Wireless Charging Market Size, Share, Growth Report 2032

Wireless Charging Market Insights

According to Zion Market Research, the global Wireless Charging Market was worth USD 6.90 Billion in 2023. The market is forecast to reach USD 39.79 Billion by 2032, growing at a compound annual growth rate (CAGR) of 21.49% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Wireless Charging Market industry over the next decade.

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Wireless Charging Market Size And Industry Analysis

Wireless Charging is a method of charging electronic or battery-powered devices or equipment without connected it physically with cables. It works on the concept of power transfer through inductive effect or through magnetic resonance, which enables transfer of electric current between objects by use of coils to induce electromagnetic field. Wireless Charging has a number of benefits such as ease of handling and mobility, flexibility, offers safe, easy and reliable way to charge devices and provides protection from electric shocks and these factors are responsible to contribute to the growth of market.

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Growth Factors

Rising demand for smartphones and wireless computing devices are one of the major factors driving the market growth. Wireless computing devices includes smart devices such as PC’s, smartphones, gaming consoles, portables, e-readers, tablets and other devices. Rising demand for smartphones and an increasing consumer spending capacity have given a boost to the market. Moreover, the increasing demand for electric vehicles is additionally supporting the growth of the market and is expected to increase the demand for wireless charging.

The increasing demand for electric vehicles is propelling the market growth as with pollution being prime cause for various air pollution diseases has been driving the market growth since the demand for electric vehicles has seen a surge. Furthermore, the benefits offered by wireless charging such as ease of handling and mobility, flexibility, offers safe, easy and reliable way to charge devices and provides protection from electric shocks is expected to increase the market growth in the forecast period.

Wireless Charging Market: Report Scope

Technology Segment Analysis Preview

Radio Frequency segment held a share of more than 36.32% in 2020. The segment of radio frequency is expected to witness rapid growth and is escalating at a margin to capture the market over the forecast period. The technology being used in the radio frequency is the utilization of radio waves to transmit energy from a wireless charger to a receiver device which is converted into electricity and charge the device. However, the resonant technology is its capability to charge multiple devices simultaneously.

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Application Segment Analysis Preview

Consumer Electronics segment will grow at a CAGR of more than 16.23% from 2021 to 2028. This is attributable to rapidly increasing manufacturing of consumer electronics demand. Wireless charger producers have prime target on maximum consumer electronic devices such as laptops, smartphones which needs frequent charging and this is expected to drive the market growth in the forecast period. Consumer electronics segment has seen a precedent growth with the rising demand of customers, increased spending power on electronic devices and surge in the technological advancements in electronic devices.   

Regional Analysis Preview

The Asia Pacific region held a share of more than 18.67% in 2020. This is attributable to the rise in demand of consumers electronics, electric vehicles and wearables with the increased spending ability of customers and customers preference to spend on goods that provide them with high quality and high durability. The region is being supplemented with customer getting more inclined towards the spending on quality consumer electronic products designed for the segment. Moreover, there is an adoption of powering mats and charging hotspots at major food chains which is enabling to have a positive impact on the demand in the market. The region is expected to growth in the near future with the significant rise in demand for smart devices such as tablets, mobiles, smart watches and others.

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The North American region is projected to grow at a CAGR of more than 19.62% over the forecast period. The region along with Europe is predicted to show significant revenue share in the market across the globe. The surge in the use of electric vehicles so as to minimize the emissions from vehicles is attributable to the growth of market in this region. European region at the forefront is also expected to show steady growth in the Global Wireless Charging Market in the forecast period.

Key Market Players & Competitive Landscape

Some of key players in Wireless Charging market are:

• WiTricity Corporation
• Convenient Power HK Ltd.
• Integrated Device Technology, Inc.
• Texas Instruments Inc.
• Oregon Scientific
• Energizer Holdings Inc.
• Duracell Powermat
• Qualcomm 
• Murata Manufacturing Co. Ltd.

The Global Wireless Charging Market is segmented as follows:

By Implementation

• Transmitters
• Receivers

By Technology

• Resonant
• Inductive
• Radio Frequency
• Others

By Application

• Consumer Electronics
• Healthcare
• Automotive
• Industrial
• Defense
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa