Global Wireless Charging Market Size - Industry Trends & Forecast Report 2027
The global wireless charging market was worth USD 3.4 Billion in 2020 and is further projected to reach USD 15.3 Billion by 2027, at a CAGR of 23.1% during 2021-2027 (forecast period).There are many benefits of wireless charging to the customer such as product designing, usability, and reliability. The maximum use of the internet creates charging problems for every smartphone and device, which can be determined by using an RF energy base fast –wireless charger. Effective demand for efficient charging systems is probable to drive the growth of the wireless charging market. Large acceptance of efficient charging systems for portable electronics and wearable devices that help in increasing the durability of the device is probable to ensure the substantial growth of the electronics wireless charging industry.
Source: BlueWeave Consulting
Global Wireless Charging Market Overview:
The reliable, convenient, and safe technology to power and charge electrical devices is wireless charging. This wireless charging also provides efficient, cost-effective, and safer advantages than traditional charging systems by removing the use of physical connectors and cables. The primary requirement of the portable electronics product is wireless charging targeted by IoT such as smartphones, laptops & tablets, wearable electronics, and household electronics. Due to convenience and safety, the demand for wireless charging is increasing rapidly, especially in the healthcare sector.
Sales of electric devices
Increased sales of electric vehicles aid in the evolution of the portable electronics and wearables market. Additionally, the need to gather ambient RF energy is one of the major factors driving demand for the product. The cost of these products is relatively high, and charging is sluggish, which limits market expansion. However, due to technological developments, the impact of these factors is likely to decrease in the coming years. Wireless charging, which uses wireless technology, is a suitable, safe, and consistent way for charging and powering a wide range of electrical equipment in a variety of industries, including commercial, industrial, automotive, and residential.
Increase in the popularity of IoT
The rising popularity of the Internet of Things (IoT), which is considered the third wave of technology is an important reason influencing the wireless charging market. Wireless charging is the most important requirement for IoT-targeted portable electronic items such as cellphones, digital cameras, laptops, and tablets. Thus, an increase in the popularity of the IoT market is probable to facilitate market growth during the forecast period. The availability of efficient charging solutions for portable electronics and wearable gadgets can improve the device's longevity, which is expected to drive the significant growth of the electronics wireless charging market.
Compatibility issues restrict the adoption of wireless charging devices
Only Qi charging pads can be used with Qi-compatible devices. A number of prominent manufacturers offer external wireless charging options for devices that aren't Qi-compatible. Wireless chargers come in a variety of shapes and sizes, including charging pads, charging bowls, and charging boxes, and are essential for items with compatibility issues. A user is compelled to purchase a huge number of wireless chargers to accommodate various products. While some manufacturers offer multi-device wireless chargers, the overall issue of compatibility with non-Qi-enabled devices is predicted to limit wireless charging device adoption.
Impact of COVID-19 in the industry
COVID-19 has caused turmoil in almost every industry, including the wireless charging market. The pandemic has disrupted every sector's global supply chain, resulting in major economic losses. The wireless charging market is experiencing the same challenges. The market players had to face several obstacles, including obtaining raw materials and delivering finished items in the midst of a disrupted supply chain. Additionally, due to government restrictions on the sale of electronic gadgets during the pandemic, consumers began to spend more on essential items. As a result, the COVID-19 pandemic has hindered the growth of the wireless charging market.
Global Wireless Charging Market: By Technology
Based on the source, the global wireless charging market is segmented into Inductive, Resonant, Radio Frequency, and Others. The inductive charging segment is the dominant segment among all. Inductive charging is mostly used to charge electronic devices and electric vehicles wirelessly. Magnetic resonance allows power to be delivered over longer distances between receiver and transmitter. The efficiency of the products is determined by the amount of electricity available to charge the device using a wireless transmitter. It's a crucial factor in wireless power since it controls how hot the battery gets and how much energy has been squandered. The higher the efficiency, the smaller and less expensive the charger must be to produce the same amount of electricity.
Global Wireless Charging Market: By Application
Based on the application, the global wireless charging market is segmented into Electronics, Automotive, Industrial, Healthcare, and Aerospace & Defense. The healthcare segment has the dominant share among all. Wireless charging technology has been adopted and implemented increasingly in healthcare and medical applications. Wireless chargers are the best alternative to conventional wired charging machines, which helps in eliminating the transfer of any impurities or bacteria during the charging process. Wireless charging technology is in high demand in the healthcare industry due to the growing demand for technology in sterile environments such as hospitals and laboratories.
Global Wireless Charging Market – Regional Insights
Based on the region, the global wireless charging market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held the largest share in terms of revenue in 2020 due to the expansion of the electronics market and the increase in the sales of electronic devices in the region. Europe is the second-largest revenue contributor, with significant growth projected over the forecast period due to increased demand for fuel-efficient and long-charging systems for electronic devices, such as portable devices and power tools.
In April 2020, OnePlus announced the Warp Charge 30 wireless charging support in the OnePlus 8 series launch. The company has developed a Warp wireless direct charging architecture that allows real-time communication between the smartphone and the customized chip and wireless charger.
In May 2021, WiTricity, the company that is wirelessly charging the future of mobility, launched an office and product development lab in Auckland, New Zealand, which will be overseen by Michael Kissin and Jonathan Beaver, two long-time wireless charging experts.
Key players in the global wireless charging market are Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC, and other key manufacturers.
The global wireless charging market is witnessing intense competition among market players based on product quality, features, and pricing strategies. Also, consumer electronics market players are concentrating on strategic alliances with wireless charging producers to increase their product features.
Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Million
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia
By Technology, By Industry Vertical, By Region
Key players for global wireless charging market are Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC and other key manufacturers.
· By Technology
o Radio Frequency
· By Industry Vertical
o Aerospace & Defense
· By Region
o North America
o Latin America
o Asia Pacific
o Middle East
1. What is the current size of the global wireless charging market?
Answer: The global wireless charging market has reached USD 3.4 Billion in 2020.
2. What are the major factors driving the growth of the global wireless charging market?
Answer: Growing acceptance of efficient charging systems for portable electronics and wearable devices that help in increasing the durability of the device is contributing to the substantial growth of the electronics wireless charging industry.
3. Who are the key players in the global wireless charging market?
Answer: The key players in the global wireless charging market are Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC, and other key manufacturers.
4. Which application segment accounted for the largest share in the global wireless charging market?
Answer: Based on application, the healthcare segment accounted for the largest share in the global wireless charging market.
5. Which technology segment accounted for the largest share in global wireless charging market?
Answer: The inductive segment is growing at a higher rate in the global wireless charging market.