Wireless Charging Market by Technology (Inductive, Resonant, Radio Frequency, and Others) and Industry Vertical (Electronics, Automotive, Industrial, Healthcare, and Aerospace & Defense)- Global Opportunity Analysis and Industry Forecast 2024–2030
Industry: ICT & Media | Publish Date: 08-Jan-2024 | No of Pages: 149 | No. of Tables: 112 | No. of Figures: 78 | Format: PDF | Report Code : N/A
Market Overview
The global Wireless Charging Market size was valued at USD 21.44 billion in 2023 and is predicted to reach USD 71.47 billion by 2030, with a CAGR of 15.8% during the forecast period, 2024-2030. Wireless charging is a charging technology that enables the transfer of electrical energy from a power source to a device without the need for connectors or cables. It relies on electromagnetic fields to transmit energy between a charging pad or base station and a compatible device. Wireless charging operates through electromagnetic induction, where an alternating current in a charging pad or base station generates a magnetic field. When a compatible device with a corresponding receiver coil is placed on or near the pad, the magnetic field induces an electrical current in the device's coil, facilitating the transfer of power and enabling wireless recharging.
The Surge of Wireless Charging in Consumer Electronics Propels Market Growth
The growth of the wireless charging market is propelled by the growing integration of wireless charging technology in consumer electronics. With more devices transitioning to wireless and cordless configurations, there is a rising demand for wireless charging technology. Consumers seek convenient ways to charge their devices without the hassle of cords and cables, driving the development and adoption of wireless charging across a diverse range of consumer electronics such as smartphones, laptops, and wearable devices. As the use of wireless technology continues to expand in consumer electronics, the demand for wireless charging is anticipated to rise, further contributing to the growth of the global market.
Growing Automotive Integration is Driving Unprecedented Growth in Wireless Charging Market
A significant driver behind the increasing wireless charging market is the rapid integration of wireless charging technology in the automotive industry. With the increasing demand for electric vehicles (EVs) and hybrid cars, automakers are offering convenient and efficient charging solutions to their customers. The integration of wireless charging pads in electric vehicles eliminates the need for traditional charging cables and provides a seamless and hassle-free charging experience for users.
In addition, the surge in electric vehicle demand, propelled by factors such as escalating fuel prices, play a pivotal role in further driving the growth of the market. According to the International Energy Agency, the electric car market is experiencing rapid and exponential growth, with sales of EVs surpassing 10 million units in 2022. As consumers increasingly seek cost-effective and environmentally friendly transportation alternatives, the convenience and sustainability offered by wireless EV charging become more attractive. The significant market opportunity for wireless charging solutions is driven by the rising adoption of electric vehicles, as individuals aspire to mitigate pollution and address concerns related to fuel price fluctuations.
High Costs and Limited Range Restraining Wireless Charger Market Growth
The high cost of wireless charging technology is a significant factor restraining the wireless charging market growth. Presently, wireless charging technology remains more expensive than traditional charging methods, thereby limiting its adoption, particularly in price-sensitive markets. Additionally, the limited range of wireless chargers hampers market growth. Wireless charging necessitates devices to be in close proximity to the charging pad, restricting convenience and ease of use. This limitation is especially pronounced in high-power applications such as charging electric vehicles, where an extended range is crucial for making wireless charging more practical. This factor continues to impede the growth of the market.
Introduction of air charging creates lucrative opportunities for wireless charging
The introduction of air charging represents the future of wireless charging. Also known as over-the-air charging, this technology holds significant potential to generate ample growth opportunities for the wireless charging market. Air charging utilizes electromagnetic waves to charge devices without requiring any physical contact or a charging pad. Offering users, the ability to charge their devices from a distance, air charging stands out as a more convenient and flexible solution compared to other wireless charging methods. This technology is particularly advantageous for mobile devices and scenarios where access to power outlets is limited. Moreover, air charging eliminates the need for charging cables or pads, thereby reducing clutter and simplifying the device charging process. These compelling features create opportunities for market growth.
Asia Pacific is projected to hold the largest share of the wireless charging market
The widespread adoption of smartphones across the Asia-Pacific region is a key driver for the dominance of wireless charging market in this region. As smartphone penetration continues to rise in countries such as China, India, and Japan, there is a growing demand for convenient and cable-free charging solutions. Wireless charging technology aligns with the preferences of tech-savvy consumers, contributing significantly to the market's substantial share in the Asia-Pacific region.
Moreover, the Asia-Pacific region is witnessing a surge in the adoption of electric vehicles (EVs), driven by environmental concerns and government initiatives promoting sustainable transportation. Wireless charging plays a pivotal role in supporting the growth of the electric vehicle market. As the automotive industry transitions towards electric mobility, the demand for wireless charging infrastructure in the Asia-Pacific region is on the rise, contributing to the major share held by this region in the global market.
North America witnessed a substantial growth in the global wireless charging market
The significant growth in the wireless charging market in North America can be attributed to the increasing adoption of electric vehicles (EVs). As the region experiences a shift towards cleaner and sustainable transportation solutions, the demand for wireless charging infrastructure has surged. Wireless charging offers a convenient and user-friendly method for EV owners to recharge their vehicles, contributing to the overall growth of the market.
The widespread use of smartphones and wearable devices in North America has been a driving force behind the growth of the market. Consumers in the region increasingly value the convenience of cable-free charging solutions for their mobile devices. This demand has led to the integration of wireless charging technology in a variety of public spaces, homes, and businesses, further fueling the expansion of the market in North America.
Competitive Landscape
The wireless charging industry includes various market players such as Renesas Electronics Corporation, Murata Manufacturing Company Ltd, Qualcomm Incorporated, Samsung Electronics, Sony Corporation, Xiaomi Corporation, Energizer Holdings Inc, Texas Instruments Inc, Witricity Corporation, and Robert Bosch GMBH. These market players are adopting several strategies such as product launches and investments across various regions to maintain their dominance in the electric vehicle charging market.
For instance, in November 2023, WiTricity Corporation announced a strategic alliance with Nagano Japan Radio to develop and promote wireless power transfer products for industrial use. This collaboration involves integrating WiTricity's wireless power transmission technology, based on magnetic resonance, with Nagano Japan Radio's wireless communication, power supply, and coil winding technologies to commercialize industrial wireless charging systems.
Moreover, in September 2023, Apple announced the launch of its latest smartphone lineup, the iPhone 15 and 15 Pro, marking the first phones to ship with the newest Qi2 magnetic wireless charging standard. Qi2, an update to the Qi wireless charging standard, incorporates a ring of magnets to guarantee the proper alignment of the charging coils, akin to Apple's existing MagSafe technology.
Wireless Charging Market Key Segments
By Technology
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Inductive
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Resonant
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Radio Frequency
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Others
By Industry Vertical
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Electronics
-
Automotive
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Industrial
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Healthcare
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Aerospace & Defense
By Region
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North America
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The U.S.
-
Canada
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Mexico
-
-
Europe
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The U.K.
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Germany
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France
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Italy
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Spain
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Denmark
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Netherlands
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Finland
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Sweden
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Norway
-
Russia
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Rest of Europe
-
-
Asia-Pacific
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China
-
Japan
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India
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South Korea
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Australia
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Indonesia
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Singapore
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Taiwan
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Thailand
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Rest of Asia-Pacific
-
-
RoW
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Latin America
-
Middle East
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Africa
-
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 21.44 Billion |
|
Revenue Forecast in 2030 |
USD 71.5 Billion |
|
Growth Rate |
CAGR of 15.8% from 2023 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
Expansion of global consumer electronics industry Integration of wireless charging technology in the automotive sector |
|
Countries Covered |
28 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent to up to 80 analysts’ working hours) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Key Players
-
Renesas Electronics Corporation
-
Murata Manufacturing Company Ltd
-
Qualcomm Incorporated
-
Samsung Electronics
-
Sony Corporation
-
Xiaomi Corporation
-
Energizer Holdings Inc
-
Texas Instruments Inc
-
Witricity Corporation
-
Robert Bosch GMBH
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