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Wireless Charging Market Size By Technology (Inductive, RF, Resonant), By Application (Automotive, Consumer Electronics, Industrial, Healthcare, Aerospace & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI440
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Drivers

Wireless Charging Market size surpassed USD 12 billion in 2022 and is slated to depict more than 25% CAGR through between 2023 and 2032.
 

Increasing reliance on smart IoT devices and burgeoning ICT sector worldwide will boost the market demand. Improvement in the processing capabilities of devices has made wireless charging an essential technology in the digital ecosystem. With the rising penetration of connected solutions and the development of smart IoT hubs, the demand for compact wireless charging modules has surged globally.
 

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Government organizations have been targeting to improve ICT infrastructure and digital platforms for exclusive use. The rapid growth of the ICT sector will consequently promote the adoption of advanced systems based on technologies including AI, 5G, IoT, and cloud computing, which require wireless charging. Furthermore, continuous technology upgrades in the IT sector are also set to stimulate the use of wireless charging devices to power smart products.
 

However, the wireless charging technology is associated with high costs as compared to wired alternatives, which may inhibit the market progress. Moreover, wireless chargers designed to simultaneously power multiple devices are more expensive. These cost concerns may restrict their adoption, particularly in underdeveloped regions where disposable incomes are low. Despite this, rapid improvement in the battery life of electronic gadgets due to tech innovations may create lucrative opportunities for the industry expansion.
 

Qi-compatible device ownership to spur manufacture of inductive wireless chargers

The inductive technology segment is poised to witness 20% growth through 2032, owing to an increase in ownership rates of Qi-compatible devices. The growing popularity of these devices will drive the need for advanced inductive wireless charging solutions to provide electrical safety under different weather conditions.
 

Additionally, this technology can reduce battery overheating through its auto-turn-off feature that switches off once the device is fully charged. Inductive charging technology is also associated with reduced electrical faults and charging errors owing to minimal risks of corroded USB ports, further driving product consumption.
 

Reliance on implantable & electrical medical devices expedites wireless charger production

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Wireless charging market value from healthcare applications will reach USD 8 billion by 2032. The mounting consumption of electrical devices to provide chemical or electrical therapy to patients is a prominent factor driving wireless charger demand.
 

Due to the limited number of organ donors, the use of implantable medical devices has also surged. Since wireless charging is a non-invasive means of recharging batteries for the growing class of implantable devices and other healthcare equipment including EKG machines, the reliance of the healthcare sector on these devices is expected to rise exponentially over the forthcoming years.
 

Uptake of EVs to amplify wireless charger development in Europe

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Europe wireless charging market held around 30% revenue share in 2022, on account of the booming electric vehicle (EV) sector. As per data from the European Environment Agency, in 2021, electric car registrations were recorded at close to 1,729,000, indicating a rise from 1,061,000 a year earlier. In response to this shift in preference for EVs, government bodies have also been expanding charging infrastructure.
 

Innovative product launches to become key growth strategy for industry players

Some of the major players operating in the market include Argo AI, Cepton Technologies, Inc., Fugro N.V., Innoviz Technologies Ltd., LeiShen Intelligent Systems Co., Ltd., Ouster, Inc., Luminar Technologies, Inc., Phantom Intelligence, Quanergy Systems, Inc., Phoenix LiDAR Systems, Tetravue, Inc., Trimble Inc., Topcon Positioning Systems, Inc., and Velodyne LiDAR, Inc.
 

These companies are focusing on new product launches and the expansion of customer databases to reinforce their presence in the market. For instance, in September 2022, Powercast Corporation launched a cellular-based Power-Over-Distance RF Wireless Charging Platform based on Sequans Monarch cellular IoT technology. The technology was designed to aid in remotely charging different consumer electronics concurrently.
 

The market research report on wireless charging includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:

Market, By Technology

  • Inductive
  • Resonant
  • RF
  • Others

Market, By Application

  • Aerospace & defense
  • Automotive
  • Consumer electronics
  • Healthcare
  • Industrial

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The market size for wireless charging surpassed USD 12 billion in 2022 and is slated to depict more than 25% CAGR through between 2023 and 2032, due to the increasing reliance on smart IoT devices and the burgeoning ICT sector.
The inductive wireless charging technology segment is poised to exhibit over 20% CAGR through 2023-2032, considering an increase in ownership rates of Qi-compatible devices.
The European region held a 30% share of the global market in 2022, as a result of the prolific development of the electric vehicle sector.
Argo AI, Cepton Technologies, Inc., Hesai Technology, Fugro N.V., Innoviz Technologies Ltd., LeiShen Intelligent Systems Co., Ltd., Ouster, Inc., Phoenix LiDAR Systems, and Velodyne LiDAR, Inc. are some of the companies operating in the market.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 19
  • Tables & Figures: 197
  • Countries covered: 18
  • Pages: 220
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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