Global Wireless Charging Market Size, Share, Growth Analysis, By Technology(Inductive, resonant), By End Use Industry(Automotive, healthcare) - Industry Forecast 2024-2031

Global Wireless Charging Market size was valued at USD 6.39 Billion in 2022 and is poised to grow from USD 7.62 Billion in 2023 to USD 31.04 Billion by 2031, at a CAGR of 19.2% during the forecast period (2024-2031).

The growing use of wireless charging technology in smartphones, smartwatches, and other consumer devices has resulted in a notable growth in the global wireless charging market. The market is also being driven by the rising popularity of electric cars, whose batteries must be recharged via wireless charging technology. The goal of the worldwide wireless charging market is to offer an effective and easy alternative to cords and cables for charging electronic devices. The market seeks to improve safety, lessen clutter, and streamline the charging experience for customers. The market has room to grow, but there are a number of obstacles in the way, including high prices, a short range, and incompatibility with some electronic equipment. The development of long-range wireless charging technology and the incorporation of wireless charging technology into cars and furnishings are some of the major industry developments. The global market offers a number of avenues for innovation and growth, including the penetration of emerging markets, the creation of more economical and efficient wireless charging technologies, and the incorporation of these technologies into public areas and transit.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Wireless Charging Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Wireless Charging Market Segmental Analysis

Global Wireless Charging Market is segmented on the basis of technology, end-use industry, and region. By technology, the market is segmented into inductive, resonant, radio frequency, and others. By end-use industry, the market is segmented into automotive, healthcare, electronics, industrial, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Wireless Charging Market

The increasing number of electronic gadgets, including tablets, smartphones, smartwatches, and wireless earphones, has increased the need for wireless charging solutions. Customers are searching more and more for easy-to-use charging techniques that do not require wires or connectors. A large variety of gadgets now have wireless charging built in thanks to this driver. For instance, wireless charging is currently supported by a number of electronic devices, including Samsung Galaxy smartphones, Apple's most recent iPhone models, and others.

Restraints in the Global Wireless Charging Market

The comparatively lower efficiency of wireless charging technology when compared to conventional wired charging is one of its key drawbacks. Energy loss during transmission from wireless charging may result in slower charging rates and longer charging durations. This restriction may act as a deterrent for customers who need rapid and effective charging. For instance, in order to save time, someone may choose to use a wired charging method rather than a wireless one if they need to charge their smartphone immediately.

Market Trends of the Global Wireless Charging Market

Wireless charging is included into furniture and public areas: In the world of wireless charging, furniture and public areas that have charging capabilities is becoming more and more popular. Wireless charging pads are being included by furniture makers into desks, tables, and nightstands to make it easier for customers to charge their devices while utilizing or resting them on the furniture. Additionally, a growing number of public places, like hotels, restaurants, and airports, are adding wireless charging stations to give their patrons access to charging facilities. This trend increases wireless charging's usability and accessibility, bringing it closer to everyday use.

Developments in long-range and quick wireless charging: Research and development efforts are continuously directed toward enhancing these technologies. These developments are intended to address the drawbacks of traditional wireless charging, namely its slower charging speeds and narrower charging ranges. To enable devices to charge while being used or moved inside a designated region, firms are developing wireless charging technologies that can deliver electricity over larger distances. Furthermore, faster wireless charging technologies are being developed to provide greater power levels and drastically shorten charging periods.