Wireless Charging Market Value to Reach USD 63.7 Bn

New York, March 27, 2023 (GLOBE NEWSWIRE) — The Global Wireless Charging market size accounted for USD 7.7 billion in 2022. It is expected to reach USD 63.7 billion in 2032, rising at a market growth of 24.2% CAGR during the forecast period 2023-32. Wireless charging is an important part of information and communications technology. Wireless charging is becoming more and more popular in portable devices because it eliminates the requirement of exposed ports or cables from the device. The power operating devices are provided the power wirelessly by transferring the power from the power source to the device with the help of different coils in the wireless chargers. The demand for wireless charging has raised in the past few years due to the increasing demand for portable devices.

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Key Takeaway:

• By Technology, the inductive segment leads the market with a major revenue share in 2022.
• By End-Use Industry, consumer electronics dominated the wireless charging market in 2022.
• In 2022, North America dominated the market with the highest revenue share of 37.6%.
• Asia-Pacific will grow at a significant CAGR from 2023-2032.

Wireless charging innovations and developments are changing the face of the wireless charging market. Increasing market demand for wireless charging solutions due to convenience and safety in various sectors such as healthcare, automotive, and electronics are the key factors expected to boost the growth of the wireless charging market during the forecast period. Wireless charging is in high demand in the healthcare industry as it is used to improve the efficiency and performance of medical equipment and devices.

Factors affecting the growth of the wireless charging market?

Several factors can affect the growth of the wireless charging market. Some of these factors include:

• High efficiency of wireless charging devices: by integrating resonance technology in wireless charging systems, the efficiency of wireless chargers have significantly increased. This is helping the wireless charging market to grow rapidly.
• Adaptation in the automotive sector: with the rising trend of electric vehicles the demand for wireless charging systems has increased exponentially in the automotive sector. Many key companies are focusing on the development of wireless charging systems for electric vehicles. It is driving the growth of the wireless charging market.
• Government support: governments across the world are investing and funding the development of wireless charging systems to increase the efficiency and security of the charging systems.
• Lifesaving applications in healthcare: disturbances in medical surgeries and treatments due to power cuts can negatively impact the healthcare sector. Therefore, to avoid such situations healthcare sector is more inclined towards cordless and wireless charging devices. This is boosting the wireless charging market to grow significantly.

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Top Trends in Global Wireless Charging Market

The rising adoption of electric vehicles is propelling the growth of the wireless charging market. To ensure seamless long-distance travel in electric vehicles, customers have to physically plug the charger into the electric vehicle’s battery pack. And this is a big problem for electric vehicle customers. To tackle this problem, many major companies are focusing on the development of wireless chargers for electric vehicles in the market.

The popularity of the Internet of Things has increased the demand for wireless charging as it is a convenient way to power ‘internet of things networks. Additionally, the integration of wireless charging solutions in automobiles and the increasing application of wireless charging in healthcare are some of the other factors driving the market.

Many major players in the wireless charging market, like Google, Samsung, and Apple, are focusing on technological developments and innovations to expand their market share in various regional markets. Trends like these are anticipated to drive the growth of the wireless charging market during the forecast period.

Market Growth

Increasing adoption of wireless technology in consumer electronics is the major factor expected to boost the wireless charging market growth over the forecast period. Moreover, increasing demand for electric vehicles is expected to further drive the growth of the wireless charging market. The instant charging of multiple devices is estimated to further moderate the growth of the wireless charging market. Increasing market demand for wireless charging solutions due to convenience and safety in various sectors like healthcare are key factors anticipated to boost the market growth of wireless charging during the forecast period. Wireless charging is in high demand in the healthcare industry by used to improve the efficiency and performance of medical equipment and devices.

Regional Analysis

North America leads the wireless charging market with a major revenue share of 37.6% in the market. The growth of the wireless charging market in the North American region is owing to the increasing technological developments in the region. Increasing demand for wireless charging in the consumer electronics and automotive sectors are boosting the market growth in this region. Increasing use of electronic devices like laptops, tablets, smartphones, and other devices is anticipated to drive the growth of the wireless charging market in the region during the forecast period.

Asia Pacific is expected to register a high CAGR in the wireless charging market during the forecast period. The growth of the Asia Pacific market is owing to the presence of a large population in the countries like China and India in the region. It is Increasing the demand for wireless charging for consumer electronics and automotive sectors in the market. Developments and innovations like automotive and electronics in the region are boosting the growth of the market in the region.

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Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include Samsung Electronics, Sony Corporation, Qualcomm Incorporated, Fulton Innovation LLC, Texas Instruments, Witricity Corporation, Energous Corporation, Powerbyproxi Ltd, Powermat Technologies, ZenS B.V., Ossia Inc., and Other key players.

Market Drivers

Increasing acceptance of wireless charging in various sectors is a key factor behind the rapid growth of the wireless charging market. Many electronic devices and electric vehicles are charged using wireless charging. This is made possible through the integration of technologies like inductive and resonance.

Resonance technology has been used in many wireless chargers. This improves the efficiency of the charger by handling long-distance energy transfer between the transmitter and receiver. Large wireless charger manufacturers focus on developing wireless chargers with high security, efficiency, and low cost. Attempts to upgrade wireless chargers by companies and increasing adoption of wireless charging are anticipated to drive the growth of the wireless charging market during the forecast period.

Market Restraints

Many customers are inclined towards wired chargers than wireless chargers for portable devices and vehicles due to factors like high cost, slower charging, and energy loss. These factors are anticipated to obstruct the growth of the wireless charging market during the forecast period. Moreover, customers prefer wired chargers over wireless chargers due to smaller adapters and charging pads. Wireless chargers require a Qi-compatible device for wireless charging. This makes it difficult for many manufacturers to offer wireless charging for their products due to the lack of Qi-compatible devices. To solve this issue, many manufacturers are focusing on the development of external wireless technology.

Market Opportunities

Integrating resonance technology in the wireless charger can help many devices to charge by the same charger at the same time. For example, Apple’s wireless charger can charge all its products at the same time. The resonance integrated charger is efficient and portable to use, it also eliminates the need to use different chargers and cables at the same time. The resonance-integrated wireless chargers are anticipated to create many opportunities in the wireless charging market. Major players are investing heavily in developing such chargers to provide a single wireless charger for multiple devices. This creates an opportunity for companies to increase their business share in the market.

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Report Segmentation of the Wireless Charging Market

Technology Insight

The inductive technology segment is expected to dominate the wireless charging market by accounting for a large revenue share in the market during the forecast period. The growth of inductive technology in the wireless charging market is due to its expanding applications in consumer electronics. The increasing popularity of inductive wireless charging is driving the growth of the wireless charging market.

Following inductive technology in wireless charging, the resonant technology segment is expected to grow at a significant CAGR over the forecast period. To improve the efficiency of the wireless charger, resonance technology is integrated into the charger. Integrating resonance technology into wireless charging offers benefits like flexibility, simultaneous charging of multiple devices, and superior thermal control. These factors are expected to drive the market growth of the resonance segment during the forecast period.

End-Use Industry Insight

The consumer electronics segment dominated the market by capturing the largest revenue share in the wireless charging market. The growth of the consumer electronics segment is attributed to the increasing adoption of wireless charging in electronic devices like smartphones, smartwatches, tablets, laptops, game consoles, and power banks. Also, advanced lifestyle trends and an increasing number of internet users are expected to boost the growth of the consumer electronics segment during the forecast period.

Following consumer electronics, the healthcare sector is expected to account for a large revenue share in the market during the forecast period. The growth of the healthcare sector is attributed to the increasing use of wireless charging in many medical devices. Interruptions in medical procedures and treatments due to power outages can adversely affect the healthcare sector. Therefore, to avoid such situations, the healthcare sector is leaning toward cordless and wireless chargers that increase efficiency during treatment. All these factors are driving the growth of the healthcare sector during the forecast period.

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Market Segmentation

By Technology

• Inductive
• Radio Frequency
• Resonance
• Other Technologies

End-Use Industry

• Automotive
• Consumer Electronics
• Healthcare
• Industrial
• Aerospace and Defense
• Other End-Use Industries

By Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Key Players:

• Samsung Electronics
• Sony Corporation
• Fulton Innovation LLC
• Qualcomm Incorporated
• Texas Instruments
• Energous Corporation
• Witricity Corporation
• Powerbyproxi Ltd
• Powermat Technologies
• Ossia Inc.
• ZenS B.V.
• Other Key Players

Recent Development of the Sports Medicine Market

• In April 2020, OnePlus Technology CO. Ltd. Launched the ‘Warp Charge 30’. It is a wireless charger for their OnePlus 8 smartphones.
• In September 2020, Ossia Inc. Launched its next-generation platform ‘Cota 2.4 GHz’ for commercial and industrial use. This advance wireless power system offers a compact size, low weight, low power consumption, and better transmission.

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