Wireless Charging Market Size, Share, Growth Analysis, By Technology(Inductive, Resonant, Radio Frequency, and Others), By End Use Industry(Automotive, Consumer, Industrial, Healthcare), By Region - Industry Forecast 2024-2031

Global 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 35.52 billion by 2031, at a CAGR of 23.80% during the forecast period (2024-2031).

The wireless charging market has experienced substantial growth, driven by the increasing adoption of this technology in smartphones, smartwatches, and other consumer electronics. This growth is further supported by rising demand for electric vehicles, which utilize wireless charging technology to recharge their batteries. The global wireless charging market aims to offer a convenient and efficient charging solution that eliminates the need for cords and cables. It seeks to simplify the charging process for users, reduce clutter, and enhance safety. However, the market's expansion could be hindered by factors such as high costs, limited charging range, and compatibility issues with certain devices. Notable trends include the integration of wireless charging into furniture and automobiles, as well as the development of long-range wireless charging technology. The market presents numerous opportunities for growth and innovation, such as entering emerging markets, creating more efficient and affordable charging solutions, and incorporating wireless charging in public spaces and transportation systems. Key players in the market are continually innovating to enhance product efficiency and performance, which is likely to drive further growth. For example, in September 2022, Morphine, a subsidiary of ZAGG, introduced its snap+ wireless charging ecosystem. This new range offers enhanced power solutions with a wireless output of up to 15W, designed to meet both home and on-the-go multi-device charging needs. Additionally, these solutions are compatible with MagSafe and Qi-enabled smartphones. Such product advancements are expected to contribute significantly to market growth in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Wireless charging market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Wireless charging Market Segmental Analysis

The Wireless Charging Market is segmented based on implementation, technology, application, and region. Based on product types, the market is segmented into wireless charging stands, wireless charging power banks, wireless charging mats, car wireless chargers, wireless charging furniture, wireless charging docks, wireless charging sleeves/cases, multi-device charging stations, wireless charging mouse pads, desk lamps with wireless charging, and fast wireless chargers. Based on implementation, the market is segmented into transmitters, and receivers (aftermarket and integrated). Based on technology, the market is segmented into magnetic resonance, inductive, resonant, and radio frequency. Based on application industry, the market is segmented into automotive (electric vehicles), consumer electronics (smartphones and tablets, laptops and notebooks, wearables, others), healthcare (hearing aids, glucose monitors, smart glasses), industrial, aerospace, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Wireless charging Market

The surge in electronic devices like smartphones, tablets, smartwatches, and wireless earbuds has spurred a growing demand for wireless charging solutions. Consumers are seeking more convenient and seamless charging options that do away with cables and connectors. This demand has resulted in the widespread integration of wireless charging features across numerous devices. For instance, the latest iPhone models from Apple, Samsung Galaxy smartphones, and many other electronic gadgets now support wireless charging technology.

Restraints in the Wireless charging Market

A significant challenge with wireless charging technology is its relatively lower efficiency compared to conventional wired charging. Wireless charging can lead to energy loss during transmission, which results in slower charging speeds and longer charging times. This limitation may deter users who need fast and efficient charging. For instance, if someone needs to charge their device quickly, they might choose a wired charging method over wireless to save time.

Market Trends of the Wireless charging Market

A notable trend in the wireless charging market is the incorporation of charging capabilities into furniture and public areas. Furniture designers are embedding wireless charging pads into items like desks, tables, and nightstands, enabling users to charge their devices effortlessly while interacting with or placing them on the furniture. Additionally, public venues such as airports, restaurants, and hotels are installing wireless charging stations to offer charging services to their patrons. This trend increases the accessibility and convenience of wireless charging, making it a more integral part of everyday life.