Global Wireless Charging Market Size 2024, Forecast To 2033
11 Mar, 2024
The wireless charging market has witnessed exponential growth, escalating from $16.43 billion in 2023 to $21.49 billion in 2024, showcasing a remarkable compound annual growth rate (CAGR) of 30.8%. This growth in the historic period can be attributed to the rise in disposable income, an increase in various surgical procedures, growing demand for consumer electronics, and increasing government initiatives. Moving towards 2028, the market is expected to experience exponential growth, reaching $61.3 billion with a CAGR of 30.0%. The anticipated growth in the forecast period can be attributed to the increasing demand for electronic devices, the surging popularity and high sales of electric vehicles (EVs), the growth of a wide range of autonomous and commercial automobiles, and rising urbanization. Key trends in the forecast period include advancements in wireless charging, the use of Mi Air Charge wireless charging technology, strategic collaborations and partnerships, the adoption of smart wireless charging boards, and automotive in-cabin wireless charging solutions.
Global Wireless Charging Market Key Driver
The escalating sales of smartphones are poised to drive the growth of the wireless charging market. Smartphones, integral to daily life with built-in computers offering various features, witness increased demand for wireless chargers due to the convenience and durability they provide. According to Counterpoint Research, smartphone sales generated $448 billion in revenues for 2021, marking a 7% increase compared to 2020. Gartner Inc. further reports a 6% growth in worldwide smartphone sales from 1,351,836.5 (Thousands of Units) in 2020 to 1,433,859.4 in 2021. This surge in smartphone sales is fueling the wireless charging market, with market sizes for 2023, 2024, and 2028 reflecting the increasing adoption of wireless charging solutions.
Get A Free Sample Of The Global Wireless Charging Market ReportGlobal Wireless Charging Market Segments
The wireless charging market covered in this report is segmented –
1) By Components: Transmitters, Receivers
2) By Technology: Inductive Charging, Resonant Charging, Radio Frequency Based Charging, Other Technologies
3) By Transmission Range: Short Range, Medium Range, Long Range
4) By Application: Consumer Electronics, Automotive, Healthcare, Industrial, Defense, Other Applications
By Geography:The regions covered in the wireless charging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
Major Wireless Charging Industry Players
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.
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Wireless Charging Market Overview
Wireless charging refers to the transfer of power from a power outlet to the device without the need for a connecting cable. It uses electromagnetic induction to transfer energy from the charger to a receiver. The charger has an induction coil to generate an alternating electromagnetic field, which the receiver coil converts back into electricity and supplies into the battery.
Wireless Charging Global Market Report 2023 provides data on the global wireless charging market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The wireless charging market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.