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 2023–2030

Market Overview:

Wireless Charging Market was valued at USD 18.21 billion in 2022, and is predicted to reach USD 71.47 billion by 2030, with a CAGR of 15.8% from 2023 to 2030. Wireless charging, also known as inductive charging or cordless charging is the process of transferring electrical power from a power source to a device without the use of physical connections, such as wires or cables. This is performed by using electromagnetic induction in which a charging pad or base station generates a magnetic field that transfers power to a compatible device, such as a smartphone, wireless earbuds, and others.

Increase in sales of electric vehicles (EVs) drives the market growth

Electric vehicles (EVs) propel growth of the wireless charging market by increasing demand for convenient and hassle-free charging solutions. Wireless charging eliminates the need for physical cables and connectors, providing a more convenient and user-friendly experience for EV owners. This convenience factor propels adoption of wireless charging technology, which, in turn, propels growth of the wireless charging market. 

In addition, advancements in wireless charging technology such as higher power transfer capabilities and longer ranges are making wireless charging even more viable & attractive option for EV owners. This factor propels growth of the market. Moreover, increase in R&D to introduce new products by leading automotive giants such as BMW, Nissan, and Chevrolet are expected to boost growth of the market. In August 2021, Tesla announced 1 MW wireless charging for Tesla Semi. The mega charger based on high-speed induction charging will provide up to 1 MW of power and can deliver systems that could charge the Semi at 500 KW or even 1 MW without any physical connection. These trends are expected to propel growth of the market during the forecast period.

Rise in adoption of wireless technology in consumer electronics

Growth of the wireless charging market is driven by increase in adoption of wireless technology in consumer electronics. As more devices become wireless and cordless, demand for wireless charging technology increases. Consumers are looking for easy and convenient ways to charge their devices without the need for cords and cables. This has led to development and adoption of wireless charging technology in a wide range of consumer electronics, including smartphones, laptops, and wearable devices. As the use of wireless technology continues to grow in consumer electronics, demand for wireless charging is expected to increase. This factor is leading to further growth of the wireless charging market. 

High cost and limited range of wireless chargers restrain the market growth

High cost of wireless charging technology is one of the factors that restrain growth of the wireless charging market. Currently, wireless charging technology is still more expensive than traditional charging methods, which limits its adoption, especially in price-sensitive markets. In addition, limited range of wireless chargers hamper the market growth. Wireless charging requires devices to be placed in close proximity to the charging pad, which limits its convenience and ease of use. This is particularly true for high-power applications, such as charging electric vehicles, where a longer range is necessary to make wireless charging more practical. This factor also hampers the market growth of wireless charging.  

Introduction of air charging is the future of wireless charging

Air charging, also known as over-the-air charging, has the potential to create ample growth opportunities for the wireless charging market in the future. This technology uses electromagnetic waves to charge devices without the need for any physical contact or even a charging pad. Air charging allows users to charge their devices from a distance, making it a more convenient and flexible solution than other wireless charging methods. With air charging, users can charge their devices without the need to plug them in, which can be particularly useful for mobile devices or in situations where access to power outlets is limited. Air charging also eliminates the need for charging cables or pads, which can reduce clutter and simplify device charging. These factors, in turn, create opportunities for the market growth. 

Asia-Pacific holds a major share of the global wireless charging market

Asia-Pacific holds a major share of the wireless charging market, and is expected to continue its dominance during the forecast period. The wireless charging market in Asia-Pacific is mainly driven by rise in of EVs across the region, along with developments of electronics industries in countries such as China, Japan, and South Korea. Moreover, presence of mobile phone manufacturers such as Xiaomi, OnePlus, Sony, and Samsung that are developing wireless chargers with advanced features such as fast charging and temperature control also propel growth of the wireless charging market in the region.

In addition, presence of key market players, such as Sony, Satechi, Panasonic, and Toshiba, which are adopting product launch as their key developmental strategy further propels growth of the wireless charging market. For instance, in December 2022, Satechi announced the launch of Duo Wireless Charger Power Stand in Japan. This charger is capable of charging three devices at a time and is embedded with a built-in 10,000 mAh battery.

North America witnessed substantial growth in the wireless charging market

North America is projected to witness a steady increase in wireless charging demand, owing to expansion of the electronics market and rise in sales of EVs. In addition, rise in environmental awareness in North America increased sales of EVs that utilize fuel-efficient and eco-friendly wireless charging devices.

In addition, growth in use of wireless chargers in the aerospace & defense industry in this region contributes toward growth of the market, owing to applications in UAVs, USVs, satellites, rovers, and portable communication devices. In addition, presence of big giant companies such as Apple Inc., that are introducing wireless chargers for iPhones further propels the market growth. For instance, in October 2020, Apple launched wireless charging called “MagSafe”. This gadget provides wireless charging for Apple's newest iPhone 12. These factors further propel the market growth.

Competitive Landscape

The wireless charging market 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 December 2022, Murata launched a new compact low-cost low-power wide area network (LPWAN) wireless product. The solution combines Semtech’s LoRa Edge LR1110 transceiver IC and RF components and switches for a complete design. It is powered with a wide voltage range of 1.8 to 3.6V and can be utilized in an operating temperature range of -40 to 85 degrees C.

In addition, in June 2022, Witricity invested around USD 63 million in Siemens. Through this investment, Siemens and WiTricity will work together to drive innovation in the emerging market for wireless EV charging. This new capital will allow them to accelerate products to market for both passenger and commercial wireless charging and also speed development of wireless V2G capabilities, allowing parked EVs to return power to the grid. 

For instance, in March 2022, Renesas Electronics Corporation launched a customer reference design for automotive wireless charging stations. The new P9261-3C-CRBv2 provides features that enable automotive manufacturers to quickly and efficiently deliver premium performance and safety features for in-cabin wireless charging.

KEY MARKET SEGMENTS

By Technology

• Inductive

• Resonant

• Radio Frequency

• Others

By Industry Vertical 

• Electronics

• Automotive

• Industrial

• Healthcare

• Aerospace & Defense

By Region

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Taiwan

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION: