Wireless Charging Market Analysis and Forecast 2023-2033

Wireless Charging Market Overview

The Wireless Charging Market Size is expected to reach USD 18.32 Billion by 2033. The Wireless Charging industry size accounted for USD 6.42 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 24.85% from 2023 to 2033. The Wireless Charging Market refers to the technology and systems that enable the transfer of energy from a power source to a device without the need for physical connectors or cables. This is typically achieved through electromagnetic induction, resonant inductive coupling, or radio frequency-based charging. The market includes a wide range of applications, such as smartphones, electric vehicles, medical devices, and wearable technology. Growth in this market is driven by the increasing adoption of consumer electronics, the push for wireless infrastructure, and the development of more efficient and faster-charging solutions.

Global Wireless Charging Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Wireless Charging market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.

Wireless Charging Market Dynamics

The major factors that have impacted the growth of Wireless Charging are as follows:

Drivers:

Ø  Advancements in Technology

Innovations in wireless charging technology, such as faster charging speeds, longer range, and improved efficiency, are making wireless charging more practical and appealing. The development of new standards, such as Qi and AirFuel, has also facilitated interoperability and widespread adoption.

Restraint:

• Efficiency and Power Loss

Wireless charging systems often suffer from lower energy transfer efficiency compared to traditional wired charging. Energy loss during transmission can result in slower charging times and increased power consumption, making wireless charging less attractive, particularly for high-energy devices like electric vehicles. This inefficiency remains a significant technical barrier that researchers and manufacturers need to overcome.

 Opportunity:

⮚     Advancements in Long-Range Wireless Charging

There is significant potential for growth in the development of long-range wireless charging technology, which could allow devices to be charged from a distance without the need for physical contact with a charging pad. This would revolutionize the convenience of wireless charging, making it possible to charge devices while they are in use or moving within a certain range. Companies that pioneer long-range solutions could unlock new applications and dominate a rapidly evolving market segment.

Wireless Charging Segment Overview

By Technology

Based on Technology, the market is segmented based on Inductive, Resonant, Radio Frequency, Others. the Inductive technology segment dominates, primarily due to its early adoption, reliability, and widespread use in consumer electronics, such as smartphones and wearables, supported by established standards like Qi.

By Industry Vertical

Based on Industry Verticals, the market has been divided into the Electronics, Automotive, Industrial, Healthcare, Aerospace & Defense, Others. the Electronics segment dominates, driven by the widespread adoption of wireless charging in consumer devices like smartphones, tablets, and wearables, which constitute the largest market share due to their high demand and frequent usage.

Global Wireless Charging Market Regional Analysis

Based on region, the global Wireless Charging market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Wireless Charging market followed by the Asia-Pacific and Europe regions.

Wireless Charging North America Market

North America holds a dominant position in the Wireless Charging Market. Due to a rise in smartphone usage, the North American wireless charging market will dominate this industry. Furthermore, the region’s market will expand at a faster rate due to the increasing sales of electric vehicles.

Wireless Charging Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Wireless Charging industry. Because there are sufficient advanced electric car manufacturing facilities and contemporary research & development facilities in the Asia-Pacific region, the market for wireless charging is anticipated to grow at the quickest compound annual growth rate (CAGR) between 2024 and 2032. Additionally, the wireless charging market in China had the biggest market share, while the wireless charging market in India had the quickest rate of growth in the Asia-Pacific area.

Competitive Landscape

The global Wireless Charging market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as Technologylaunches, and strategic alliances.

Prominent Players:

• Samsung Electronics Co. Ltd.
• Qualcomm Incorporated
• Texas Instruments
• Integrated Device Technology Inc.
• Powermat Technologies Ltd.
• WiTricity Corporation
• Energizer Holdings Inc.
• Murata Manufacturing Co. Ltd.
• Sony Corporation
• FULTON INNOVATION LLC

Key Development

In September 2022, Samsung Electronics Co. Ltd. focused on enhancing its wireless charging technology, particularly by integrating more efficient and faster-charging capabilities into its new line of Galaxy smartphones and accessories, strengthening its position in the consumer electronics market.

 Scope of the Report

Global Wireless Charging Market, by Technology

• Inductive
• Resonant
• Radio Frequency
• Others

 Global Wireless Charging Market, by Industry Vertical

• Electronics
• Automotive
• Industrial
• Healthcare
• Aerospace & Defense
• Others

 Global Wireless Charging Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: USD 18.32 Billion
CAGR (2023-2033)	24.85%
Base year	2022
Forecast Period	2023-2033
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Technology, Industry Vertical
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, FULTON INNOVATION LLC.
Key Market Opportunities	·       Rising disposable income Changing customer preference to spend on high-quality consumer electronic goods
Key Market Drivers	·       Increasing demand for smartphones Growing electronic vehicles market

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Wireless Charging market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Wireless Charging market historical market size for the year 2021, and forecast from 2023 to 2033
• Wireless Charging market share analysis at each Technology level
• Competitor analysis with detailed insight into its Technology segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including Technology launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Wireless Charging market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, Technology offering, recent developments, SWOT analysis, and key strategies.