WIRELESS CHARGING MARKET ANALYSIS

Global Wireless Chargings Market size was valued at US$ 5.8 Bn in 2022, exhibiting a compound annual growth rate (CAGR) of 22.9% from 2023 to 2030.

Wireless charging, also known as inductive charging, is a cordless power transfer method that utilizes electromagnetic induction to provide electricity to portable devices. Commonly used for smartphones, tablets, and smart watches, it operates on the principle of inductive power transfer (IPT), where energy is transferred between two objects through an electromagnetic field. Comprising receiver and transmitter components, wireless charging also incorporates other technologies like resonance charging and radiofrequency technology.

Beyond its application in consumer electronics, wireless charging finds use in various other domains such as electric vehicle charging, electric toothbrushes, power tools, and medical devices. The convenience of wireless charging lies in its ability to charge portable devices without the need for physical contact or precise alignment with a charging station or inductive pad. Moreover, alongside inductive technology, wireless charging also explores alternatives like resonance charging, radiofrequency technology, laser beam, microwave, and conductive technologies for efficient energy transfer.

Global Wireless Charging Market- Regional Analysis Asia Pacific held a dominant position in the global Wireless Charging market in 2022, followed by the North America and Europe region.

Figure 1. Global Wireless Charging Market Share (%), By Region, 2021

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Asia Pacific held a dominant position in the global Wireless Charging market in 2021, owing to increasing demand for wireless technology in emerging economies such as India, China and South Korea

The Asia-Pacific region is expected to witness substantial growth, primarily due to the increasing penetration of electronic devices, a large population, and the rising disposable income of consumers. The region's fast-paced technological advancements and the proliferation of 5G technology further propel the demand for wireless charging solutions.

North America is expected to show significant growth during the forecast period, driven by the widespread adoption of smartphones, smart watches, and other electronic devices, coupled with a tech-savvy consumer base. The region's strong focus on research and development activities, as well as the presence of key market players, contributes to the rapid growth of wireless charging technology. In Europe, stringent environmental regulations and the increasing demand for sustainable solutions have led to a rising preference for wireless chargers, particularly in the automotive and industrial sectors.

Europe regions wireless charging market is experiencing significant growth driven by several key factors. The region's high smartphone and smart device penetration rates, coupled with the increasing adoption of electric vehicles, have created a strong demand for wireless charging solutions. European consumers prioritize convenience and eco-friendly technologies, making wireless charging an attractive option for charging their electronic devices.

Global Wireless Charging Market- Segmentation

Consumer electronics segment is expected to dominant the global Wireless Charging market during the forecast period.

The component is segmented into two main components - transmitters and receivers. Transmitters are the devices that generate and transmit the wireless charging power to compatible receivers. These transmitters come in various forms, such as charging pads, charging stands, and charging docks, and are designed to accommodate different types of devices. On the other hand, receivers are integrated into the electronic devices, such as smartphones, smart watches, and ear buds, to enable them to receive and convert the wireless charging power into usable energy. The demand for both transmitters and receivers is on the rise as consumers seek convenient and cable-free charging solutions for their devices.

By technology, the wireless charging market is further segmented based on the technology used for power transfer. Inductive technology is one of the most common wireless charging technologies, relying on electromagnetic induction to transfer power between the transmitter and receiver. Resonance charging, another popular technology, utilizes resonant magnetic fields for efficient power transfer over short distances. Radio frequency technology, also known as RF wireless charging, involves the use of radio waves to charge compatible devices wirelessly. Additionally, there are other emerging technologies in the wireless charging market that explore laser beam, microwave, and conductive technologies for energy transfer.

By application the market is segmented into Consumer Electronics, Automotive, Healthcare, and Industrial. In the consumer electronics segment, wireless charging is widely used for smartphones, smart watches, wireless ear buds, and other portable gadgets. The automotive sector is increasingly integrating wireless charging technology for electric vehicles, offering user-friendly charging options for EV owners. The healthcare industry benefits from wireless charging for medical devices and wearable health trackers, enhancing patient convenience and device usability. In the industrial sector, wireless charging finds applications in industrial robots, power tools, and IoT devices, improving operational efficiency and reducing downtime. The widespread adoption of wireless charging across these diverse applications highlights its versatility and potential for further market expansion.

Figure 2. Global Wireless Charging Market Value (US$ Bn) Analysis and Forecast, By Application, 2022

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Global Wireless Charging market was valued at US$ 5.8 Bn in 2022 and is expected to reach US$ by 2030, exhibiting a CAGR of 22.9% between 2023 and 2030.

Global Wireless Charging Market- Key Competitors

Major players operating in the global Wireless Charging market include Energizer Holding, Inc., PowerbyProxi, Pathronic AG, Qualcomm Technologies, Inc., ConvenientPower HK Limited, Powermat Technologies, WiTricity Corporation, Xiaomi Inc., Integrated Device Technology Inc., Leggett and Platt Inc., and Texas Instruments Inc.

Global Wireless Charging Market- Recent Developments

• In January 2021, Xiaomi, a consumer electronics company, unveiled revolutionary 'Mi Air Charge Technology' enabling wireless device charging from several meters away. In a groundbreaking development, Xiaomi has revealed its latest innovation - the Mi Air Charge Technology. This cutting-edge charging system has the ability to charge devices wirelessly within a radius of several meters. The technology marks a significant leap in wireless charging capabilities, as it eliminates the need for wires and cables, offering users unprecedented convenience and mobility. At present, Xiaomi's remote charging technology can deliver 5 watts of charging power to a single device. With this breakthrough, Xiaomi aims to revolutionize the way devices are charged, providing users with a seamless and effortless charging experience. The Mi Air Charge Technology has garnered immense attention and excitement from tech enthusiasts, signaling a new era in the world of wireless charging.
• In September 2022, mophie, ZAGG Inc.'s subsidiary, has expanded its snap+ wireless charging ecosystem with the introduction of three new products - the snap+ multi-device travel charger, snap+ charging stand & pad, and snap+ 3-in-1 wireless charging stand. These enhanced power solutions offer up to 15W of wireless charging capability, catering to multi-device charging needs both at home and on-the-go.
• In December 2022, Tesla, an American electric vehicle and clean energy company unveiled its new wireless charging platform, inspired by the upcoming Cybertruck, which utilizes Qi-based technology. Aptly named the "Tesla wireless charging platform," it offers the convenience of wirelessly charging up to three devices simultaneously, with each device receiving a power of up to 15W.

Global Wireless Charging Market- Driver

Capability to charge multiple devices at the same time to drive market growth

The simultaneous charging of multiple devices is a significant market driver in the global wireless charging market. As the use of electronic devices continues to proliferate, the need for efficient and convenient charging solutions becomes paramount. Consumers often own multiple devices, such as smartphones, smartwatches, earbuds, and tablets, all requiring regular charging. The ability to charge multiple devices simultaneously offers a convenient and clutter-free charging experience, streamlining daily routines and enhancing user satisfaction. This demand for multi-device charging solutions has led to the development of advanced wireless charging technologies capable of powering multiple devices concurrently. Manufacturers in the wireless charging market are focusing on creating versatile and high-power charging pads or stations that can accommodate various devices at once. The simultaneous charging of multiple devices is expected to drive further adoption of wireless charging technology across various industries and consumer segments, fostering significant market growth in the coming years

Increasing usage of wireless chargers in consumer electronic devices.

The growth in adoption of wireless chargers in consumer electronic devices is a major market driver in the global wireless charging market. As consumer electronic devices continue to play an integral role in everyday life, the demand for convenient and hassle-free charging solutions has surged. Wireless chargers offer a user-friendly and clutter-free charging experience, eliminating the need for cables and connectors. With the increasing popularity of smartphones, smartwatches, wireless earbuds, and other portable gadgets, the demand for wireless charging technology has witnessed substantial growth. Manufacturers are continuously innovating and improving wireless charging solutions to cater to a wide range of devices and ensure efficient charging capabilities. Moreover, the integration of wireless charging technology in various public spaces, homes, and workplaces has further accelerated its adoption. The convenience and ease of use provided by wireless chargers are expected to drive significant growth in the global wireless charging market, making it a crucial market driver in the consumer electronics industry.

Global Wireless Charging Market- Restraint

The global wireless charging market growth is likely to be hindered over the forecast period due to the slow charging rate of wireless charging.

The slow charging rate of wireless charging is anticipated to hinder the growth of the global wireless charging market over the forecast period. While wireless charging technology offers convenience and eliminates the need for cables, its charging speed is comparatively slower than traditional wired charging methods. Consumers, especially in the fast-paced world of modern technology, prioritize quick and efficient charging solutions for their electronic devices. The relatively slower charging rate of wireless chargers may deter some users from fully adopting the technology, particularly for power-hungry devices like smartphones and laptops. Additionally, the charging distance and alignment requirements can also affect the overall charging efficiency, leading to longer charging times. To overcome this restraint, manufacturers in the wireless charging market are actively investing in research and development to improve charging speeds and efficiency, aiming to provide users with faster and more reliable wireless charging solutions.

Global Wireless Charging Market- Opportunity

Wireless charging for Electronic Vehicles

Wireless charging for electronic vehicles (EVs) presents a significant opportunity in the global wireless charging market. As the automotive industry shifts towards electrification, the demand for convenient and efficient charging solutions for EVs has grown exponentially. Wireless charging technology offers a seamless and user-friendly charging experience for EV owners, eliminating the need for plug-in connections and cables. The convenience of wireless charging aligns with the growing consumer preference for hassle-free charging methods. Moreover, integrating wireless charging infrastructure into public spaces and homes can encourage the wider adoption of EVs by addressing range anxiety concerns and providing charging accessibility. Manufacturers in the wireless charging market are actively investing in research and development to enhance the power output and efficiency of wireless chargers, aiming to cater to the specific needs of the EV market and capitalize on the opportunities presented by the increasing electric vehicle adoption.

Global Wireless Charging Market- Impact of COVID-19:

The Covid-19 had impacted almost all industries such as automotive, manufacturing, semiconductor, electronics, and others. The COVID-19 pandemic has had a mixed impact on the wireless charging market. On one hand, the increased adoption of remote working and virtual communication during lockdowns led to a surge in the usage of electronic devices, including smartphones, laptops, and tablets, thereby driving the demand for wireless charging solutions. With more people relying on their devices for work, entertainment, and communication, the need for convenient and efficient charging methods became evident. This trend positively affected the wireless charging market, especially in the consumer electronics segment. On the other hand, the pandemic also disrupted supply chains and manufacturing processes, leading to delays in production and shipment of wireless charging products. Moreover, the economic uncertainties caused by the pandemic affected consumer spending behavior, resulting in a potential slowdown in the overall demand for non-essential products, including wireless chargers.

As the world adapts to the post-pandemic scenario, the wireless charging market is expected to recover and continue its growth trajectory, driven by the increasing prevalence of wireless-enabled devices and the emphasis on contactless and convenient charging solutions. The market players are likely to focus on innovation and product development to cater to the evolving needs of consumers in the new normal.

*Definition: Wireless charging, also referred to as wireless power transfer (WPT), is the method of charging battery-operated devices like laptops, smartphones, and electric vehicles without using physical wired connections.