Wireless Charging Market Trends

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)

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 Trends