Wireless Charging Market Size, Share and Growth – 2029

 

Wireless Charging Market

Wireless Charging Market was valued at USD 4.8 billion in 2021 and is projected to reach USD 25.3 billion in 2029 growing at a high CAGR of 23.1%.

The factors driving the growth of Wireless Charging Market includes growing demand for consumer electronics such as smartphones, tablets, laptops, and digital camera, rise in the sales of electric vehicles around the world and increasing popularity of multi-device wireless chargers. According to the report published by Bloomberg, the Global Electric Vehicle Market is expected to increase from 8,151 thousand units in 2022 to 39,208 thousand units by the end of 2030, expanding at a CAGR of 21.7% over the forecast period, which will accelerate the Wireless Charging Market size in the approaching years. Moreover, the increasing application of wireless technology to charge warehouse trucks, rise in the launch of innovative products and growing adoption of wireless chargers in the automotive and healthcare industry, are some of the additional factors supplementing the Wireless Charging Market share. In addition, the increasing investments by major corporations on research and development, rapid urbanization, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

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However, the growth of the Wireless Charging Market is hindered attributed to lack of standardization and disruptions in the global supply chain.

The leading players operating in the market are Xiaomi Corporation, Renesas Electronics Corporation, Leggett & Platt, Incorporated, Apple, Inc., Belkin International, Inc., Powermat Technologies, Texas Instruments Incorporated, ConvenientPower HK Limited, Energizer Holdings, Inc., Murata Manufacturing Co. Ltd., Qualcomm Technologies, and WiTricity Corporation, among others.

Based on Technology, the Inductive Technology segment is predicted to hold the highest market share during the forecast period

As per the Wireless Charging Market Forecast, inductive technology enables protected connection, do not require cables, and is increasingly used to power electric vehicles, are some of the factors responsible for the segment’s growth.

Based on Application, the Healthcare segment is projected to expand at a remarkable CAGR over the forecast period

According to the Wireless Charging Market Analysis, wireless chargers enable cable-free environment and are extensively used to charge medical devices, are propelling the segment’s growth.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

Increasing demand for electric vehicles, rapid growth in the Healthcare sector, rising popularity of multi-device wireless chargers, proliferation of smartphones, tablets and laptops, improvements in living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.

Key Development

  • In 2020, Xiaomi Corporation introduced the next generation fast wireless charging technology, 80W Mi. 80W Mi wireless charging technology, which can fill 4,000 mAh battery to 10% in 1 minute, 50% in 8 minutes and 100% in just 19 minutes.
  • In 2020, Belkin India introduced the BOOST↑UP 10W Wireless Charging Pad Kakao Edition in partnership with the popular Korean characters, Kakao Friends. It is pad-designed, which will charge all Qi-enabled smartphones, such as iPhone and Samsung Galaxy. It is available as Kakao Friends characters namely, Ryan (Black) and Apeach (White).
  • In 2019, WiTricity Corporation, a venture capital (VC)-backed startup that develops wireless charging technology for electric vehicles (EVs) acquired Qualcomm’s EV wireless charging unit Halo.

Market Segmentation

Segmentation by Technology

  • Inductive Technology
  • Radiation Technology
  • Others

Segmentation by Transmission Range

  • Short Range
  • Medium Range
  • Long Range

Segmentation by Application

  • Consumer Electronics
  • Defence
  • Healthcare
  • Automotive
  • Industrial
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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