Wireless Charging Market

The global Wireless Charging Market is valued at USD 5.25 Billion in 2023 and is projected to reach a value of USD 29.61 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 21.2% between 2024 and 2032.

Key highlights of Wireless Charging Market

• The Asia Pacific accounted for the largest share of more than 44.3% share in 2023,
• The Receivers segment dominated the market with a significant market share in 2023,
• The Inductive segment continued to assert its dominance by technology, capturing the largest market share of 45.2% in 2023,
• Automotive dominated the market with a significant market share of 32.1% in 2023,
• The rise of Internet of Things (IoT) devices and the integration of wireless charging capabilities into smart home devices, wearables, and medical devices are further contributing to the expansion of the Wireless Charging market.

Wireless Charging Market: Regional Overview

Asia Pacific Dominated Sales with a 44.3% share in 2023. The need for wireless charging infrastructure in Asia Pacific to support electric vehicles (EVs) is further being driven by the growing use of EVs, enactment of stringent emission and fuel economy regulations, and government incentives throughout Asia Pacific, particularly in nations like China and Japan. For instance, in June 2023, Exeed introduced its next-generation TXL midsize SUV, featuring advanced technologies such as a 24.6-inch wrap-around curved display screen and Qualcomm Snapdragon 8155 chip, with functionalities like multi-Bluetooth digital key and 50W mobile phone wireless charging. With more than 50% of all wireless charging patents, China notably holds the top spot in the world in terms of patents, making it a major force behind industry innovation and standardization initiatives. For instance, the technology created by WiTricity serves as the foundation for the new Guo Biao (GB) standard. The Chinese EV wireless charging standardization process has been aggressively pursued by WiTricity, the China Automotive Technology and Research Center (CATARC), the China Electric Power Research Institute (CEPRI), and the CEC.

Wireless electric vehicle (EV) charging is increasingly recognized as a convenient and versatile alternative to traditional plug-in methods, offering ease of use and enhanced accessibility. However, the ultimate aspiration is to seamlessly integrate wireless charging technology into roadways, enabling vehicles to charge while in motion. For instance, through a pilot program aimed at integrating EV wireless chargers into traffic lights, a Smart City effort in Japan is leading the way in achieving this unique concept.

U.S. Wireless Charging Market Overview

The U.S. Wireless Charging market, valued at USD 1499.1 Million in 2023 to USD 7792.28 Million in 2032, is anticipated to grow at a CAGR of 20.1% from 2024 to 2032. The U.S. federal government's ongoing efforts to encourage the adoption of electric vehicles are driving growth in the Wireless Charging market. For instance, according to a data, Electric vehicle (EV) sales in the U.S. are poised to reach a historic milestone this year, with projections indicating they will represent a record 9% of all passenger vehicles, up from 7.3% in 2022. This surge is anticipated to mark the first instance of over 1 million EVs being sold within a single calendar year, with estimates ranging between 1.3 million and 1.4 million vehicles. California has been at the forefront of EV adoption, leading the nation in both the number of registered light-duty EVs, accounting for 37%, and EV charging locations, comprising 27% of the total in 2022, as indicated by recent estimates from the State Energy Data System (SEDS).

The global Wireless Charging market can be categorized as Type, Application, End User, and Region.

Wireless Charging Market: Implementation Overview

In 2023, the Receivers segment dominated the market with a significant market share. The Wireless Charging market, segmented by implementation, includes Transmitters and Receivers. The increasing adoption of wireless charging technology across various consumer electronics devices, including smartphones, tablets, wearables, and wireless earbuds. Consumers' growing preference for the convenience and versatility of wireless charging solutions has propelled the receiver segment to the forefront of the market, driving innovation and investment in receiver technologies. As wireless charging continues to gain momentum, fueled by advancements in receiver design, interoperability, and efficiency, the receiver segment is expected to maintain its leadership position, shaping the trajectory of the Wireless Charging market.

Wireless Charging Market: Technology Overview

In 2023, the Inductive segment accounted for the largest market share of 45.2%. The Technology segment is divided into Magnetic Resonance, Inductive, Resonant, and Radio Frequency. Inductive systems, employed in the Qi wireless charging standard, establish a tight coupling between transmitter and receiver coils, thus reducing energy loss during the charging process. Renowned for its alignment tolerance, this technology offers users flexibility in placing devices on charging pads. Additionally, inductive charging is acknowledged for its safety features, including communication between the pad and device to guarantee correct power delivery and prevent overheating. Research and development efforts in the wireless charging market drive innovation in inductive technology. For instance, new technology breakthroughs in Sweden are poised to revolutionize wireless charging for electric vehicles (EVs), potentially enabling charging capacities of up to 500kW. Researchers at Chalmers University of Technology have advanced inductive power transfer technology, paving the way for high-power battery charging solutions poised for presentation to the fleet industry.

Wireless Charging Market: Industry Vertical Overview

The automotive segment had the largest market share of 32.1% in 2023. The Industry Vertical segment is divided into Automotive, Consumer Electronics, Healthcare, and other applications. This segment's dominance reflects the increasing integration of wireless charging technology into electric vehicles (EVs) and hybrid vehicles, driven by the automotive industry's shift towards electrification and sustainable mobility solutions. For instance, the European Environment Agency's data shows that electric cars and vans are becoming increasingly popular throughout the European Union. Of new automobile registrations, 21.6% are electric vehicles, or about two million registrations overall—a significant rise from 2023's 1.74 million registrations. Concurrently, governmental bodies responded to this evolving consumer preference by expanding charging infrastructure to accommodate the growing demand for EVs. As automakers strive to enhance the user experience and differentiate their products, wireless charging for EVs has emerged as a key feature, offering convenience and ease of use for vehicle owners. With advancements in wireless charging infrastructure and compatibility, coupled with supportive regulatory initiatives and consumer demand for eco-friendly transportation options, the Automotive segment is poised for further growth and innovation, shaping the future of the wireless charging market within the automotive industry.

Key Trends

• The manufacturers include wireless charging into their products to provide users with convenience, consumer gadgets like smartphones, smartwatches, and earbuds are starting to become a key trend for Wireless Charging market.
• Many Internets of Things (IoT) gadgets, such as wearables, medical equipment, and smart home appliances, are incorporating wireless charging to improve device usability and facilitate smooth charging experiences.
• resonant and radio frequency (RF) wireless charging technologies are gaining popularity because of their capacity to charge numerous devices at once and over larger distances.
• As environmental concerns gain in importance, more attention is being paid to creating sustainable wireless charging solutions that reduce energy usage and their negative effects on the environment. One such solution is the use of renewable energy sources for the infrastructure supporting the charging process.

Premium Insights

The increasing proliferation of electric vehicles (EVs) and the need for efficient and convenient charging infrastructure are driving the expansion of wireless charging into the automotive sector. For instance, more than half of all new cars sold are predicted to be electric by 2040. Along with advances in charging technologies, the need for standardization and interoperability is also driving market expansion by resolving compatibility issues and enhancing charging efficiency. For instance, new technologies for the North American medium-duty electric commercial truck market have been announced by eLeapPower, a growth-stage startup based in Canada that supports the global expansion of electric vehicles with a creative electric powertrain and charging solutions.

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Market Dynamics

The growing integration of wireless charging capabilities into a variety of goods and settings, including furniture, infrastructure, smart homes, and Internet of Things devices

This trend is being fueled by the growing demand for convenience and seamless integration of charging solutions into everyday objects and environments. The manufacturers and developers incorporate wireless charging technology into their products and designs, which expands the accessibility and adoption of wireless charging. For instance, in 2023, In order to introduce wireless charging technology to the industrial IoT industry, Energous Corporation, a developer of intelligent wireless power networks, and Thinaer, a provider of industrial IoT SaaS platforms, have announced their alliance. Thinaer and Energous will combine Energous' wireless power transfer technology as part of a joint offering to help businesses boost output, save costs, and achieve better outcomes in a variety of settings, including industrial production and warehousing.

Compatibility issues associated with wireless charging devices pose a significant restraint to market growth due to the lack of standardization and interoperability between different wireless charging systems and devices

Compatibility concerns can lead to consumer frustration, limit the adoption of wireless charging technology, and hinder the seamless integration of wireless charging solutions into various products and environments. For instance, some users have raised concerns about the oversized camera housing featured on Apple's iPhone 14 Pro, suggesting that it may interfere with the device's wireless charging functionality. Addressing compatibility issues is crucial for overcoming this restraint and fostering broader market acceptance. With ongoing research and development, the problem with compatibility can be resolved. For instance, Research by electrical engineers at the University of California, San Diego has brought us a step closer to realizing a wireless charger that works with various consumer goods from different companies.

The continuous development of faster, more efficient, and flexible wireless charging technology as customers seek speedier charging speeds and more comfort as there is a growing need for improvements that may deliver on these expectations

Advancements in wireless charging technology, including higher power delivery, progressed energy efficiency, and long-distance charging abilities, unlock new possibilities for market growth and application diversification. In addition to improving user experiences, faster and more effective wireless charging solutions make it viable to integrate wireless charging into a much wider variety of places and devices, including electric-powered cars, public infrastructure, industrial equipment, and medical devices. The automotive industry is adopting wireless charging technology and smoothly incorporating it into plug-in hybrid electric vehicles (PHEVs) and electric vehicles (EVs). This advancement delivers some benefit like charging cars without the need for physical connectors, by incorporating wireless charging pads into parking lots and garages, automatic charging will become feasible, making EVs more accessible and attractive to a much broader demographic. This innovation streamlines healthcare operations and improves patient care, from wireless charging pads designed for smartphones and wearables utilized by healthcare professionals to implantable medical devices that can be charged wirelessly.

Competitive Landscape

The Wireless Charging market is highly competitive, characterized by a diverse array of players striving to establish dominance in this burgeoning industry. Leading companies in the field, like Samsung Electronics, and Qualcomm Technologies Inc, are consistently creating cutting-edge wireless charging solutions to improve user experience and broaden their market reach.​ Other notable players, including Energizer, WiTricity Corporation, and Powermat Technologies, are investing in research and development to introduce efficient and convenient wireless charging solutions across various industries. Additionally, collaborations and partnerships between technology giants and automotive manufacturers further intensify competition and drive market growth. For instance, In June 2023, Ossia Inc. and Nichicon Corporation announced their alliance. By combining Nichicon's SLB Batteries with Ossia's Cota Real Wireless Powe, Nichicon will promote the latter product. Through this collaboration, a Nichicon-branded battery will be produced close to a Cota Power Transmitter that is always powered on. The SLB battery may be continuously charged thanks to Cota Technology, which increases efficiency and convenience while powering and charging gadgets. With the increasing demand for wireless charging, the competitive landscape is expected to evolve rapidly, fostering innovation and driving technological advancements to meet the consumer needs.

The key players in the global Wireless Charging market include - Energizer (U.S.), Ossia Inc. (U.S.), Qualcomm Technologies Inc. (U.S.), Belkin International Inc. (U.S.), ConvenientPower HK Ltd. (Hong Kong), Energous Corporation (U.S.), Plugless Power LLC (U.S.), Powercast Corporation (U.S.), Powermat Technologies (Israel), Renesas Electronics Corporation (Japan), Samsung Electronics (South Korea), Texas Instruments Inc. (U.S.), WiTricity Corporation (U.S.) among others.

Recent Market Developments

• In July 2023, for automakers, WiTricity Corporation unveiled the FastTrack Integration Program. Automotive OEMs can start evaluating and testing electric vehicles with wireless charging in just ninety days, thanks to this accelerated procedure. On the manufacturer's EV platform, wireless charging will be completely enabled and functional with the use of the Halo receiver and Halo 11kW charger manufactured by the firm.
• In February 2023, Samsung introduced SmartThings Hub, an updated model of their current wireless charger. Inexpensive Matter controller and Thread border router that combines a smart home automation system with a wireless charger and SmartThings hub for charging Galaxy phones.
• In January 2024, With the establishment of its first EV charger production facility in the United States, LG Electronics (LG) increased the infrastructure for its electric vehicle (EV) charging solutions. The new 5,500-square-meter facility in Fort Worth, Texas, is anticipated to have an annual capacity of over 10,000 units and will be dedicated to the delivery of chargers for the North American market.