USD 6.39 Billion
Wireless Charging Market Size, Share, Growth Analysis, By Charging Type(Stationary Wireless Charging Systems, Dynamic Wireless Charging Systems), By Component(Base Charging Pads, Power Control Units, Vehicle Charging Pads), By Charging System(Magnetic Resonance Charging, Inductive Charging, Capacitive Charging), By Application(Home Charging Units, Commercial Charging Stations), By Power Supply Range(UP TO 3.7 KW, ABOVE 3.7-7.7 KW, ABOVE 7.7–11 KW, ABOVE 11 KW), By Vehicle Type(Passenger Cars, Passenger Cars, Commercial Vehicles (Electric Buses, Electric Vans), By Propulsion(Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2149 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
66
|Figures:
74
Wireless Charging Market Insights
Wireless Charging Market size was valued at USD 5.20 Billion in 2022 and is poised to grow from USD 6.44 Billion in 2023 to USD 23.80 Billion by 2031, at a CAGR of 23.80% over the forecast period (2024–2031).
The wireless charging market will grow substantially due to the increasing demand for efficient and convenient charging solutions for electric vehicles, smartphones, and several other electronic gadgets. The major driving factors comprise the growth of electric vehicles, technological improvements, and the need and demand for highly simplified and cable-free surroundings. However, the wireless charging market is restricted by technological integration challenges and health concerns. Integrating wireless charging in different devices, mainly in the devices that have certain design constraints may be challenging, limiting the market growth. Also, prolonged exposure of humans to the electromagnetic fields that are adopted in wireless charging may pose health issues, thus restricting its adoption. The market offers a few opportunities including major progress in the electric vehicle sector and growth of commercial and public charging stations.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Inductive
Fastest Growth
Inductive
Growth Rate
19.2% CAGR
Global Wireless Charging Market ($ Bn)
Country Share for North America Region (%)
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Wireless Charging Market Segmental Analysis
The Global Wireless Charging Market is segmented by Charging Type, Component, Charging System, Application, Power Supply Range, Vehicle Type, Propulsion, and Region. Based on Charging Type, the market is segmented into Stationary Wireless Charging Systems, Dynamic Wireless Charging Systems. Based on Component, the market is segmented into Base Charging Pads, Power Control Units, Vehicle Charging Pads. Based on the Charging System, the market is segmented into Magnetic Resonance Charging, Inductive Charging, Capacitive Charging. Based on Application, the market is segmented into Home Charging Units, Commercial Charging Stations. Based on Power Supply Range, the market is segmented into Up To 3.7 KW, ABOVE 3.7-7.7 KW, ABOVE 7.7–11 KW, ABOVE 11 KW. Based on Vehicle Type, the market is segmented into Passenger Cars, Commercial Vehicles (Electric Buses, Electric Vans, Electric Pick-up Trucks, Electric Trucks). Based on Propulsion, the market is segmented into Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Charging System
Based on the charging system, the inductive charging segment held a significant share of the market in the past years and will continue dominance over the forthcoming years as well. Inductive charging is a highly sophisticated technology with wide adoption and well-establishment. It holds applications in diverse areas, comprising medical devices, consumer electronics, and electric toothbrushes. The reliability and maturity offered by the technology are the key reasons for the segment’s growth.
On the other hand, the magnetic resonance charging segment is anticipated to grow at a considerable rate over the forecast period owing to better flexibility and range offered. Magnetic resonance charging technology allows longer distances between the device and charging pad in comparison with the inductive charging technology. This attractive flexibility simply means that devices need not be accurately allied with charging pads. This expands potential application and improves user convenience, driving the demand and the segment’s growth.
Analysis by Application
Based on application, the home charging units' segment is anticipated to hold a notable share of the market in the coming years owing to increasing consumer adoption. Home charging units are broadly adopted due to the growing number of consumer electronics, such as tablets, smartphones, smartwatches, and wireless earbuds. Several families use these devices, resulting in mounting demand for more convenient charging technologies. Ease of use offered by charging devices at homes without needing cables is also propelling the segment’s growth.
On the other hand, the commercial charging stations segment is expected to grow steadily in the future owing to the increasing adoption of electric vehicles and growing demand for high power. The adoption of electric vehicles is increasing significantly, impacted by government incentives and environmental concerns. Commercial charging stations, mainly for electric vehicles, are becoming vital for aiding this growth. Moreover, electric vehicles need high power levels to charge, which is offered by commercial stations than home units.
Global Wireless Charging Market Size By Charging System
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Wireless Charging Market Regional Insights
Region-wise, North America held the majority share of the market in the past years and is expected to continue dominance over the forecast period as well owing to advancements in technologies and a strong consumer electronics market. Well-developed nations like Canada and the United States are hubs for innovation and technology. Companies in these regions are leading with the adoption of modernizing and developing new technologies like wireless charging technology. The market in the region is also propelled by higher demand for consumer electronics including electric vehicles, which benefits from the said technology. The key market players operating in North America include Qualcomm Inc., Energous Corporation, Fulton Innovation LLC, WiTricity Corporation, Texas Instruments Incorporated, and more.
The market in Asia-Pacific is fueled by major electronics producers and the speedy adoption of technologies. Asia-Pacific is home to several largest electronic manufacturers like Huawei, Samsung, LG, and more. They are not only adopting wireless charging technology speedily but are also key contributors to the development and incorporation of multiple devices. Most developing nations of the region like China, India, and South Korea are speedily adopting novel technologies and this trend is progressing the use of wireless charging by businesses and consumers.
Global Wireless Charging Market Size By Region
- Largest
- Fastest
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Wireless Charging Market Dynamics
Drivers
Lifestyle Trends and Higher Convenience to Fuel Market
- Wireless charging offers convenience of simply placing the device on the dedicated charging pad and eliminates the hassle of cables for consumers. This easy usage is one of the major drivers for the adoption of wireless charging technology. Furthermore, as consumers increasingly prefer devices and products that minimize clutter, the demand for wireless charging is growing.
Standards and Regulatory Support for Wireless Charging
- The creation of universal standards like Qi ensures better compatibility among manufacturers and devices, which ultimately drives consumer adoption and their confidence. Regulations and policies that aid the use and adoption of wireless charging are also propelling the market growth. This comprises standards for performance and safety.
Restraints
High Initial Investments and Premium Pricing
- The cost of deploying wireless charging, comprising both installation and hardware, is significantly high. This is one of the key barriers for businesses and consumers, which may result in switching to conventional form of wired charging. Moreover, wireless charging is costlier than traditional wired charging, which restricts its adoption.
Restricted Charging Speed
- Despite several major advancements in the said technology, its growth is restricted due to power transfer and speed of charging. This restraint could significantly hamper the growth of the market and impact users who demand fast charging, mainly for bigger devices like electric vehicles and laptops. Also, managing heat dissipation is another challenge faced by the said technology.
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Wireless Charging Market Competitive Landscape
Wireless Charging Market providers need to focus on maximizing their business scope by reaching into new markets and developing wireless charging for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new wireless charging companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Player’s Company Profiles
- Qualcomm Incorporated (US)
- Samsung Electronics Co., Ltd. (South Korea)
- Apple Inc. (US)
- Texas Instruments Incorporated (US)
- Broadcom Inc. (US)
- Toshiba Corporation (Japan)
- Energizer Holdings, Inc. (US)
- Sony Corporation (Japan)
- Panasonic Corporation (Japan)
- Powermat Technologies Ltd. (Israel)
- NXP Semiconductors N.V. (Netherlands)
- Murata Manufacturing Co., Ltd. (Japan)
- WiTricity Corporation (US)
- ConvenientPower HK Limited (Hong Kong)
- ZTE Corporation (China)
- Powercast Corporation (US)
- PowerSphyr Inc. (US)
- Ossia Inc. (US)
- Energous Corporation (US)
- Plugless Power LLC (US)
- Semtech Corporation (US)
- Renesas Electronics Corporation (Japan)
Wireless Charging Market Recent Developments
- In January 2024, WiTricity announced that KG Mobility selected their wireless charging technology. This selection will help consumers of KG Mobility to enjoy reliable and safe charging right after they park their cars.
- In June 2023, Powermat and Powercast are collaborating to develop a team that can adopt both long-range and short-range wireless power designs maximized for every consumer’s use. The alliance will also leverage engineering and productization services of Powercast to aid clients as required.
- In August 2024, InductEV, Inc. and EO Charging (EO) collaborated to integrate inductive wireless charging of InductEV into EO’s package of electric vehicle charging solutions for commercial vehicles.
Wireless Charging Key Market Trends
- Integration with Smart Grids: The incorporation of wireless charging with intelligent grids is demonstrating a dynamic charging service. By using real-time data on grid availability and energy demand, electric mopeds or two-wheelers can better use renewable and clean energy sources, contributing to environment-friendly urban mobility.
- Increased Power Levels: The dynamic change of wireless charging is fueled by numerous remarkable improvements in different industries like smartphones, wearables, automobiles, consumer electronics, and more. There is an increasing demand for greater power levels in wireless charging, allowing fast charging of gadgets and improving convenience for consumers. Technologies like 40W, 30W, and higher levels of power are gaining popularity and highly preferred by producers of different devices.
Wireless Charging Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing demand for consumer electronics and increasing adoption of electric vehicles are driving the global wireless charging market. Nonetheless, restricted charging speed, compatibility issues, and range and interference limitations are restraining the growth of the wireless charging market. North America is the leading region supported by robust consumer electronics market, automotive industry leadership, and supportive government policies and incentives. Moreover, integration with smart home devices and growth in the electric vehicle segment are some opportunities for the growth of the wireless charging market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.20 Billion |
| Market size value in 2031 | USD 23.80 Billion |
| Growth Rate | 23.80% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wireless Charging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wireless Charging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wireless Charging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wireless Charging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wireless Charging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wireless Charging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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