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.

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.

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=640

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 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.

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.

Key Market 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.