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 Definition:

The Global Wireless Charging Market size was valued at USD 18.21 billion in 2022 and is predicted to reach USD 71.47 billion by 2030 with a CAGR of 18.3% from 2023-2030.

Wireless charging can be defined as the transfer of power from a power source to an electronic device without using a connecting wire or cable. Wireless charging technology can be divided into three broad categories such as radio charging, inductive charging and resonance charging. Radio charging is used to charge items with small batteries and low power requirements and inductive charging is used for portable devices such as power tools, electric toothbrushes, and medical devices. In addition, resonance charging is used to charge items that require large amounts of power, such as an electric car, robot, vacuum cleaner, or laptop computer.

Market Dynamics and Trends

Rapidly Increasing sales of smartphones across the world is increasing the adoption of wireless smartphone chargers as it minimizes heating, extends battery life and provides a safe connection is driving the growth of the market.

For instance, in 2021, Samsung electronics sold around 272.5 million smartphones across the world. Also, growing trend of automotive industry to provide cars with high tech features such as wireless pads for charging smartphones is further driving the growth of the market.

Furthermore, development of wireless charging technology for electric vehicles (EV) to offer convenient and hands-free charging experience for the EV users is fueling the growth of wireless charging market. For instance, in March 2022, Volvo Cars partnered with Momentum Dynamics for wireless charging infrastructure in Gothenburg, Sweden. Momentum Dynamics will provide wireless charging stations at two locations in Gothenburg to charge XC40 electric vehicle of Volvo.

However, factors such as high cost of wireless smartphones chargers compared to traditional wired chargers and slow charging speed are restraining the growth of wireless charging market. On the contrary, introduction of air charge technology that enables the user to remotely charge electronic devices without the need of cable or wireless charging stands is expected to create ample growth opportunities for the market.

Market Segmentations and Scope of the Study:

The global wireless charging market share is segmented on the basis of technology, industry vertical and geography. On the basis of technology, the market is segmented into inductive, resonant, radio frequency (RF) and others. On the basis of industry vertical, the market is divided into electronics, automotive, industrial, healthcare, and aerospace & defense. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the lion share of wireless charging market, and is expected to continue its dominance during the forecast period. This is attributed to the high adoption of wireless charging technology such as WattUp RF wireless charging by the defence sector in the region for charging several military equipment such as UAVs, communication devices, and portable field medical equipments. WattUp offers improvements in the orientation, placement, and interference issues that can occur with convetional coil-based charging.

For instance, in October 19, 2021, Energous Corporation, developer of WattUp received approval from U.S. Federal Communications Commission (FCC) for its 900MHz 1W Active Energy Harvesting transmitter technology. Moreover, presence of key market players in this region such as Qualcomm Inc., Texas Instruments Inc., and Energizer Holdings, Inc., further boost the market growth in this region. For instance, in May 2021, Qualcomm announced that it had expanded its existing collaboration with Renesas Electronics to include 30-watt wireless charging capabilities for mid-range smartphones powered by the Qualcomm chipset called Snapdragon 780G 5G Mobile Platform.

On the other hand, Asia-Pacific is expected to show a steady rise in the wireless charging market due to the presence of countries such as China and India which boasts of the highest number of smart phone users which in turn drives the wireless charging market. Moreover, rapidly increasing sales of electric vehicles and electrification of public transport in China and South Korea is increasing the adoption of wireless EV chargers in this region. For instance, in 2021, according to the China association of automobile manufacturers, the total number of EVs sold in China was 3.5 million.  

Competitive Landscape

Various market players operating in the Wireless Charging market includes Renesas Electronics Corporation, Murata Manufacturing Company Ltd., Qualcomm Incorporated, Samsung Electronics Co. Ltd., Sony Corporation, Texas Instruments Inc., WiTricity Corporation, Energizer Holdings, Inc., Robert Bosch Gmbh, and Xiaomi. These market players are launching numerous products across regions to maintain their dominance in the Wireless Charging market. For instance, in April 2022, Samsung Electronics launched a wireless charger pad called EP-P2400. It supports 15-watt fast charging and features a built-in cooling system with a fan that helps in charging smartphones faster with less power consumption.

Moreover, in March 2021, Xiaomi launched an 80W wireless charging stand for smartphones. The 80W wireless charging stand features a curved air duct which allows heat to be dissipated more efficiently and it is used as a cable of charging phones vertically and horizontally using a double coil design.

KEY BENEFITS

• The wireless charging market report provides the quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises of a detailed analysis of the wireless charging market trends including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the wireless charging market is provided in the report.

• The competitive analysis of the market players along with their market share in the wireless charging market is mentioned.

• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

KEY MARKET SEGMENTS

By Technology

• Inductive

• Resonant

• Radio Frequency

• Others

By Industry Vertical

• Electronics

• Automotive

• Industrial

• Healthcare

• Aerospace & Defense

By Geography

• North America

  • US

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Rest of Europe

• Asia Pacific

  • China

  • Japan

  • South Korea

  • India

  • Taiwan

  • Rest of Asia-Pacific

• Rest of the World

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION: