Wireless Charging Market Share

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.

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 â€“ 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 Share