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Wireless Charging Market by Implementation (Transmitters, Receivers) by Technology (Magnetic Resonance, Inductive, Radio Frequency, Others) by Application (Consumer Electronics, Aerospace & Defense, Healthcare, Automotive, Others)- Growth, Future Prospects And Competitive Analysis, 2016 - 2028

Wireless Charging Market Analysis

Wireless charging devices allow the transmission of energy from the main power source to the device that needs charging without the need for wires or cables. It is a reliable and convenient way to charge electrical devices. It is also considered safer due to fewer components like connectors and cables.

Wireless charging devices are composed of two main elements, the transmitter or charging station and the receiver, which are usually implemented inside the device that needs charging.  

wireless-charging-market

Global Wireless Charging market is expected to witness CAGR of 24.99% during the forecast period. The revenue generated by the global Wireless Charging market in 2021 was over USD 4,266.50 million and expected to generate revenue worth USD 21,149.56 million in 2028. The incremental growth opportunity offered by the global Wireless Charging is estimated to be USD 89 billion between 2022 and 2028.     

Interesting Facts about Wireless Charging Industry

  • Although not actively being used, Wireless Charging is around for quite a long time
  • WHO has confirmed that exposure to EMF emission from Wireless Charging is not harmful for living beings  
  • Wireless Charging does not damage battery or device
  • Healthcare industry is likely to be benefited from Wireless Charging the most
  • Charging speed of Wireless Charging is very low as compared to wired charging

Growing Demand from Automotive Industry

Consumer Electronics, Healthcare, Aerospace & Defense and Automotive are major applications of wireless charging market. The biggest driving factor of the Wireless Charging Market over the forecasted period is the rise in demand for electric vehicles. Wireless car charging is a key part of the automotive industry and is being developed and researched heavily. There is also a demand for in-car charging for devices like phones and smartwatches. There has been a significant investment in the research and development of these technologies, which will boost this market over the coming years. The increasing manufacture of electric vehicles will fuel this market further.

The Internet of Things (IoT) industry is growing exponentially, which will fuel the growth of the wireless charging market in the forecasted period. Wireless charging is gaining popularity as a requirement in portable electric devices like smartphones, laptops, wearable devices, and cameras. Consumers in the IoT world demand easy charging solutions for their devices, and manufacturers heavily invest in wireless charging technology to meet their consumers’ needs.

High Cost of Implementing and Lower Efficiency

Transmitters and Receivers are major implementation segments of wireless charging industry. The biggest restraining factor of the wireless charging market is the costs and expenses of making and implementing these charging solutions compared to traditional charging methods. Manufacturers and also consumers still prefer traditional wired charging solutions until the technology can be considered cost-effective.  

Another restraint on this market is the lower efficiency of wireless charging compared to traditional charging methods. Wired charging still offers much faster-charging speeds while being less expensive. Wireless charging, while it offers higher portability and mobility, is still slower and requires the devices to be compatible with the chargers to work.

Compatibility To Be Major Challenge  

Although various technologies such as Magnetic Resonance, Inductive and Radio Frequency are used in wireless charging, compatibility is another factor that will hamper the growth of this market over the forecasted time period. Wireless charging requires devices to be Qi-compatible, which means lots of products out there today cannot be used with these chargers. Also, different devices require different wireless charging solutions like different charging pads, bowls, or charging boxes. These varied requirements mean consumers will have to invest in different wireless chargers to suit their different devices.  

Wireless chargers still cannot charge devices over distances, which kind of defeats the purpose of the technology. Until these devices' range, efficiency, and integration are not improved, consumers will hesitate to purchase and enter this market. Great investments are being made into wireless charging technology to address these issues, but until then, these factors are expected to slow down the growth of this market considerably.

Extensive Research & Development

Most prominent players operating in global Wireless Charging market include Convenient Power Ltd., Elix Wireless, Energizer Holdings, Inc., Energous Corporation, Evatran Group, Leggett & Platt, Momentum Wireless Power, Murata Manufacturing Co., Ltd, Ossia Inc., Powercast Corp., Powermat, Qualcomm Incorporated, Samsung, Texas Instruments Inc., WiTricity Corporation and Zens. Extensive R&D is being carried out by the leading players in order to bring most efficient, low cost and universal Wireless Charging solution to the market.

Frequently asked questions about global Wireless Charging industry

Growth rate of Wireless Charging industry declined to 15% in 2020 from that of 25% in 2019 due to impact of COVID 19

North America is the largest regional market with highest share in the total volume of Wireless Charging consumed in 2021 followed by Europe

Strong demand from automotive industry and increasing adoption from consumer electronics market

Automotive industry dominated the Wireless Charging market in 2021 with over 30% share

Magnetic Resonance segment was the largest technology of Wireless Charging in 2021 with over 40% share

Wireless Charging Market Scope

Report Attribute Details
Market Value in 2021 USD 4,266.50 million
Market Value in 2028 USD 21,149.56 million
CAGR 24.99%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  Jan 2022
Category:  Technology & Media
Report ID:   58696
Report Format:   PDF
Pages:   120
Rating:    4.8 (80)
Delivery Time: 24 Hours to 48 Hours   
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