Wireless Charging Market Trends, Share & Forecast - 2032
Wireless Charging Market Size, Share Global Analysis Report, 2024-2032

Wireless Charging Market Share, Size, Trends, Industry Analysis Report, By Technology (Inductive, Resonant, RF, Others); By Application; By Region, And Segment Forecasts, 2024- 2032

  • Published Date:Jan-2024
  • Pages: 116
  • Format: PDF
  • Report ID: PM1415
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

 The global wireless charging market is projected to witness robust growth. It was valued at USD 6.95 billion in 2023 and is projected to grow to USD 39.07 billion By 2032, exhibiting a CAGR of 21.20% over the forecast period, 2024 – 2032

The market is poised for significant growth, primarily driven by its widespread adoption in consumer electronics like smartphones and tablets. This technology eliminates the need for traditional wired connections, offering a convenient and hassle-free way to power devices. Beyond consumer electronics, several other sectors, including automotive, industrial, healthcare, and defense, are also embracing wireless charging solutions. As technology advances, wireless charging systems have become more efficient, allowing for faster charging speeds and improved energy transfer rates. This efficiency enhances user experience and device usability.

Wireless Charging Market Size

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The increasing popularity of wireless battery charging in gadgets is reshaping the wearable technology landscape. This technology eliminates the requirement for visible connectors or cords in wearables, enabling manufacturers to create fully sealed, waterproof, and compact models. The ongoing trend in the consumer electronics market, focusing on downsizing gadgets, is further fueling the demand for wireless charging solutions. Consumers now anticipate straightforward charging options that are not only faster but also offer greater flexibility in terms of device placement.

Market is propelled by the desire for convenience, efficiency, and the need to eliminate the constraints of wires across diverse sectors. As industries continue to innovate and integrate wireless charging solutions into various applications, the market is expected to witness robust growth, transforming the way devices are powered and enhancing user experiences across multiple domains.

Wireless charging, although offering mobility and portability, tends to be pricier compared to wired charging, which ensures faster charging speeds. Manufacturers commonly provide wired chargers with their products. However, wireless charging necessitates Qi-compatible devices, limiting its suitability for numerous products. As wireless charging pads grow in size and adapters become more compact and durable, consumers are showing a stronger preference for traditional charging methods.

Industry Dynamics

Growth Drivers

  • Expanding IoT Ecosystem

The Internet of Things (IoT) is growing rapidly, with various IoT devices relying on wireless charging to eliminate the need for battery replacement. Smart home devices, industrial sensors, and healthcare gadgets are increasingly using wireless charging technology. The automotive industry is transitioning to electric vehicles, and wireless charging is becoming a key technology for EVs. It offers a convenient and efficient way to charge electric cars, contributing to the growth of the wireless charging market.

Improving the effectiveness of wireless charging devices is a priority in the technology sector. Traditionally, consumer electronics and electric cars utilize inductive charging for wireless charging. However, magnetic resonance technology has significantly enhanced efficiency by enabling power transmission over greater distances between the transmitter and receiver. The power delivered by the wireless transmitter plays a vital role in determining the charging efficiency of the device. This aspect is crucial for wireless power systems as it influences the battery's temperature and energy wastage. Higher efficiency means smaller and more cost-effective chargers can produce the same amount of electricity.

Report Segmentation

The market is primarily segmented based on technology, application, and region.

By Technology

By Application

By Region

  • Inductive
  • Resonant
  • RF
  • Others
  • Automotive
  • Consumer Electronics
  • Industrial
  • Healthcare
  • Defense
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Technology Analysis

  • Inductive segment held the largest market share in 2022

In 2022, the inductive segment held the largest market share. Major standards like WPC (Qi technology) and PMA rely on inductive technology. Additionally, inductive technology is employed in Electric Vehicles (EVs) for power. Its capacity to charge multiple devices simultaneously and the incorporation of wireless charging pads into diverse surfaces and furniture have contributed significantly to the growth.

The RF technology segment will grow at a substantial pace because it eliminates the necessity for precise alignment, especially in small devices like wearables and medical implants. Companies like Humavox are investing in this technology due to its perceived advantages.

By Application Analysis

  • Consumer electronics segment held the highest market share in 2022

In 2022, the consumer electronics segment held the highest market share due to the increasing demand for wireless charging solutions, which alleviated the inconveniences associated with wired chargers. Additionally, the widespread absence of electric outlets in many public locations has amplified the significance of cordless power options, further boosting the prominence of wireless charging technology.

The healthcare & defense segment will grow at a substantial pace. Segment’s growth is attributed to the innovations in the sector. Scientists at Stanford University have devised an innovative method for wirelessly charging sensors and cybernetic implants. This breakthrough opens avenues for ultra-small devices capable of deeper penetration inside the body. These devices not only prolong the lifespan of implants but can also function without a battery, marking a leap in technology.

Regional Insights

  • North America region held the largest market in 2022

In 2022, the North American region held the largest market. It can be attributed to consumers in this region showing a strong preference for investing more in wireless charging technology, especially for their smartphones and tablets. The trend of prioritizing cordless charging solutions has significantly contributed to the region’s prominence in this market segment.

Notably, the director of the Joint Transportation Research Program at Purdue University has revealed a collaboration with Magment Concrete Wireless Power, a Germany-based company. This partnership is geared towards meeting the future requirements of electric vehicles, specifically in the realm of wireless charging.

Governments worldwide have implemented diverse programs and incentives to encourage consumers to opt for electric vehicles instead of traditional ones. For instance, the California ZEV program aims to put 1.5 million electric vehicles on the roads by 2025, promoting the adoption of electric cars. Consumers increasingly view electric vehicles as a viable choice when buying a new car. Over the past five years, electric vehicle sales in the region have been steadily increasing. This upward trend in sales is expected to continue, creating opportunities for technologies such as wireless charging infrastructure for electric vehicles.

MEA will grow at the fastest pace due to the rising technology awareness and adoption within the region, primarily fueled by a youthful and technology-savvy population. As consumers in this region become more acquainted with wireless charging technology and understand its advantages, the demand for wireless chargers is steadily increasing. This surge in demand is a direct result of the population's growing familiarity with the technology and their recognition of the numerous benefits it offers.

Key Market Players & Competitive Insights

The wireless charging market is highly competitive and characterized by numerous players from various industries, including consumer electronics, automotive, healthcare, and more. Key market players in the wireless charging industry are continually innovating to gain a competitive edge and expand their market share.

Some of the major players operating in the global market include:

  • Apple Inc.
  • ConvenientPower
  • Energizer Holdings, Inc.
  • Leggett & Platt, Incorporated
  • MediaTek Inc.
  • Mojo Mobility Inc.
  • Murata Manufacturing Co., Ltd.
  • PLUGLESS POWER INC.
  • Powercast Corporation.
  • Powermat
  • Qualcomm Technologies, Inc.
  • Renesas Electronics Corporation.
  • Texas Instruments Incorporated.
  • WiTricity Corporation

Recent Developments

  • In May 2023, Resonant Link introduced a wireless charging system tailored for medical devices, including implants like titanium cannulas. This innovative charging solution enables patients to swiftly recharge their devices within minutes, ensuring uninterrupted daily activities.
  • In July 2023, Indie Semiconductor unveiled a cutting-edge system-on-chip (SoC) for wireless power charging. The iND87200 SoC redefines integration standards, offering a complete solution for creating affordable in-cabin portable device charging designs compliant with the WPC 'Qi' standard.
  • In November 2022, Motherson collaborated with Aira to advance the progress of wireless charging technology within car interiors. This collaboration is focused on creating innovative wireless charging modules that can be seamlessly incorporated into the interior of new vehicles, enhancing the overall user experience for consumers.
  • In July 2022, Plantronics has teamed up with the Luxshare-ICT to drive the widespread adoption of NFC wireless charging in consumer and computing devices. This partnership is geared towards providing ready-made solutions for NFC wireless charging, making it easier for various consumer electronics products to integrate wireless charging capabilities seamlessly.
  • In August 2022, MAHLE and Siemens made a collaborative effort to research wireless charging systems designed for electric vehicles. This partnership focuses on jointly developing and testing integrated infrastructure and automotive engineering systems dedicated to wireless charging technology.

Wireless Charging Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 8.42 billion

Revenue forecast in 2032

USD 39.07 billion

CAGR

21.20% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Technology, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.