USD 6.39 Billion
Global Wireless Charging Market Size, Share, Growth Analysis, By Technology(Inductive, resonant), By End Use Industry(Automotive, healthcare) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2149 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
66 |
Figures:
74
Global Wireless Charging Market Insights
Global Wireless Charging Market size was valued at USD 6.39 Billion in 2022 and is poised to grow from USD 7.62 Billion in 2023 to USD 31.04 Billion by 2031, at a CAGR of 19.2% during the forecast period (2024-2031).
The global wireless charging market has been witnessing a significant growth driven by the increasing adoption of wireless charging technology in smartphones, smartwatches, and other consumer electronics. The market is also being fueled by the growing demand for electric vehicles, which require wireless charging technology to recharge their batteries. The purpose of the global wireless charging market is to provide a convenient and efficient way to charge electronic devices without the need for cords and cables. The market aims to simplify the charging process for consumers while also reducing clutter and improving safety. Despite the growth potential of the market, there are also several factors that could restrain its growth, such as high costs, limited range, and incompatibility with some electronic devices. Some of the key trends in the market include the integration of wireless charging technology in furniture and automobiles and the development of long-range wireless charging technology. The global market presents several opportunities for growth and innovation, such as expansion into emerging markets, development of more efficient and cost-effective wireless charging technology, and integration of wireless charging technology in public spaces and transportation.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Inductive
Fastest Growth
Inductive
Growth Rate
19.2% CAGR
Global Wireless Charging Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Wireless Charging Market Size By Technology 2021-2030 ($ Bn)
Global Wireless Charging Market Size By Technology 2021-2030 (%)
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Global Wireless Charging Market Segmental Analysis
Global Wireless Charging Market is segmented on the basis of technology, end-use industry, and region. By technology, the market is segmented into inductive, resonant, radio frequency, and others. By end-use industry, the market is segmented into automotive, healthcare, electronics, industrial, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Wireless Charging Market Analysis by Technology
The largest segment in the global wireless charging market is the inductive technology segment. Inductive wireless charging utilizes electromagnetic fields to transfer energy between the charging pad or base station and the device. This segment's dominance is evident from its wide adoption in various industries and applications, making it a cornerstone of the wireless charging ecosystem. Inductive wireless charging holds a significant market share due to its mature technology, compatibility with a wide range of devices, and reliability. It has already established its presence in sectors such as consumer electronics, automotive, healthcare, and industrial applications. The simplicity and convenience of inductive wireless charging have made it the go-to choose for many users worldwide. In terms of numbers, the inductive technology segment currently accounts for approximately 60% of the global wireless charging market. This substantial market share reflects the trust and confidence that both consumers and businesses have placed in this technology
The fastest-growing segment in the global wireless charging market is the resonant technology segment. Resonant wireless charging utilizes magnetic resonance to transfer energy, allowing for greater spatial freedom and charging multiple devices simultaneously. This segment has been experiencing a rapid surge in adoption and is poised for exponential growth. The resonant technology segment's appeal lies in its ability to address the limitations of inductive charging, such as spatial constraints and the need for precise alignment between the device and the charging pad. Resonant wireless charging offers a more flexible and convenient charging experience, allowing users to charge their devices simply by placing them within a designated charging zone.
Global Wireless Charging Market Analysis by End Use Industry
The electronics industry is the largest segment in the global wireless charging market. As we increasingly rely on our smartphones, tablets, smartwatches, and other portable electronic devices, the need for convenient and efficient charging solutions has never been greater. The electronics industry has recognized this demand and has embraced wireless charging technology to enhance user experience and offer a hassle-free way of keeping devices powered up. This segment's dominance is underscored by impressive numbers. In recent years, the electronics industry has accounted for a substantial portion of the global wireless charging market, with a market share exceeding 40%. This robust market share signifies the widespread adoption of wireless charging in the electronics sector and highlights its significance in powering our everyday gadgets. The logic behind the electronics industry's position as the largest segment is quite compelling. As technology advances, our devices become more power-hungry, requiring frequent charging. Wired charging methods have their limitations, including the need for tangled cords, limited port availability, and the inconvenience of plugging and unplugging devices. Wireless charging eliminates these pain points, offering a seamless and cable-free charging experience.
The fastest-growing segment within the wireless charging market, is the automotive industry. The automotive sector is undergoing a significant transformation, with the rapid adoption of electric vehicles (EVs) and the integration of advanced technologies. As EVs become more prevalent, the demand for efficient and convenient charging solutions has soared. The numbers speak volumes about the growth potential of wireless charging in the automotive industry. Currently, the automotive segment holds a smaller market share compared to electronics but is experiencing a remarkable compound annual growth rate (CAGR) of over 20.5%. This surge in growth is driven by the need to establish robust charging infrastructure for EVs and offer seamless charging experiences to vehicle owners. Wireless charging in the automotive sector provides numerous benefits. It simplifies the charging process for EV owners, eliminating the need for cumbersome cables and connectors. By incorporating wireless charging pads into parking spaces or home garages, EVs can automatically charge without human intervention, making the charging experience effortless and convenient.
Global Wireless Charging Market Size By Technology 2021(%), 2023 (%)
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Global Wireless Charging Market Regional Insights
North America dominated the Global Wireless Charging Market, with a market share of over 35%. This region's dominance can be attributed to the high adoption rate of smartphones and other mobile devices, coupled with the presence of several key market players. The United States is the largest market for wireless charging in North America, with significant demand from consumers and businesses alike.
The fastest-growing region in the Global Wireless Charging Market is Asia-Pacific. This region's growth is fueled by factors such as the increasing adoption of smart devices, the growth of e-commerce, and the expanding automotive industry. China and Japan are the two major markets driving the growth of wireless charging in the Asia-Pacific region.
Global Wireless Charging Market Size By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global Wireless Charging Market Dynamics
Global Wireless Charging Market Drivers
Increasing adoption of electronic devices and wearables
- The proliferation of electronic devices such as smartphones, tablets, smartwatches, and wireless earbuds has driven the demand for wireless charging solutions. Consumers are increasingly looking for convenient and hassle-free charging methods that eliminate the need for cables and connectors. This driver has led to the integration of wireless charging capabilities in a wide range of devices. For example, Apple's latest iPhone models, Samsung Galaxy smartphones, and various other electronic gadgets now support wireless charging.
Growing demand for electric vehicles (EVs)
- The shift towards electric vehicles has created a strong demand for wireless charging technologies in the automotive industry. Wireless charging offers a convenient and efficient way to charge electric vehicles, eliminating the need for physical connectors and cables. This driver has led to the development of wireless charging solutions specifically designed for electric vehicles. For instance, BMW offers a wireless charging system for its plug-in hybrid models, allowing users to charge their vehicles by simply parking them over a charging pad.
Global Wireless Charging Market Restraints
Limited charging efficiency and longer charging times
- One of the main challenges of wireless charging technology is its relatively lower efficiency compared to traditional wired charging. Wireless charging can result in energy loss during transmission, leading to slower charging speeds and increased charging times. This limitation can be a restraint for users who require quick and efficient charging. For example, if someone needs to charge their device urgently, they may opt for a wired charging method instead of wireless charging to save time.
Cost and infrastructure limitations
- The deployment of wireless charging infrastructure can be costly and requires significant investment. For the widespread adoption of wireless charging, a network of charging pads or stations needs to be installed in various public spaces such as airports, cafes, and shopping malls. This infrastructure limitation can slow down the expansion of the wireless charging ecosystem, especially in regions with limited resources or infrastructure development. Additionally, the cost of wireless charging technology can be higher compared to traditional charging methods, which can be a restraint for cost-sensitive consumers.
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Global Wireless Charging Market Competitive Landscape
Global Wireless Charging Market is witnessing intense competition among key players operating in the industry. The market is characterized by the presence of several established companies as well as emerging players, all striving to gain a significant market share. These companies are continuously engaged in research and development activities to enhance their product offerings and stay ahead in the competitive landscape. The global wireless charging market is further intensified by the entry of new players. Startups and smaller companies are introducing novel wireless charging technologies, disrupting the market and challenging the dominance of established players. These emerging players often focus on niche markets or specific applications, offering unique solutions that cater to specific customer demands. In addition to the hardware and device manufacturers, there is also a competitive landscape in the software and infrastructure segment of the wireless charging market. Companies are developing software solutions and infrastructure to enable seamless wireless charging experiences. This includes the development of charging management systems, wireless power transfer algorithms, and integration with smart home and IoT ecosystems.
Top Player’s Company Profiles in Global Wireless Charging Market
- Qualcomm Incorporated (US)
- Samsung Electronics Co., Ltd. (South Korea)
- Apple Inc. (US)
- Texas Instruments Incorporated (US)
- Broadcom Inc. (US)
- Toshiba Corporation (Japan)
- Energizer Holdings, Inc. (US)
- Sony Corporation (Japan)
- Panasonic Corporation (Japan)
- Powermat Technologies Ltd. (Israel)
- Integrated Device Technology, Inc. (US)
- NXP Semiconductors N.V. (Netherlands)
- Murata Manufacturing Co., Ltd. (Japan)
- WiTricity Corporation (US)
- PowerbyProxi Ltd. (New Zealand)
- ConvenientPower HK Limited (Hong Kong)
- ZTE Corporation (China)
- Powercast Corporation (US)
- PowerSphyr Inc. (US)
Global Wireless Charging Market Recent Developments
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WiTricity Corporation made the announcement of the FastTrack Integration Program for automakers in July 2023. 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 fully enabled and functional with the Halo receiver and Halo 11kW charger manufactured by the firm.
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Ossia Inc. and Nichicon Corporation established a cooperation in June 2023. 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.
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Samsung introduced SmartThings Hub, an updated model of their current wireless charging, in February 2023. 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.
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Resonant Link unveiled a wireless charging system in May 2023 designed for medical equipment, such as titanium cannula implants. Patients may quickly recharge their gadgets with this cutting-edge charging solution in a matter of minutes, guaranteeing uninterrupted daily activities.
Global Wireless Charging Key Market Trends
- Integration of wireless charging in furniture and public spaces: A growing trend in the wireless charging market is the integration of charging capabilities in furniture and public spaces. Furniture manufacturers are incorporating wireless charging pads into desks, tables, and nightstands, allowing users to conveniently charge their devices while using or resting them on the furniture. Moreover, various public spaces such as airports, restaurants, and hotels are installing wireless charging stations to provide charging facilities to their customers. This trend enhances the accessibility and convenience of wireless charging, making it more prevalent in daily life.
- Advancements in long-distance and fast wireless charging: There is ongoing research and development focused on improving long-distance and fast wireless charging technologies. These advancements aim to overcome the limitations of conventional wireless charging, such as shorter charging distances and slower charging speeds. For instance, companies are working on wireless charging solutions that can transmit power over longer distances, enabling devices to charge while being used or moved around within a defined area. Additionally, fast wireless charging technologies are being developed to deliver higher power levels, reducing charging times significantly.
Global Wireless Charging Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Wireless Charging Market analysis, the market is driven by various factors, including the increasing adoption of smartphones and other portable devices, the growing demand for hassle-free and convenient charging solutions, and advancements in wireless charging technologies. Moreover, the rising awareness about the benefits of wireless charging, such as reduced clutter and enhanced user experience, is also fueling market growth. The market research analysis highlights the potential of the wireless charging market in various sectors, including automotive, healthcare, industrial, and consumer electronics. Additionally, the increasing focus on the development of efficient and high-power wireless charging solutions is anticipated to drive further market growth. However, challenges such as standardization and interoperability issues, along with the need for infrastructure deployment, may hinder the market's full potential.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.39 Billion |
| Market size value in 2031 | USD 31.04 Billion |
| Growth Rate | 19.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Wireless Charging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Wireless Charging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Wireless Charging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wireless Charging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wireless Charging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Wireless Charging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Wireless Charging Market Report Snapshots
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