Wireless Charging Module Market - Forecasts from 2023 to 2028

The wireless charging module market is anticipated to expand at a CAGR of 7.06% to reach US$1,242.254 million in 2028 from US$770.824 million in 2021.A wireless charging module consisting of a power adapter and a charging pad is used for power supply between two devices through electronic magnetic induction. Its universal compatibility and durable nature protect the charging port of devices, especially smartphones, from wear and tear. The growing technological advancement in charging infrastructure, coupled with booming smartphone penetration and an increase in charging access in public spaces, are propelling the market demand for wireless charging modules, thereby augmenting the overall market growth. Major smartphone manufacturers, namely Apple and Samsung, have already started implementing the Qi charging technology in their devices.

Increasing Investments in the Market

Wireless charging module, due to its cost-effectiveness and ability to bolster fast charging, is paving its way in the automotive sector for electric vehicle applications. Various investments are being to apply such charging modules in electric vehicles. For instance, in August 2022, WiTricity Corporation raised investments of US$63 million, which the company would use to speed up the production and marketing of its wireless charging solutions for commercial and passenger electric vehicles.

Rising Demand for Electric Vehicles

The scope of wireless charging adoption is high in major countries, namely the US and China, where electric vehicle adoption is showing significant growth. For instance, according to the International Energy Agency, electric vehicle sales in China reached 6 million units in 2022, which represented a significant increase of 81.2% over 3.3 million cars sold in 2021. Furthermore, the same source stated that China accounted for 60% of electric vehicle registrations in 2022. Various initiatives are being implemented by the concerned authorities to promote EV wireless charging. For instance, in May 2020, the China Automotive Technology and Research Center, along with the China Electricity Council, formed a set of national standards for introducing wireless charging for EV applications.

The Americas region is expected to witness robust growth.

The growing need for wireless charging solutions amid the rising electric vehicle fleet in the major regions of the United States is one of the primary factors expected to drive the market demand and volume in the forecast period. For instance, as per the April 2021 Emerging Technologies White Paper by the San Diego Association of Governments (SANDAG), approximately 41,000 publicly accessible electric vehicle charging ports might be needed in San Diego County by 2030, compared to the current 2,500 available. The high rise in the adoption of electric vehicles and charging ports is strongly anticipated to boost the need and demand for wireless charging modules, thereby benefitting the market growth. In addition, as per the 2023 Innovation Landscape for Smart Electrification upload by the International Renewable Energy Agency (IRENA), Momentum Dynamics and Solano Transportation Authority (STA) are in plans to deploy a 300-kW automatic wireless fast charging network which will be operated by along a bus transit corridor.

Market Developments:

• In May 2023, Stuffcool launched its "Magic 2-in-1 Magnetic Wireless Charging Station" in India, which is equipped with type-A and type-C wireless charging modules that are capable of providing 15W of wireless power for charging Android devices.
• Luxshare Precision Industry Co Ltd entered Apple's supply chain for Apple Watch wireless charging modules in 2015 and has become a market leader for iPhone wireless charging modules since 2018. The firm also has vertically integrated manufacturing capabilities for fundamental components, modules to a system-wide installation that are fairly comprehensive.

Market Segmentation:

By Application

• Automotive
• Consumer Electronics
• Industrial

By Charging

• MagSafe Charging
• Qi Charging

By Geography

• Americas
• USA
• Others
• Europe
• United Kingdom
• Germany
• France
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Others