Wireless Charging Market

The wireless charging market is currently estimated at USD 17.49 billion in 2023 and is anticipated to achieve USD 46.80 billion by 2030. This growth is forecasted to occur at a steady compound annual growth rate (CAGR) of 15.1% from 2023 to 2030.

Wireless Charging Market Overview

Wireless power technology eliminates the need for cord connections to recharge portable electronics. This promising technology has experienced significant progress over the past few decades and now offers a wide variety of user-friendly applications. The global market for wireless chargers is anticipated to be impacted in the near future by rising demand for wireless chargers for smartphones, wearable technology, autonomous guided cars, autonomous robots, and electric vehicles.

Wireless chargers provide better user engagement, accessibility, reachability, and automation when compared to conventional chargers. During the anticipated time, it is expected that these chargers will become smaller and more portable due to developments in GaN materials and the introduction of novel circuit designs. Participants in the market are focusing on innovation and R&D in wireless chargers by employing strategies like mergers and acquisitions and product portfolio expansion to diversify their revenue streams.

The act of delivering energy from a power outlet to a consumer device without the use of a cable is known as wireless charging. A receiver, which may be an external casing or a component of the user’s device, and a power transmitting pad make up the system. The healthcare, automotive, and manufacturing sectors are becoming more interested in wireless charging due to its potential for increased mobility and advancements that could allow small Internet of Things (IoT) devices to acquire power from a charger many feet away.

There are stringent restrictions on how far away a device can be from a charging pad because the most popular wireless methods now in use rely on an electromagnetic field created by two copper coils. Soap bars can currently be found with a 100W charger. The use of EV charging may result in a large increase in electricity demand. The biggest obstacle to the faster adoption of an electrified transportation system is the lack of accessible and easily available charging infrastructure. This is expected to limit market expansion over the projection period.

Market Dynamics

Wireless power transfer is useful for many devices, including headsets, mice, keyboards, and wireless speakers. Tablet PCs, notebooks, ultrabooks, and laptops can all act as hosts or clients for wireless charging. Major corporations are increasing their R&D expenditures in order to introduce cutting-edge products and gain a competitive advantage.

The necessity for safe and secure solutions when putting charging pads (transmitters) in public locations presents a unique challenge. These public access terminal wireless chargers may be found at many coffee shops, airport kiosks, and hotels. So, it’s expected that rising demand for wireless chargers throughout the consumer electronics industry will drive the market’s expansion during the course of the forecast period.

EVs are more advantageous for the environment and the economy than internal combustion engines. An electric automobile is hassle-free to own and drive, but charging one is usually perplexing, unnerving, and annoying. A driver may just park their electric vehicle (EV) over a charging pad and proceed with their day knowing that their vehicle will recharge just as quickly and effectively as hooked into Level 2 equipment thanks to a wireless charger that uses magnetic resonance technology. It is predicted that this technology will help automakers and Tier 1 suppliers set their EVs apart from the competition.

With 2 million vehicles sold in the first quarter, the International Energy Agency (IEA) forecasts a considerable increase in worldwide electric car sales in 2022. Siemens also invested US$25 million and acquired a modest stake in the American startup WiTricity, which creates wireless charging technology, in June 2022. Siemens and WiTricity worked together to encourage innovation in the recently emerging wireless EV charging market. However, the development of a wireless charging system for EVs is still in its infancy and now focuses on EV and plug-in hybrid stationary unidirectional charging (PHEV).

Insights by Segments

Technological Advancements

In 2022, the inductive technology segment asserted its dominance in the market, commanding the highest revenue share at 45.9%. Leading standards like WPC (Qi technology) and PMA rely on inductive technology. Moreover, electric vehicles (EVs) also make use of inductive technology for their power needs. The ability to simultaneously charge multiple devices and the integration of wireless charging pads into various surfaces and furnishings have further propelled the growth of the inductive segment.

Resonant technology is anticipated to experience significant growth throughout the forecast period. This technology facilitates the wireless powering of devices over short distances without the need for direct physical contact, thereby enhancing convenience. Additionally, resonant technology enables the simultaneous charging of numerous devices.

RF (Radio Frequency) technology is poised to exhibit the fastest compound annual growth rate (CAGR) of 19.5% during the forecast period, as it eliminates the necessity for precise alignment, particularly for small devices like wearables and medical implants. Companies such as Humavox have invested in RF technology due to its perceived advantages.

Applications Insight

In 2022, consumer electronics dominated the market, accounting for a substantial revenue share of 59.2%. The elimination of inconveniences associated with wired chargers and the scarcity of electrical outlets in public places has contributed to the increasing popularity of wireless power.

Healthcare and defense are expected to emerge as promising application sectors, with anticipated CAGRs of 18.9% and 17.2%, respectively, over the forecast period. Researchers at Stanford University have introduced a novel method for wirelessly charging sensors and cybernetic implants. This breakthrough paves the way for a new generation of ultra-compact devices capable of deeper penetration within the human body. These devices not only prolong the lifespan of these implants but can also operate without the need for a battery.

Regional Analysis

charging industry as a result of important technological advancements in the area. The market is expanding due to the increasing use of wireless charging solutions in industrial settings. Wider use of smartphones and other portable devices would probably have a negative impact on North American market growth. The industry will increase as a result of the Internet of Things quickly escalating appeal in North American nations. The expansion of the wireless charging market in North America is being driven by the increasing customer awareness of wireless power technology.

The market expansion in Europe will be supported by the cumulative adoption of electric vehicles to comply with governmental rules addressing environmental sustainability. The market for wireless charging is projected to be driven in the next years by a sufficient demand for wearables and wireless communication technologies.

Due to the rising demand for consumer electronics, wearable technology, and electric vehicles, the Asia Pacific is projected to experience rapid growth. It would be expected that the rapidly expanding consumer electronics sector in Asia and the Pacific would propel market expansion. The market’s growth will be fueled by well-known industry players’ business expansion initiatives to capture the untapped Asian market. For instance, in October 2019, WiTricity Corporation formed a strategic alliance with Green Power Ltd, a South Korean provider of high-power wireless charging systems, in order to increase its market share in Asia. The collaboration enables companies to share technology and licenses.

Recent Developments

• Mophie (ZAGG Inc.) introduced the snap+ 3-in-1 wireless charging stand, snap+ charging stand & pad, and snap+ multi-device travel charger in September 2022 to its current snap+ wireless charging ecosystem. The new Mophie improved power solutions are compatible with both Qi-enabled smartphones and MagSafe for iPhone 13/12 models, providing up to 15W of wireless power for multi-device charging at home or when traveling.
• In July 2022, WiTricity granted a license for Wiferion, a provider of mobile, wireless power supplies for commercial e-vehicles, to use its wireless charging technology. For a variety of industrial applications, including automated guided vehicles (AGV), commercial trucks, and mobile collaborative robots (AMR/Cobots), Wiferion provides wireless charging systems. With the aid of this license arrangement with WiTricity, Wiferion sought to hasten the uptake of wireless charging in industrial automation.
• For the material handling sector, Delta Electronics Inc. introduced a 30 kW wireless battery charging system in April 2018 that can charge a 600Ahr-48V battery in 60 minutes. Scissor lifts, forklifts, trucks, golf carts, and automated guided vehicles are just a few examples of the huge, intricate vehicles that this technology is appropriate for in the expanding warehouse automation sector (AGVs).

Key Players

The key players in the Wireless Charging Market include-

1. ConvenientPower
2. Energizer Holdings, Inc.
3. PLUGLESS POWER INC.
4. GETPOWERPAD
5. Renesas Electronics Corporation.
6. Leggett & Platt, Incorporated
7. MediaTek Inc.
8. Mojo Mobility Inc.
9. Murata Manufacturing Co., Ltd.
10. Apple Inc.
11. Powercast Corporation.
12. Powermat
13. Qualcomm Technologies, Inc.
14. Texas Instruments Incorporated.
15. WiTricity Corporation

Global Wireless Charging Market Report Segmentation

This report forecasts global, regional, and country revenue growth and analyzes the latest industry trends in each sub-segment from 2017 to 2030. For the purpose of this study, Beyond Market Insights has segmented the global wireless charging market report on the basis of technology, application, and region:

Technology Outlook (Revenue in USD Million, 2017 – 2030)

• • Inductive
  • Resonant
  • RF
  • Others

Application Outlook (Revenue in USD Million, 2017 – 2030)

• • Automotive
  • Consumer Electronics
  • Industrial
  • Healthcare
  • Defense
  • Others

Regional Outlook (Revenue in USD Million, 2017 – 2030)

• • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • Saudi Arabia
    • South Africa
    • UAE