Wireless Charging Market Size & Share, by Technology (Inductive, Magnetic Resonance, Radio Frequency); Application (Home Charging Unit, Commercial Charging Station); Implementation (Transmitters, Receivers); End-user (Automotive, Electronics, Healthcare, Defense, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5026
  • Published Date: Jun 14, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Wireless Charging Market size is poised to exceed USD 35 Billion by the end of 2035, expanding at a CAGR of approximately 23% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of wireless charging was around USD 6 Billion. The demand for wireless charging will drive market growth since it eliminates the need for physically plugging in different end use products, for instance, electric vehicles or smartphones among others. Therefore, for the growing industry of electric vehicles or smartphones, it is one of the most convenient methods. By 2030, the worldwide electric vehicle stock is projected to have grown to about 350 million vehicles. Moreover, vehicle and battery manufacturers intend to make investments of USD 860 billion in the transition to EVs by 2030.

The rising application of wireless charging in the equipment used in the food industry is expected to boost the expansion of the wireless charging market. Nowadays, in the cold chain storage systems, wireless sensor network (WSN) are being used widely to monitor the temperature of the food products stored inside these cold chambers. The sensors used are often plugged to the electricity using wireless charging technology for greater and smooth efficiency. On the other hand, modern kitchen food preparation equipment, such as induction cooktops or electric kettle among others, also use wireless charging technology for enhanced customer experiences during its usage. These technologies improve the flexibility of kitchen layouts by eradicating the need for physical connectors.


Wireless Charging Market
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Wireless Charging Sector: Growth Drivers and Challenges

Growth Drivers

  • Development of Smartphones with Wireless Charging Technology – The establishment of industry standards such as the Qi wireless charging standard, has facilitated wireless charging in smartphones.  By the end of 2021, nearly one billion smartphones globally were able to support wireless charging.
  • Increasing Adoption of the Internet of Things (IoT) – IoT devices such as environmental sensors, asset trackers, and location often require continuous power to operate efficiently. Wireless charging provides a seamless power transfer solution for these devices. The world has roughly 15 billion connected IoT devices. By 2030, this figure is predicted to nearly triple close to 29 billion.
  • Surging Research in Wireless Charging Technologies – Manufacturers and university teams are developing the next generation of wireless charging technology for electric vehicles and consumer electronics. For instance, a Stanford team recently announced the development of a system designed for efficiently delivering power to a portable gadget within arm's length. In the coming years, this technology could help eliminate the use of power cords at home and on the road.

Challenges

  • Wireless Charging Infrastructure for Electric Vehicles is Expensive - Installing wireless charging infrastructure requires a significant upfront investment. Unlike traditional wired charging stations that use cables, wireless charging pads need to be embedded in the ground or infrastructure surface. This installation process involves civil engineering work, including excavation, laying foundations, and electrical connections. The cost associated with infrastructure installation, including labor, materials, and permitting, contribute to the overall expense of wireless charging infrastructure.
  • Compatibility Issues with Various Products
  • Slower Charging Rate of Wireless Charging

Wireless Charging Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 23%

Base Year Market Size (2022)

~ USD 6 Billion

Forecast Year Market Size (2035)

~ USD 35 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Wireless Charging Segmentation

Technology (Inductive, Magnetic Resonance, Radio Frequency)

The inductive segment is estimated to account for 45% share of the global wireless charging market in the year 2035. The inductive technology can be integrated into various surfaces, objects, or furniture items, offering unique charging solutions. For instance, wireless charging pads can be embedded in desks, countertops, or even car interiors, enabling seamless charging capabilities in different environments. This integration potential expands the application and convenience of induction wireless charging. Furthermore, there have been various technological improvements in the charging power and speed over the years, which further augments the segment’s gain.

End Users (Automotive, Electronics, Healthcare, Defense, Industrial)

The healthcare segment will grow at a significant CAGR over the forecast period and is slated to garner a significant division of around 43% till 2035. Wireless charging is integrated directly into medical devices and equipment, ensuring that they remain powered up and readily available when needed. They can be used for charging patient monitoring systems, wearable medical devices, or implantable devices. Moreover, cables and connectors can harbor bacteria or other pathogens, making them difficult to clean and maintain properly. Wireless charging eliminates the need for a physical connection, reducing the risk of contamination.

Our in-depth analysis of the global market includes the following segments:

  Technology

  • Inductive
  • Magnetic Resonance
  • Radio Frequency

   Application

  • Home Charging Unit
  • Commercial Charging Station

  Implementation

  • Transmitters
  • Receivers

   End Users

  • Automotive
  • Electronics
  • Healthcare
  • Defense
  • Industrial

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Wireless Charging Industry - Regional Synopsis

APAC Market Forecast

The wireless charging market in Asia Pacific is anticipated to grow at the highest CAGR in the upcoming years. It is projected to be the largest with a share of about 34% through 2035. Rising research and development of wireless technology in the region will drive market extension. China, as a technology powerhouse, is dominating the battle of wireless charging, accounting for more than 50% of total patents in the wireless charging sector. China is the country of origin for around 40% of the total patents in the wireless electric vehicle charging domain, followed by Japan. Furthermore, the rising demand for consumer electronics and electric vehicles will further drive the market expansion.

North American Market Statistics

The North America wireless charging market will be expected to be the second largest, registering roughly 28% in the near future. The rising popularity of smart wearable gadgets will drive market enlargement. The realm of smart wearables, such as smartwatches, fitness trackers, and wireless earbuds, has embraced wireless charging as a convenient and user-friendly experience in the region. Users can simply place their smart wearable device on a charging pad or dock, and the charging process begins automatically. The number of smart wearable device users in the United States climbed from around 20% (of the population) in 2021 to about 25% in 2022, and it is expected to reach about 27% in 2024.

Research Nester
Wireless Charging Market Share
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Top Featured Companies Dominating the Wireless Charging Landscape

top-features-companies
    • Texas Instruments, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Pathronic AG
    • Energizer Holding Inc.
    • ConvenientPower HK Limited
    • Leggett and Platt Inc.
    • Tesla Inc.
    • Electreon Wireless Ltd.
    • Powermat Technologies Ltd.
    • WiTricity Corporation
    • Qualcomm Incorporated

In-the-news

In The News

  • Pathronic AG the prominent player of wireless charging technology has joined hands with Luxshare-ICT, a Chinese company specializing in designing interface and connector technology. With this joint venture, the company will adopt near-field communication (NFC) technology in consumer electronics.
  • Electreon Wireless Ltd. announced the collaboration with Toyota Motor Corporation and Denso Corporation, to achieve carbon neutrality by technologically advancing and developing wireless charging technology. Moreover, it will promote wireless technology in combined projects in the United States, Japan, and the European Union.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5026
  • Published Date: Jun 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing adoption of electric vehicles, smart wearable devices, and other consumer electronics, such as laptops, tablets, and others are the major factors driving the market growth.

The market size of wireless charging is anticipated to attain a CAGR of about ~ 23% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Texas Instruments, Inc, Pathronic AG, Energizer Holding Inc., ConvenientPower, Leggett and Platt Inc., Tesla Inc., Electreon Wireless Ltd., Powermat Technologies Ltd., WiTricity Corporation, Qualcomm Incorporated.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by technology, application, implementation end user, and by region.

The inductive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Lack of faster charging, high cost of using wireless charging, and interoperability issues with various devices are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Wireless Charging Market Report Scope
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