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).
Wireless charging market has seen major evolutions mainly due to its convenience, reliance, and security of the technology that offers charging to electrical devices. The market has been witnessing momentum in different industries like automotive, healthcare, production of consumer goods, aerospace, and more among others. The key objective of the wireless charging industry is to offer a highly efficient and convenient process to charge electric vehicles and devices without needing cables and cords. Hence, the global wireless charging market is anticipated to be propelled by the rising demand for EVs that will need the said technology to power their batteries.
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Top Player’s Company Profiles in Wireless Charging Market
- Qualcomm Incorporated (US)
- Samsung Electronics Co., Ltd. (South Korea)
- Apple Inc. (US)
- Texas Instruments Incorporated (US)
- Broadcom Inc. (US)
- Toshiba Corporation (Japan)
- Energizer Holdings, Inc. (US)
- Sony Corporation (Japan)
- Panasonic Corporation (Japan)
- Powermat Technologies Ltd. (Israel)
- NXP Semiconductors N.V. (Netherlands)
- Murata Manufacturing Co., Ltd. (Japan)
- WiTricity Corporation (US)
- ConvenientPower HK Limited (Hong Kong)
- ZTE Corporation (China)
- Powercast Corporation (US)
- PowerSphyr Inc. (US)
- Ossia Inc. (US)
- Energous Corporation (US)
- Plugless Power LLC (US)
- Semtech Corporation (US)
- Renesas Electronics Corporation (Japan)
One of the major trends seen in the market is the persistent hunt for speedy charging speeds. One can also expect much faster wireless charging services that compete with or exceed the conventional wired charging paces. Hence, producers are actively focused on offering speedy charging with notable advancements. Also, the development of long-range wireless charging is an innovation in the market. For example, smartphones charge at the desk of their owners within a few minutes. This innovation holds insightful implications, mainly in the EV domain, where it assures cordless and unified charging. Also, wireless charging is steadily entering human lives. For example, the countertops, furniture, and car interior are embedded with in-built wireless charging. This smooth technological integration into the human environment improves accessibility and convenience.
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Segments covered
Charging Type
Stationary Wireless Charging Systems, Dynamic Wireless Charging Systems
Component
Base Charging Pads, Power Control Units, Vehicle Charging Pads
Charging System
Magnetic Resonance Charging, Inductive Charging, Capacitive Charging
Application
Home Charging Units, Commercial Charging Stations
Power Supply Range
UP TO 3.7 KW, ABOVE 3.7-7.7 KW, ABOVE 7.7–11 KW, ABOVE 11 KW
Vehicle Type
Passenger Cars, Commercial Vehicles (Electric Buses, Electric Vans, Electric Pick-up Trucks, Electric Trucks)
Propulsion
Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles
Dynamic Charging to be A Key Attraction in Market in Future
Wireless charging is not restricted to small-sized devices since it is making notable improvements in the electric vehicle sector. Auto manufacturers are increasingly making progress in wireless charging solutions, delivering more convenience to charge these vehicles without requiring charging cables. Innovations like inductive coupling and magnetic resonance have been game-changers in improving the wireless charging of EVs. Another leading modernization in the market is dynamic charging whichallows vehicles to charge when in motion. This technology can remove range anxiety in car owners and offer a novel perspective for long-distance journeys. Electric vehicles integrated with this dynamic charging technology can gain a constant charging supply as they keep traveling. This ultimately extends their range and lowers the risk for frequent charging stations.
In January 2024, WiTricity pronounced that it will, for the first time present its wireless charging solution on electric golf vehicles and NEVs, also known as neighborhood EVs at the CES (Consumer electronics Show) in Las Vegas.
In January 2022, Continental AG is reforming the charging process of EVs. Along with Volterio, the startup, Continental’s CES (Continental Engineering Services) is making a smart charging robot that will fill up electricity in a more convenient and easy way in the future.
In June 2024, Energous Corporation, a leader in OTA wireless power networks declared fresh alliance with Ecobyte, Anukin, and Peak Technologies to speed up the adoption of Energous’s solutions on the global scale.
In January 2024, Ossia Incorporation, a prominent developer of FCC-approved Cota® Real Wireless Power™ declared that six of its companions will present devices that utilize Cota Real Wireless Power at the CES.
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Embracing Trends Will Help Introduce More Efficient, Sustainable, and Convenient Solutions in Future
In summary, wireless charging is speedily advancing with growing convenience demanded by consumers worldwide. Since these trends constantly reshape the landscape of wireless charging, consumers can expect more efficient, sustainable, and convenient charging solutions for their electronic devices. The said technology offers numerous benefits like less ecological impact, higher convenience, and increased efficiency. It is obvious that wireless charging technology will continue to transform and enhance with time.
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