Wireless Charging Market Size & Overview:

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The Wireless Charging Market was valued at USD 5.3 billion in 2023 and is expected to reach USD 31.96 billion by 2032 and grow at a CAGR of 22.1% over the forecast period 2024-2032.

The growth in Wireless Charging is driven by emerging trends in wireless charging, increased integration with electric vehicles (EV), furniture and infrastructure, long-range wireless charging, and Bi-directional wireless charging. Wireless charging eliminates the need to fumble with cables and connect the charger to the car's charging port. This convenience factor and potential automation features like self-parking cars aligning with charging pads make it highly attractive. Wireless charging eliminates the need for fumbling with cables, improving user experience.

A 2021 study showed that over 60% of smartphone users prefer wireless charging for its convenience. Wireless charging is being integrated into furniture, cars, and other everyday objects, making charging more seamless. For instance, the furniture-integrated wireless charging market will reach USD 1.8 billion by 2028. In Addition, Bi-directional wireless charging can be used in vehicle-to-everything (V2X) applications. For example, an electric car with a full battery could wirelessly share power with the grid during peak demand periods.

MARKET DYNAMICS:

Drivers

• Developing faster and more efficient wireless charging technology.

The wireless charging market is experiencing a significant rise in popularity due to the rapid development of faster and more efficient wireless charging. First of all, the increasing need for convenience and mobility drives both customers and companies toward the adoption of wireless charging, as this technology is superior to traditional charging by eliminating cables. Second, the higher speed and thus greater efficiency of wireless charging solutions answer the key consumers’ need, offering to quickly replenish power for various new generation devices with much bigger and complex batteries, as productivity of smartphones, tablets, laptops, and other explorable gadgets grows. Technologies becoming more and more available to use, while the implementation of resonant inductive coupling and radio frequency delivers quicker charging times and greater efficiency of energy transfer. The rise of IoT devices, wearables, electric vehicles, and other types of devices only strengthens the positioning for more advanced versions of wireless charging.

• Rising Smartphone Compatibility

With smartphones becoming more and more indispensable in everyday life, manufacturers are attempting to enhance the user’s convenience by enabling their devices to be wirelessly charged. The widespread adoption of wireless charging standards of Qi by leading smartphone brands has brought the technology to the masses, making it a standard feature of both flagship and more affordable smartphones. Such standardization made wireless charging more accessible and helped propagate the technology, triggering the demand for wireless chargers.

Restraints

• Limitation in the range of wireless chargers

The limited range of the wireless charging market is related to the limitation that efficient transmission of power requires the proximity of the charging platform or station and the device being charged. Unlike wired options, which offer more flexibility in positioning, wireless charging systems have a limited range, which affects ease of use and available space. Precise alignment between the device and the charging base is essential for efficient charging, and deviations can disrupt the process.

KEY MARKET SEGMENTS:

By Technology

Inductive technology dominated the market in 2023 with a market share of over 35%, due to its efficiency, convenience, and widespread adoption. In particular, the induction systems used in the Qi wireless charging standard ensure a tight connection between the transmitter and receiver coils, minimizing energy loss during charging. The technology is known for its alignment tolerance, which gives users some flexibility in positioning the device on the charging base.

By Implementation

The receiver segment held a market share of over 55% in 2023 and dominated the market. Wireless charging receivers are the core element embedded within devices that enable them to receive wireless charging. Without receivers, wireless charging wouldn't be possible. Receivers adhere to standardized specifications like Qi, ensuring compatibility with various wireless charging transmitters. This widespread compatibility fuels market growth. also, the increasing adoption of smart and portable devices with wireless charging capabilities, such as smartphones, smartwatches, and earbuds, directly translates to a higher demand for receivers.

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By Discrete Industry

The automotive application led the market in 2023 with a market share of over 40%. The increasing adoption of electric vehicles (EVs) is a major driver for wireless charging in the automotive industry. EVs eliminate tailpipe emissions, but charging can be inconvenient with cables. Wireless charging offers a more seamless and user-friendly experience.

REGIONAL ANALYSIS

North America dominated the market with a market share of around 35% in 2023. It has a high penetration rate of smartphones, many of which are equipped with wireless charging capabilities. This creates a strong demand for wireless chargers in the region. Several major players in the wireless charging market are headquartered in North America, including Apple, Samsung, and Energous. These companies drive innovation and contribute significantly to the market's growth in the region. also, North American consumers are generally receptive to adopting new technologies, including wireless charging. This early adoption trend helps propel market growth.

The Asia Pacific is going to be the fastest-growing market in the wireless charging markets during the forecast period 2024-2032. Both Japan and India stand out among the fastest-growing economies in the world. The widespread adoption of smartphones in major markets such as China, South Korea, and Japan has increased the demand for convenient charging solutions. Innovative technologies are easily adopted by technology consumers in the region, which is driving the rapid adoption of wireless charging. In addition, the presence of major players in the industry and the region's status as a manufacturing hub facilitates the production and distribution of wireless charging products. The proliferation of electric vehicles in the Asia-Pacific region will further increase the need for wireless charging infrastructure to match the broader shift to sustainable transport.

KEY PLAYERS:

The major key players are Samsung Electronics Co., Qualcomm Incorporated Integrated Device Technology, Fulton Innovation LLC, WiTricity Corporation, Murata Manufacturing Co. Ltd., Sony Corporation, Texas Instruments, Energizer Holdings, Inc, Renesas Electronics Corporation, Powermat Technologies Ltd and others players.

RECENT DEVELOPMENT

• In February 14, 2024, The AirFuel Alliance, a wireless charging industry consortium, announced the release of its new wireless charging standard that supports faster charging speeds and improved efficiency.

• In June 2023, Ossia Inc. announced of collaboration with Nichicon Corporation. Nichicon promotes Ossian Cota Real Wireless Power using Cota technology with Nichicon SLB batteries. This partnership produces a Nichicon-branded battery near the Cota Power Transmitter that is always powered. With Cota technology, the SLB battery can be continuously charged, which ensures greater convenience and efficiency when switching on and charging devices.

• In February 2023, SAMSUNG launched the SmartThings Hub, a modified version of Samsung's existing wireless charger. The SmartThings hub and wireless charger in one Cheapest Matter controller and Thread border router can be combined with smart home automation to charge your Galaxy phone.