Wireless Charging Market Size

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.