, and China are making initiatives to boost electric vehicle manufacturing, which will attract investors and result in the setting up of manufacturing facilities and contribute to market proliferation in this region.

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Meanwhile, the North America market is slated to record significant expansion in the forthcoming years. In this region, the U.S. gathered the highest revenue in 2022 backed by availability of leading companies. Furthermore, the federal government of the U.S. is encouraging the adoption of electric vehicles in the country, thus driving market proliferation. Meanwhile, the Canada market is projected to record the highest growth rate in North America due to rising investment by leading players on manufacturing wireless medical devices and power charging units in the country.

Quick Buy – Wireless Charging Market Research Report: 

https://www.fortunebusinessinsights.com/checkout-page/105183

Competitive Landscape:

Product Launches by Industry Leaders to Aid Market Augmentation

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Leading companies often make strategic decisions such as mergers & acquisitions, collaborations, and partnerships to garner larger revenues and maintain their position in the global market. For example, in July 2019, Integrated Device Technology, Inc. (IDT), a leading provider of various electronics solutions, launched its P9247 transmitter and P9415 receiver. Together, these devices can perform wireless charging operations for devices with small batteries.

FAQ’s

How big is the wireless charging market?

Wireless Charging Market size was USD 22.17 Billion in 2022.

How fast is the wireless charging market growing?

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The Wireless Charging Market will exhibit a CAGR of 25.8% during the forecast period, 2023-2030

Related Reports:

Wi-Fi Chipset Market Size, Share, Trends, Growth 2023

5G Infrastructure Market Share, Forecast, Trends and Growth Analysis

About Us:

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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Artificial Intelligence

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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