The global Wireless Charging Market size is set to reach USD 16,954.6 million in 2023. Overall sales of wireless charging are likely to surge at 24.4% CAGR, taking the forecasted market valuation to USD 150,889.5 million by the end of 2033.
Wireless power transfer is most commonly used in portable electronics like smartphones, laptops, wearable tech, and gaming systems. The electronics wireless charging market is expected to expand rapidly as consumers increasingly prioritize purchasing products with long-expected lifespans, like smartphones and smartwatches.
As a result, many people now view the IoT as the third technological wave. IoT also aims to connect non-fixed electronic devices, such as smartphones, digital cameras, camcorders, laptops, tablets, wearables, and home appliances, so wireless power is a must for all of these products.
Accordingly, the rising interest in the Internet of Things (IoT) is anticipated to be a driver of wireless power market expansion.
In the coming years, the wireless charging market is expected to expand thanks to factors such as the rising popularity of electric vehicles (EVs), the development of new portable electronics and wearables, and the increasing necessity of harnessing ambient RF energy.
The wireless power industry is expected to be slowed, however, by the high cost of the necessary technology for integration and the long charging times when compared to alternative charging methods.
In addition, the rising popularity of the Internet of Things (IoT) and the development of far-field wireless power technologies point to promising prospects for the wireless power market's development in the years to come.
The Humavox Company has created a new method of wirelessly charging devices called "drop & charge," in which the charging station is represented by a key or box, and the receiver is charged through induction when it is placed on the transmitter.
In terms of product usability, dependability, and aesthetics, customers stand to gain from such additions. Fast-wireless RF energy bases can help with the smartphone and device charging crisis brought on by excessive internet use. As the need for more powerful charging solutions increases, the wireless charging market is likely to expand rapidly.
| Attributes | Details |
|---|---|
| Wireless Charging Market CAGR (2023 to 2033) | 24.4% |
| Wireless Charging Market Size (2023) | USD 16,954.6 million |
| Wireless Charging Market Size (2033) | USD 150,889.5 million |
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According to recent research by Future Market Insights, the wireless charging market is projected to expand at a rate of 24.4% during the forecast period from 2023 to 2033. This is high compared to the historical rate of 22.3%. The market outlook could be divided into short-term, medium-term, and long-term.
Short term (2023 to 2025): The growing number of people who own and use electric vehicles has increased the need for convenient wireless charging options. Since wireless charging technology eliminates the need for wires or other physical connections, consumers can charge their vehicles more easily at home or in public places.
Medium-term (2025 to 2028): As the number of people using mobile devices in public places like airports, shopping centers, and cafes rises, there will be greater demand for wireless charging solutions in these locations. The addition of wireless charging stations may encourage more people to visit these businesses.
Long-term (2028 to 2033): The concept of wireless charging is not new, but advancements in technology have led to faster charging times, greater efficiency, and increased security. For instance, some companies are developing faster wireless charging solutions that utilize higher frequencies to reduce power loss.
Wireless chargers that support multiple devices can simultaneously charge various gadgets such as Qi-enabled Android smartphones, iPhones, Apple watches, Airpods, and fitness bands. Portable chargers are a convenient solution for travelers as they eliminate the hassle of carrying multiple chargers and cables.
Samsung, Belkin, and Mophie are among the companies that are producing wireless chargers capable of charging multiple devices, with the aim of enhancing the user experience. In September 2020, Samsung unveiled a wireless charging pad capable of charging up to three devices simultaneously.
This charging pad is compatible with various smart devices, including smartphones, ear pods, and smartwatches, that support the Qi wireless charging standard.
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The process of charging the intricate batteries of warehouse trucks during their operational cycle can be quite time-consuming. Certain batteries may not provide complete power output after reaching 50% depletion, leading to incomplete charging of the device.
Numerous operators uphold intricate charging schedules to avoid penalties for utility expenses during peak periods. To address these concerns, a solution is to implement an inductive battery charging system for vehicle fleets.
This system can be easily installed in warehouse settings without requiring significant infrastructure and has been shown to improve logistics productivity by up to 30%.
Wireless charging technology aids in sustaining the battery levels of warehouse trucks at a consistent rate. This solution eradicates the need for extended charging pauses, during which trucks are compelled to remain inactive, and eliminates the requirement for time-consuming replacement of the entire battery troughs.
The wireless charging system for electric vehicles (EV) is currently in the emerging phase of its market cycle. Wireless power transfer technology is utilized by electric vehicles with dynamic wireless charging capabilities. A wireless charger can be installed beneath the surface of a car parking area to facilitate the charging of vehicles.
A dynamic wireless charging process can be utilized to charge the vehicles while they are in transit lanes. The power track and battery in the dynamic wireless charging system necessitate a significant upfront cost. The forecast period is anticipated to pose a challenge for players functioning in the worldwide wireless charging market.
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The United States market is expected to hold a share of 22.1%. As the number of smartphones and other portable devices continues to rise, the demand for electric vehicles continues to rise, and the need for efficient and convenient charging solutions grows, the wireless charging market in the United States is predicted to expand rapidly over the next few years.
Regulations:
The market for wireless charging in the United States is unregulated at the present time. The use of wireless charging technology, however, is governed by the FCC to prevent interference with other electronics and radio frequencies.
Wireless charging is widely used in the Asia Pacific region, with inductive and resonant technologies being the most common. Inductive charging is currently the most popular method, found in most smartphones and other portable electronics. However, resonant technology is expected to gain more traction in the automotive sector due to its faster charging speeds and the growing popularity of electric vehicles.
Samsung, Apple, Sony, and Panasonic are just a few of the major players in the APAC wireless charging market. These businesses are spending vast sums on R&D to enhance wireless charging times, efficiency, and security, and to create novel wireless charging solutions for a variety of uses.
The European wireless charging market held a share of 24.3% in 2022. One of the largest markets in Europe for wireless charging is the automobile industry. It is expected that the demand for wireless charging technology will increase significantly along with the demand for electric vehicles in the region.
Qualcomm, Texas Instruments, and WiTricity are just a few of the major players in Europe's wireless charging market. These businesses are spending vast sums on R&D to enhance wireless charging times, efficiency, and security, and to create novel wireless charging solutions for a variety of uses.
Regulations: To ensure safety and interoperability, the European Union has established regulations governing the wireless charging market. The Combined Charging System (CCS) is a standard for wirelessly charging electric vehicles that have been established by the European Union.
One of the most rapidly expanding submarkets in the wireless charging market over the next few years will be the use of magnetic resonance technology.
Wirelessly charging high-power devices (up to 11kW) is possible through magnetic resonance. It is possible to charge multiple devices at once using this wireless charging method. It's the most flexible way to charge a wireless device, and it's used for everything from electric vehicles to laptops to computers to Hoover cleaners.
Infineon, Energizer, and WiTricity are just some of the companies that offer magnetic resonance technology. Based on WiTricity's patented magnetic resonance charging technology, the China Electricity Council introduced national standards for wirelessly charging electric vehicles in May of 2020.
A widespread rollout of wirelessly charging electric vehicles (EVs) in China and elsewhere requires standardization so that any EV with wireless capability can use a standard wireless charger.
Companies developing wireless charging technology are focused to resolve incompatibility issues with their products to upscale their market penetration. To get rid of such issues, manufacturers of smart devices including HTC, LGF, and Nokia, are developing wirelessly chargeable handheld devices.
Further, wireless power market players are developing standard wireless charging technology for advanced devices of various applications such as semiconductors, and medical.
Several companies are joining the league to benefit from the growing demand for wireless charging and establish their brand name. Market players are tapping white spaces in Asia to boost their regional presence. Established players profiled in the global wireless power market include:
Develop innovative solutions:
Innovative wireless charging solutions can be developed by manufacturers to improve efficiency, speed, and customer convenience. They can, for instance, create wireless charging pads that can juice up several gadgets at once.
IKEA, a major player in the furniture industry, has entered the wireless charging market by embedding charging pads into a variety of its products.
IKEA's wireless charging solutions have attracted new customers thanks to their low price, sleek design, and ease of use. IKEA was able to rapidly expand its wireless charging business by capitalizing on its well-established retail infrastructure.
Focus on research and development:
To boost the effectiveness and functionality of their wireless charging products, manufacturers can devote more resources to R&D. This can give them an edge over rivals and allow them to offer superior services to their clientele.
Powermat Technologies creates products that can be charged wirelessly, such as smartphones. The company's efforts in R&D have been directed toward enhancing the effectiveness and convenience of its wireless charging technology.
Powermat's expansion into new markets has been aided by partnerships with major retailers like Starbucks, where its wireless charging pads can be found in-store. Powermat Technologies' adoption of these tactics has led to the company's expansion into a dominant position in the wireless charging market.
Expand market reach:
Distributors and retailers can help service providers reach more customers and increase demand for their wireless charging products. To expand their reach to consumers in other areas, they can also prioritize online advertising.
Provide excellent customer service:
Manufacturers and service providers who excel at customer satisfaction are rewarded with repeat business. To keep customers happy after the sale is made, they can provide services like warranties and technical support.
Whether you're in a restaurant, hotel, or airport, Chargifi has a wireless charging solution for you. Cloud-based software is used in Chargifi's solutions to manage and monitor the charging infrastructure, giving customers access to valuable data and insights.
Chargifi has become a dominant player in the wireless charging market thanks to its dedication to both superior customer service and aggressive expansion.
In 2023, the market is estimated to generate USD 16,954.6 million.
Magnetic resonance technology generated higher revenue for the global market.
The country is expected to account for 22.1% of global revenue.
Europe market had a total revenue share of 24.3% in 2022.
Samsung, Apple, and Panasonic are the leading market players.
1. Executive Summary | Wireless Charging Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Transmitters 5.2. Receivers 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. Inductive Technology 6.2. Resonance Charging 6.3. Radio Frequency Technology 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry Vertical 7.1. Electronics 7.2. Industrial 7.3. Aerospace & Defence 7.4. Automotive 7.5. Healthcare 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. South Asia 8.5. East Asia 8.6. Oceania 8.7. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Convenient Power HK Ltd. 18.2. WiTricity Corporation 18.3. Murata Manufacturing Co. Ltd. 18.4. Texas Instruments, Inc. 18.5. Samsung Electronics Co. Ltd. 18.6. Qualcomm Incorporated 18.7. Integrated Device Technology Inc. 18.8. Powermat Technologies Ltd. 18.9. Energizer Holdings Inc. 18.10. Sony Corporation 19. Assumptions & Acronyms Used 20. Research Methodology
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