Wireless Charging Global Market Report 2024

The wireless charging market size has grown exponentially in recent years. It will grow from $16.43 billion in 2023 to $21.49 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth observed in the historical period can be attributed to an increase in disposable income, a rise in the number of various surgical procedures, growing demand for consumer electronics, and expanding government initiatives.

The wireless charging market size is expected to see exponential growth in the next few years. It will grow to $61.3 billion in 2028 at a compound annual growth rate (CAGR) of 30.0%. Forecasted growth is fueled by increased demand for electronic devices, thriving sales of electric vehicles (EVs), the expansion of autonomous and commercial automobiles, and rising urbanization. Notable trends include advancements in wireless charging, adoption of Mi Air Charge technology, strategic collaborations, and the uptake of smart wireless charging solutions in automotive applications.

The wireless charging market is poised for significant growth, driven by the increasing sales of smartphones. Smartphones, equipped with built-in computers offering various features such as operating systems and web browsing, have become indispensable devices for consumers. The adoption of wireless chargers, known for their convenience and enhanced durability, has gained traction among smart device users. Notably, Counterpoint Research, a Hong Kong-based mobile and technology product research firm, reported a substantial increase in smartphone sales, generating $448 billion in revenues for 2021, marking a 7% rise compared to 2020 values. Additionally, Gartner Inc., a US-based consulting firm, highlighted a 6% global growth in smartphone sales, reaching 1,433,859.4 thousand units in 2021 compared to 1,351,836.5 thousand units in 2020. The surge in smartphone sales is anticipated to be a key driver for the wireless charging market.

The wireless charging market is expected to experience growth fueled by the rising popularity and increased sales of electric vehicles (EVs). Battery electric vehicles (BEVs), categorized as all-electric vehicles, rely on electric motors rather than internal combustion engines. Wireless charging, utilizing electromagnetic induction, transmits electrical power through the atmosphere as a magnetic field. Notably, data from the International Energy Agency in May 2022 indicated a significant uptick in EV sales, nearly doubling in 2021 compared to the previous year, reaching 10.2 million units. Projections for 2023 anticipate global electric car sales to surge to 14 million units, reflecting a remarkable 35% growth rate. The increasing adoption and high sales of EVs, aligning with wireless charging technology, are poised to be a driving force behind the wireless charging market's growth.

Technological innovation stands out as a prominent and increasingly popular trend in the wireless charging market. Major players within the industry are strategically focused on delivering technologically advanced solutions to bolster their market positions. These companies are incorporating next-generation wireless charging technologies, including electromagnetic induction, automation, radio frequency waves, near-field waves, capacitive wireless technology, among others, to elevate charging speed and user experience. A noteworthy example is Xiaomi (Mi), a China-based consumer electronics company, which, in April 2021, introduced Mi Air Charge Technology. This cutting-edge charging system allows users to wirelessly charge electronic devices remotely, eliminating the need for wires or charging stands. The system employs a phase control array consisting of 144 antennas that transmit millimeter-wide waves directly to the device through beamforming.

A noteworthy trend gaining momentum in the wireless charging market is the integration of automotive in-cabin wireless charging solutions. In-car wireless charging serves as an embedded component within vehicles, facilitating the wireless charging of smartphones, wearables, and any Qi-enabled devices. This system relies on induction coils to generate an electromagnetic field, transferring energy from a transmitter unit to a receiver unit. For example, in October 2021, Spark Connected, a US-based company specializing in advanced wireless power technology, launched the Beast 2.0, an automotive in-cabin wireless charging solution featuring TDK's latest pattern coil technology. The Beast 2.0, in conjunction with TDK's pattern coil, represents a 15W automotive in-cabin wireless charging solution compliant with Qi v1.3 requirements. Noteworthy features include class-leading electromagnetic compatibility (EMC) performance, a broad input supply range ensuring continuous charging during vehicle stop/start events, and enhanced user safety through Foreign Object Detection (FOD). This trend underscores the industry's commitment to advancing wireless charging capabilities in various applications.

In June 2022, Siemens, a German industrial manufacturing company, completed the acquisition of WiTricity for $25 million. This strategic move positions Siemens and WiTricity to collaborate in advancing innovation within the wireless electric vehicle (EV) charging sector, aiming to bridge gaps in wireless charging for electric passenger and light-duty commercial vehicles. WiTricity, the acquired company, is a U.S.-based technology firm specializing in wireless charging technology.

Major companies operating in the wireless charging market report are Energizer Holdings, Inc., Samsung Electronics Co. Ltd., Leggett & Platt Incorporated, Renesas Electronics Corporation, Anker Innovations Co., Ltd., Sony Group Corporation, TDK Corporation, Qualcomm Incorporated, WiTricity Corporation, Texas Instruments, Tata Motors Limited, Magenta Power Private Limited, EV Motors India Pvt. Ltd., Delta Electronics Inc., XPeng Inc., Wanbang Xingxing Charging Technology Co. Ltd., Hangzhou Aoneng Power Supply Equipment Co. Ltd., EVTronic, Energysquare, Compleo, Green Energy Service Company, Continental AG, Renault Trucks, Groupe Delachaux, Resonant Link, Aira Power, Plugless Power, Ossia Inc., Evatran Group, Energous Corporation, Powermat Technologies, Powercast Corp, InCharge Energy Inc., Eaton Corporation, Elix Wireless, eLeapPower, Multilaser, Mixx True Wireless Stream Buds, WiPo Wireless, Algocent Limited.

North America was the largest region in the wireless charging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wireless charging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wireless charging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Key components of wireless charging include transmitters and receivers. Transmitters, typically in the form of charging stations connected to an outlet, are responsible for transferring energy. They play a crucial role in enhancing overall efficiency and ensuring the safety of the wireless charging system. Various technologies, such as inductive charging, resonant charging, and radio frequency-based charging, are utilized in wireless charging, catering to short, medium, and long transmission ranges. This versatile technology finds applications in consumer electronics, automotive, healthcare, industrial, defense, and other industries.

The wireless charging market research report is one of a series of new reports that provides wireless charging market statistics, including the wireless charging industry global market size, regional shares, competitors with a wireless charging market share, detailed wireless charging market segments, market trends and opportunities, and any further data you may need to thrive in the wireless charging industry. This wireless charging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wireless charging market includes revenues earned by entities by providing electricity to portable devices without the need for a connecting cable. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.