Wireless Charging Market

Wireless Charging Market Overview

The wireless charging market size is projected to grow from $8.54 billion in 2024 to $75.38 billion by 2035, representing a CAGR of 21.89% during the forecast period 2024-2035.

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The new research study consists of industry trends, detailed market analysis, key market trends of the wireless charging market, SWOT analysis and value chain analysis.

Wireless charging refers to a technology that empowers electronic gadgets to be charged without needing a physical wires and cables connection. Through wireless chargers, any battery-powered device or appliance can be charged by placing the device onto charging pads or close to wireless power transmitters which transfer energy via electromagnetic fields. Wireless charging is based on the principle of Faraday’s law of induced voltage which is widely utilized in transformers and motors. Wireless charging uses multiple technologies, such as inductive, resonant, and radio frequency. Inductive is the most common technology that uses electromagnetic fields to transfer energy between two coils. Meanwhile, resonant coupling is more flexible in positioning a greater distance between the charger and the device. In addition, radio frequency utilizes electromagnetic waves to transmit energy over longer distances. Due to its potential to charge several devices at a distance, the technology is gaining traction within the wireless charging market.

Moreover, as technology continues to advance, the wireless charging market is likely to expand with exciting development and the growth of electronic portable devices. The key benefit of wireless charging is offering convenience, safety, and reliability, raising its popularity in various applications such as smartphones, smartwatches, and wireless earbuds. Driven by this, valuing the potential and future impact of wireless charging, industry players are integrating the technology into electric vehicles and empowering the automotive industry. Subsequent to this, the wireless charging market for electric vehicles has begun to expand notably. 
As a result, the soaring demand for consumer electronic and portable devices an increase in the adoption of electronic vehicles, and the advantages of cordless charging are the significant factors that are projected to thrive the wireless charging market growth during this forecast period. 

Wireless Charging Market Share Insights

The market report presents an in-depth analysis of the various service providers that are involved in offering wireless charging market, across different segments, as defined in the table below:

Wireless Charging Market: Report Attributes / Market Segmentations

Wireless Charging Market Key Segments

Market Share by Type of Component

The global wireless charging market is fragmented into different types of components, such as receivers and transmitters. According to our projection, the receiver segment is anticipated to fuel the segment growth over this forecast period. The growth of the segment is primarily driven by the high integration of wireless charging receivers into diverse consumer electronics such as mobile phones, wearables, wireless earbuds, and other portable gadgets. This widespread adoption simplifies the charging process and inspires more customers to choose wireless charging options. However, the transmitters segment is likely to grow at a higher CAGR in the upcoming decade due to substantial developments in transmitter technology which have enabled better power delivery, charging speed, and transmission range.

Market Share by Type of Technology 

Based on the type of technology the global wireless charging market is split into inductive charging, resonant charging, radio frequency, and others. As per our projection, the inductive segment will lift the growth of the segment owing to being the most common technology in wireless charging that offers convenience, efficiency, and extensive adoption in a wide range of applications. The significance of an inductive system in coupling between transmitter and receiver coils that facilitates less energy loss during charging ensures proper power delivery and prevents overheating. Additionally, the resonant segment is projected to expand at a faster growth rate due to its flexibility in placing and larger distance between the charger and the device which transfers energy over short distances without requiring direct contact.

Market Share by Type of Vertical

Based on vertical, the global wireless charging market is segmented on a wide range of verticals including aerospace & defense, automotive, consumer electronics, healthcare, and industrial. As per market research, consumer electronics is expected to escalate the growth of the segment with the majority of the wireless charging market share throughout this forecast period. Consumer electronics has a variety of devices including smartphones, tablets, cordless earbuds, and more. Such devices are extensively employing wireless charging technology and provide ease of charging devices and convenience to their users. Nevertheless, the automotive industry is poised to sprout out with a noteworthy CAGR due to the rising adoption of cordless charging in electronic vehicle sectors.

Market Share by Geographical Regions

This segment highlights the distribution of the wireless charging market across various geographical regions such as North America, Europe, Asia, Latin America, the Middle East, North Africa, and the rest of the world. In terms of market revenue, North America leads the market with the acquisition of the maximum share in the global market for wireless charging. Key drivers behind the region’s dominance can be ascribed to the strong demand for consumer electronics, established infrastructure for electric vehicles, and the presence of key industry players in North America. Moreover, Asia is one of the fastest emerging regions in the global market for wireless charging due to rapid infrastructure development, expansion of the automotive industry with soaring adoption of electric vehicles, and a large consumer base for electronic gadgets in the region.

Wireless Charging Market Key Insights

The “Wireless Charging Market, Till-2035: Distribution by Type of Component (Receivers and Transmitters) Type of Technology (Inductive Charging, Resonant Charging, Radio Frequency, and Others), Type of Vertical (Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, and Industrial), Geographical Regions (North America, Europe, Asia, Latin America and Middle East and North Africa and Rest of the World): Industry Trends and Global Forecasts” report features an extensive study of the current market landscape, market size and future opportunity within their wireless charging market, during the given forecast period. The market report highlights the efforts of several stakeholders involved in this rapidly emerging segment of the service providers industry. Key takeaways of the wireless charging market report are briefly discussed below.

Market Trends in Wireless Charging Market

With the rapid adoption of smart devices, wireless charging has evolved as a state-of-the-art technology to keep devices charged as often as possible. Thus, wireless charging is gaining traction not only in consumer electronics but also in the electric vehicle industry. Companies in the automotive sector are increasingly integrating wireless charging pads in public and private infrastructure to cater to the rising demand for wireless charging for electric vehicles which makes it appealing for EV owners to charge their vehicles without cable connection. Additionally, by acknowledging the potential of wireless charging, manufacturers are leveraging radio frequency and resonant technology to enhance the capacity to charge several devices simultaneously and at a distance and augment convenience, expanding the scope of the wireless electric vehicle charger market.

Competitive Landscape of Wireless Charging Market

The competitive landscape of the wireless charging market is segmented into small and big-size companies that are offering a diverse range of wireless chargers for various portable devices along with elective vehicles in commercial transportation. Prominent companies, such as Samsung, Sony, and others are leading the market with their innovative wireless chargers for consumer electronic devices. On the other hand, brands like WiTricity, Qualcomm, InductEV and more are providing cordless chargers for electric vehicles. Apart from this, these companies employ various strategies to stimulate the wireless electric charging market growth through new product launches, investment in advanced technology to enhance the capability, and collaboration & partnership to expand their market reach.

Key Drivers of Wireless Charging Market

The growth of the wireless charging market is expected to be uplifted by several driving factors during this forecast period. Firstly, the escalation of electronic devices. Recently, there has been a rise in the use of electronic devices specifically, mobile phones, tablets, wearables, and many other portable gadgets which have spiked the demand for convenient and efficient charging solutions. A wireless charging solution offers convenience in charging devices by simply placing them on charging pads and eliminating cumbersome wires. Additionally, the demand for fast charging and integration with electric vehicles is attributed to the acceleration of the demand for wireless charging infrastructure around the world due to its convenience in public and private charging stations which will likely propel the in-car wireless charging market prospects in the future.

Regional Analysis: North America is Expected to Dominate the Market with the Largest Wireless Charging Market Share

With respect to regional insights, the North America wireless charging market has evolved considerably and boasts its dominance in the global market for wireless charging.  Majorly, the robust automotive infrastructure for electric vehicles and its sales coupled with the established consumer electronic industry boost the wireless charging market growth in the region. Furthermore, the majority of established players headquartered in North America drive market development through their R&D for advanced technology, innovative product portfolio, and strategic partnerships that help them expand their geographical reach. 

Leading Companies in the Wireless Charging Market

Examples of key service providers involved in the wireless charging market (which have also been captured in this market report, arranged in alphabetical order) include Energizer (US), Energous (US), Integrated (US), NXP Semiconductors (Netherlands), Ossia (US), Plugless (US), Powercast (US), Powermat (Israel), Qualcomm (US), Samsung (South Korea), Sony (Japan), WiTricity (US). This market report includes an easily searchable Excel database of all the companies who have adopted the wireless charging market.

Wireless Charging Market Report Coverage

The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain, across different segments. Amongst other elements, the market report includes:

• A preface providing an introduction to the full report, wireless charging market, 2019-2023 (Historical Trends) and 2024-2035 (Forecasted Estimates).
• An outline of the systematic research methodology adopted to conduct the study on wireless charging market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure the accuracy and reliability of our findings.
• An overview of economic factors that impact the overall wireless charging market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
• An executive summary of the insights captured during our research. It offers a high-level view on the current state of the market for wireless charging market and their likely evolution in the mid-long term.
• A detailed assessment of the wireless charging market landscape, based on several relevant parameters, including year of experience, company size, location of headquarters, and ownership structure.
• Elaborate profiles of prominent players engaged in the wireless charging market, featuring information on their year of establishment, location of headquarters, company size, company mission, company footprint, management team, contact details, financial information, operating business segments, wireless charging portfolio, moat analysis, recent developments, and an informed future outlook.
• A value chain analysis featuring a discussion on various stakeholders involved in the development of the wireless charging market, from suppliers to end-users.
• A discussion on affiliated trends, key drivers and challenges, under a SWOT framework, which is likely to impact the industry’s evolution, along with a Harvey ball analysis, highlighting the relative effect of each SWOT parameter on the overall wireless charging market.
• A detailed estimate of the current market size and the future growth potential of the wireless charging market over the next decade. Based on multiple parameters we have provided an informed estimate on the market evolution during the forecast period 2024-2035. The report also features the likely distribution of the current and forecasted opportunity within wireless charging market. Further, in order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s growth.
• Detailed projections of the current and future wireless charging market across various types of components such as receivers and transmitters.
• Detailed projections of the current and future wireless charging market across various types of technology such as inductive charging, resonant charging, radio frequency, and others.
• Detailed projections of the current and future wireless charging market across various types of verticals such as aerospace & defense, automotive, consumer electronics, healthcare, and industrial. 
• Detailed projections of the current and future market for wireless charging across various geographical regions, such as North America (US, Canada, Mexico, and other North American countries), Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Russia, Spain, Sweden, Switzerland, UK and other European countries), Asia (China, India, Japan, Singapore, South Korea and other Asian countries), Middle East and North Africa (Egypt, Iran, Iraq, Israel, Kuwait, Saudi Arabia, UAE and other MENA countries), Latin America (Brazil, Chile, Colombia, Venezuela and other Latin American countries) and rest of the world (Australia, New Zealand and other countries).

Recent Developments in Wireless Charging Market

• In March 2024, InductEV collaborated with three companies namely Miller EV Solutions, Roush, and WB Engineers to deploy in-ground wireless EV charging technology for the commercial transportation industry.
• In January 2024, at CES 2024, Valeo Ineez introduced a new air charging solution. This is a new solution particularly, for the wireless charging of electric vehicles.
• In January 2024, WiTricity launched its wireless charging solution for electric golf cars and neighborhood electric vehicles. 
• In January 2024, Sinanen Holding teamed up with WiTricity to develop Japan’s first electric vehicle wireless charging technology.

Author(s): Ronit Sharma and Neha Kashyap