Wireless Charging Technology, 2024

The wireless charging technology market in India is undergoing a transformative phase, propelled by technological advancements, increasing consumer demand for convenient charging solutions, and a surge in the adoption of electric vehicles. The increasing penetration of electric vehicles, coupled with the rising demand for smart homes and connected devices, presents a vast market for wireless charging solutions. Strategic partnerships between technology companies and automotive manufacturers, coupled with research and development investments, are crucial in unlocking the full potential of this burgeoning market.

Market insights:

In FY 2023, the global wireless technology market was valued at INR 2.15 trillion. It is expected to reach INR 5.55 trillion in FY 2028, expanding at a compound annual growth rate (CAGR) of ~21.47% during the FY 2024 - FY 2028 period.

Wireless charging technology has emerged as a game-changer in the realm of electronic devices and electric vehicles. The convenience offered by cable-free charging solutions, coupled with the burgeoning electric vehicle market in India, is driving the rapid adoption of wireless charging technology. As the nation pushes towards sustainable energy practices and reduced carbon emissions, wireless charging plays a pivotal role in shaping the future of the power ecosystem.

Despite these positive developments, the wireless charging technology market in India faces challenges such as standardization issues, interoperability concerns, and the need for robust infrastructure. Overcoming these challenges requires collaborative efforts from industry stakeholders, regulatory bodies, and technology providers to establish a uniform ecosystem that ensures compatibility and reliability.

Key trends and growth opportunities:

The Indian government's initiatives, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, are instrumental in creating an environment conducive to the growth of wireless charging technology. Integration of wireless charging infrastructure in public spaces, commercial establishments, and residential complexes is gaining momentum, fostering the seamless transition to electric mobility.

Furthermore, the advent of 5G technology and the Internet of Things (IoT) is expected to catalyse the demand for wireless charging, creating new avenues for innovation and market expansion. The convergence of these technologies is set to redefine the way electronic devices and vehicles are powered, offering unprecedented efficiency and convenience.