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With 20.3% CAGR, Wireless Charging Market Growth to Surpass USD 16.0 billion
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Key trends and advancements in wireless charging market include Increased Integration in Electric Vehicles (EVs), Integration into Furniture and Infrastructure, Long-Range Wireless Charging, Advanced Charging Technologies, Standardization and Interoperability, Smartphone and Wearable Integration, Bi-Directional Wireless Charging, Integration in Public Spaces.
Wireless charging offer significant advantages in various industries, including Flexibility and Mobility, Compatibility and Standardization, Convenience, Reduced Cable Wear and Tear, Integration into Smart Ecosystems, and Various Safety Features.
The receiver's segment is to hold the largest market share of wireless charging market in 2023. The increasing prevalence of devices capable of wireless charging, spanning industries like smartphones, wearables, and electric vehicles, is generating a heightened demand for integrated receivers. Ongoing technological advancements, including enhancements in efficiency and charging speed, enhance the appeal of receivers for manufacturers. Notably, the adoption of wireless charging in the automotive industry, particularly in electric vehicles, significantly contributes to the surge in demand for receivers. Standardization initiatives, exemplified by the Qi wireless charging standard, promote interoperability, encouraging manufacturers to include compatible receivers.
Automotive application expected to grow with the highest CAGR during the forecast period. Firstly, the increasing adoption of electric vehicles (EVs) is a major driver, with the automotive sector witnessing a substantial shift towards sustainable and eco-friendly transportation. As EVs become more prevalent, the demand for efficient and convenient charging solutions, such as wireless charging, rises significantly. Secondly, the automotive industry's commitment to innovation and the integration of advanced technologies, including wireless charging capabilities, is fostering rapid growth. Thirdly, government initiatives worldwide, aimed at reducing carbon emissions and promoting the adoption of electric vehicles, are further propelling the growth of wireless charging infrastructure in the automotive sector.
India is growing at the highest CAGR in the Asia Pacific region during the forecast period. India is one of the important consumers of technology and technological products. The country is one of the fastest-growing economies in the world, and wireless charging technology providers are increasingly investing in India to meet the demand for hassle-free charging across various sectors. The widespread adoption of smartphones, particularly those equipped with wireless charging capabilities, contributes to the increasing demand for wireless charging infrastructure. Government initiatives aimed at promoting electric vehicles and sustainable technologies, coupled with the ongoing urbanization and smart city development, may further drive the adoption of wireless charging solutions.
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Key players in the market are Energizer (US), SAMSUNG (South Korea), Plugless Power Inc. (US), Ossia Inc. (US), and Qualcomm Technologies, Inc. (US). These players have a comprehensive and diverse product portfolio and a strong geographic presence. They focus on developing innovative wireless chargers/wireless charging technologies. These companies also focus on organic and inorganic growth strategies to extend their business reach and expand their product offerings in the highly competitive market. The market is dynamic, and several new players also keep emerging while existing players continue to evolve and expand their footprint.
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