Wireless Charging Market Size, Share & Growth

Updated on :October 22, 2024

Wireless Charging Market Size

The global wireless charging market size is estimated to be valued at USD 6.4 billion in 2024 and is anticipated to reach USD 16.0 billion by 2029, at a CAGR of 20.3% during the forecast period.

The market growth is ascribed to emerging trends in wireless charging, increased Integration in Electric Vehicles (EVs), integration into Furniture and Infrastructure, Long-range wireless charging, and Bi-directional wireless charging.

Wireless Charging Market Size Forecast to 2029

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Wireless Charging Market Trends & Dynamics

Driver: Increasing trend of of integrating wireless charging capabilities into furniture, infrastructures, smart homes, and IoT devices

The driving force behind the wireless charging industry is the increasing trend of integrating wireless charging capabilities into everyday elements such as furniture, infrastructures, smart homes, and IoT devices. This integration involves the inclusion of charging pads or coils directly into furniture pieces like tables and desks, streamlining the charging process for users. Furthermore, wireless charging is being seamlessly embedded into infrastructure, offering convenient charging solutions in public spaces such as coffee shops and airports. In the context of smart homes, the incorporation of wireless charging aligns with the broader movement towards connectivity and automation. Moreover, the surge in demand for Internet of Things (IoT) devices, encompassing various smart gadgets, benefits significantly from the convenience of cable-free charging. This driver underscores the expansive reach of wireless charging, extending beyond individual devices to become an integral part of the environments and infrastructure that shape contemporary living and working spaces.

Restraint: Compatibility issues associated with wireless charging devices

Wireless chargers are characterized by different standards, such as Qi,  and PMA (Power Matters Alliance (PMA), and others. While these standards aim to establish a common framework for wireless charging, there are still instances where older devices or those from different manufacturers may not be compatible with certain wireless charging pads or surfaces. Devices without the Qi-compatible wireless charging standard are not compatible with the charging pad. Accessory providers are thus offering external wireless charging solutions for such devices. Different types of wireless chargers, such ase.g., charging pads, charging bowls, and charging boxes, are required for various products, raising the issue of compatibilitycompatibility issues. A user is thus forced to invest in a large number ofmany wireless chargers to suit different products. While some manufacturers offer multi-device wireless chargers, the general issue of compatibility in the case of devices that are not Qi-enabled is expected to restrict the adoption of wireless charging devices, and hence hamper the growth of the wireless charging market.

Opportunity: Development of faster and more efficient wireless charging technology

The opportunity in fast charging technology within the wireless charging market share revolves around overcoming a key challenge – the speed of wireless charging compared to traditional wired methods. By reducing charging times significantly, fast charging technology enhances user convenience, making wireless charging more competitive and attractive. The goal is to provide quick and efficient charging experiences, particularly beneficial for users on the go or with time constraints. Advancements in supporting higher power levels, ensuring compatibility across various devices, integrating safety measures, and promoting user education contribute to the successful implementation of fast charging. Continuous research and development are essential for further enhancing the speed and efficiency of wireless charging, fostering broader adoption, and solidifying its position in the market.

Moreover, Inductive charging is widely used for wireless charging of consumer electronic devices and electric vehicles. Magnetic resonance allows power transmission at longer distances between receiver and transmitterbetween receiver and transmitter at longer distances, and increases efficiency. In wireless charging, efficiency depends upon the power accessible to charge the device with the wireless transmitter's transmitter’s power. It is a vital consideration for wireless power, as it determines how hot the battery has got and how much power is wasted. The higher the efficiency, the lesser the cost and size of the charger required for the same delivered power. Wireless chargers offer benefits in terms of security, cost, and efficiency.

Challenge: Limited range of wireless chargers

Limited range in the wireless charging market size refers to the constraint where effective power transfer requires close proximity between the charging pad or station and the device being charged. Unlike wired alternatives, which offer more flexibility in positioning, wireless charging systems have a confined range, impacting user convenience and spatial freedom. Accurate alignment between the device and the charging pad is essential for efficient charging, and deviations may disrupt the process. Addressing this constraint involves technological advancements, such as resonant wireless charging and spatial freedom enhancements, aimed at extendingto extend the operational range. Overcoming the limited range challenge is crucial for enhancing the adaptability and widespread acceptance of wireless charging technologiesthe adaptability and widespread acceptance of wireless charging technologies in various applications.

Wireless Charging Market Ecosystem

Wireless Charging Market Segmentation

Wireless Charging Market Share 

The inductive technology segment accounted for the largest share of the wireless charging market in 2023.

The Inductive technology is widely employed in wireless charging due to its efficiency, convenience, and widespread adoption. Notably used in the Qi wireless charging standard, inductive systems provide a close coupling between transmitter and receiver coils, minimizing energy loss during charging. The technology is recognized for its alignment tolerance, allowing users some flexibility in device placement on charging pads. Inductive charging is considered safe, with communication between the pad and device to ensure proper power delivery and prevent overheating. Its cost-effectiveness, established ecosystem, and adaptability to various devices, including smartphones and wearables, contribute to its popularity. While inductive technology dominates the wireless charging market, other technologies like resonant and radio frequency offer alternative advantages depending on specific application requirements.

The receiver’s segment is to hold the largest market share during the forecast period.

The wireless charging receivers are central to the evolution of cordless power solutions, adhering to standardized specifications for compatibility with various transmitters. The receiver segment is further divided into the aftermarket and integrated subsegments. Enhanced thermal management addresses heat dissipation challenges, ensuring reliability. In a competitive market, innovation drives the development of receivers, emphasizing improved energy harvesting, robust communication protocols, and user-friendly experiences. The increased adoption of smart and portable devices such as smartphone, smartwatch and earbuds is driving the receiver’s sales in market.

Automotive application will grow at the highest CAGR during the forecast period.

The wireless charging market size in automotive industry is primarily driven by the adoption of electric vehicles (EVs). Wireless charging technology has become integral in the automotive industry, particularly for electric vehicles (EVs). An electric vehicle that requires charging is parked at a garage or parking space and automatically charged through a charger fixed under the floor beneath it. This technology minimizes dependence on physical cables, offering a cleaner and more convenient charging experience. The removal of physical connectors and cables not only enhances user satisfaction but also contributes to the widespread appeal of wireless charging in the realm of electric vehicles. Government initiatives that promote EV adoption, ongoing advancements in wireless charging technologies, and their integration by automotive Original Equipment Manufacturers (OEMs) collectively contribute to the robust growth of this technology. Fleet electrification trends across both consumer and commercial segments, coupled with the potential role of wireless charging in smart city initiatives and urban planning, underscore the diverse factors propelling the swift expansion of wireless charging within the automotive sector.

Wireless Charging Market Regional Analysis

Asia Pacific region to grow at the highest CAGR during the forecast period.

The Asia Pacific region is segmented into China, Japan, India, and the Rest of Asia Pacific,  representing the fastest-growing market for wireless charging. Both Japan and India stand out as the world's fastest-growing economies. The widespread proliferation of smartphones in major markets like China, South Korea, and Japan has increased the demand for convenient charging solutions. The region's tech-savvy consumer base readily embraces innovative technologies, contributing to the swift adoption of wireless charging. Additionally, the presence of key industry players and the region's status as a manufacturing hub facilitate the production and distribution of wireless charging products. The rise of electric vehicles in Asia Pacific further propels the need for wireless charging infrastructure, aligning with the broader shift toward sustainable transportation.

Wireless Charging Market by Region

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Top Wireless Charging Companies: Key players

The major companies in the wireless charging companies are

• Energizer (US),
• SAMSUNG (South Korea),
• Plugless Power Inc. (US),
• Ossia Inc. (US), and
• Qualcomm Technologies, Inc. (US), 
• Leggett & Platt, Incorporated (US),
• Infineon Technologies AG (Germany),
• Renesas Electronics Corporation (Japan),
• Texas Instruments Incorporated (US),
• WiTricity Corporation (US) and others. These companies have used both organic and inorganic growth strategies, such as product launches, acquisitions, and partnerships to strengthen their position in the wireless charging market.

Wireless Charging Market Scope Report

Wireless Charging Market Size Highlights

In this report, the overall wireless charging market size has been segmented based on Implementation, Technology, Application and Region.

Recent Developments in Wireless Charging Industry

• In July 2023, WiTricity Corporation announced the FastTrack Integration Program for vehicle manufacturers. This streamlined program enables automotive OEMs to begin evaluation as well as testing of electric vehicles with wireless charging in just 90 days. The wireless charging will be fully enabled and operational on the automaker’s EV platform using the company’s Halo receiver & Halo 11kW charger.
• In June 2023, Ossia Inc. announced a partnership with Nichicon Corporation. Nichicon will promote Ossia’s Cota Real Wireless Powe by utilizing the Cota Technology in association with Nichicon’s SLB Batteries. This partnership will produce a Nichicon branded battery in proximity to a Cota Power Transmitter, which will always receive power. With the Cota Technology, the SLB battery can be charged continuously, offering more convenience and efficiency when powering and charging devices.
• In February 2023, SAMSUNG launched SmartThings Hub, the modified version of SAMSUNG’s existing wireless charger. SmartThings hub and wireless charger in one Cheapest Matter controller and Thread border router, can tie with smart home automations to Galaxy phone charging.

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