Wireless Charging Market worth $16.0 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 7, 2024 /PRNewswire/ -- The Wireless Charging Market is expected to reach USD 16.0 billion by 2029 from USD 6.4 billion in 2024, at a CAGR of 20.3% during 2024–2029 according to a new report by MarketsandMarkets™. The significant growth factor associated with the Wireless Charging Market growth is the Rising adoption of smart and portable devices, increasing demand for wireless charging in electric vehicles, rising requirement for multi-device charging stations, increasing trend of integrating charging capabilities into furniture, infrastructures, smart homes, and IoT devices.

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112 – Tables
48 – Figures
175 – Pages

Wireless Charging Market Report Scope:

The magnetic resonance technology is to grow with a higher CAGR during the forecast period.

The wireless charging have been segmented into various technologies, magnetic resonance, inductive, and radio frequency. Magnetic resonance is a wireless charging method for objects requiring a large amount of power - up to 11kW. In this technology, a copper coil is attached to the transmitter and another to the receiver. It is the most versatile wireless charging method and used for objects such as electric cars, laptops, computers, and vacuum cleaners. As the adoption of electric vehicles is increasing there will also be an increase in adoption of magnetic resonance.

Receiver's segment is to grow at the highest growth rate during the forecast period.

The wireless charging market is segmented in two implementations, transmitter and receiver. Wireless charging receivers are central to the evolution of cordless power solutions, adhering to standardized specifications for compatibility with various transmitters. The proliferation of wirelessly chargeable devices across diverse industries, including smartphones, wearables, and electric vehicles, is driving the demand for integrated receivers. Ongoing technological advancements, such as improvements in efficiency and charging speed, contribute to the attractiveness of receivers for device manufacturers. Standardization efforts, such as the Qi wireless charging standard, foster interoperability and encourage manufacturers to incorporate compatible receivers. Moreover, increased research and development investments focus on enhancing receiver technology, aligning with the broader global trend toward cable-free solutions and wireless technologies.

The consumer electronics application holds the largest market share during the forecast period.

The market is segmented into various applications including automotive, consumer electronics, healthcare and other applications. The ubiquity of smartphones, a cornerstone of daily life, has propelled the widespread adoption of wireless charging as an integral feature. The sector's emphasis on user convenience and enhanced experiences has driven the integration of wireless charging into devices such as smartphones, tablets, smartwatches, and other gadgets. The rise of wearable technology has further fueled demand, with compact devices like smartwatches benefiting from the hassle-free charging experience provided by wireless technology.

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North America holds the largest market share of the wireless charging market throughout the forecast period.

North America consists of – the US, Canada and Mexico. The US is serving as the major contributor to the wireless charging Industry in this area. North America's dominance in the wireless charging market is driven by early adoption, technological innovation, the presence of major industry players, a strong consumer electronics market, the growth of electric vehicles, a supportive regulatory environment, substantial market investments, smart city initiatives, and strategic collaborations. These factors collectively position North America as a leader in the global wireless charging landscape.

The report profiles key players in wireless charging companies such as Energizer (US), SAMSUNG (South Korea), Plugless Power Inc. (US), Ossia Inc. (US), and Qualcomm Technologies, Inc. (US) and others.

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