Wireless Charging Market Outlook – 2027
The global wireless charging market size was valued at $6.51 billion in 2018, and is expected to reach $40.24 billion by 2027, growing at a CAGR of 22.2% from 2020 to 2027. Wireless charging is the transmission of energy from a power source to a consuming device without wires or cables. These devices comprise a charging station (or transmitter) that transmits the energy and a receiver (integrated inside a device) that receives the energy and charges the battery.
Wireless charging is a reliable, convenient, and safe technology to power and charge electrical devices. In addition, it provides efficient, cost-effective, and safer advantages over the traditional charging systems by eliminating the use of physical connectors and cables. Moreover, it maintains continuous transfer of power to ensure all types of devices (handheld industrial devices, smartphones, heavy-duty equipment, and others) are charged and readily available for use.
The new trend of charging the devices wirelessly called drop & charge is developed by the Humavox Company in which the charge station is defined as a key or box, and the receiver needs to be pressed on transmitter by an induction charging. Such features prove beneficial to the customer with better product designing, usability, and reliability. The excessive use of internet creates a charging problem for many smartphones & devices, which can be resolved by using a fast-wireless RF energy base charger. The growth in demand for efficient charging system is expected to significantly drive the growth of the wireless charging market.
Many wireless charging appliances use induction type of technology that consist of two primary induction coils, one at the charging base, which further deals with producing an alternating current from the base, and the other at the portable device. These coils are in the form of a pad that are clipped to the smartphones. This can be in a form of built-in charging coil that gets connected to the charging socket that together make up an electrical transformer. This uses the magnetic coupling phenomenon that is converted into electrical current by the transmitter & receiver coil respectively for the proper working of the inductive power transfer.
Mostly wireless power transfer is used in electronic devices such as smartphone, laptops, wearable electronics, and portable devices. Such rise in adoption of efficient charging system for portable electronics and wearable devices, which can increase the durability of the device is projected to ensure significant growth of the electronics wireless charging industry. In addition, IoT is gaining popularity and is considered as the third wave of technology. Moreover, wireless charging is the primary requirement of portable electronics product targeted by IoT such as smartphones, digital camera & camcorders, laptops & tablets, wearable electronics, and household electronics. Therefore, increase in popularity of the IoT market is expected to provide an opportunity for the market growth.
Increase in sales of electric vehicles (EVs), constantly evolving portable electronics and wearables market, and frequent need of harvesting ambient RF energy are expected to drive the growth of the wireless charging market during the forecast period. However, expensive technology for its integration and slower charging as compared to other charging technologies are the factors anticipated to hamper the growth of the market. Moreover, excessive research in far-field wireless charging technologies and increase in adoption of Internet of Things (IoT) are expected to offer lucrative opportunities for the growth of the market in future.
The emergence of COVID-19 pandemic has wreaked havoc across the world, impacting all aspects of society. The partial or complete lockdown in various regions disrupted the global supply chain, resulting in significant economic losses and wireless charging market is no exception. The market players faced challenges in procuring the raw material and delivering the finished goods with the interrupted supply chain. Consequently, the COVID-19 pandemic has slowed down the wireless charging market growth during the pandemic.
Inductive segment is projected to be the most lucrative segment
The global wireless charging market is segmented on the basis of technology, industry vertical, and region. By technology, it is fragmented into inductive, resonant, radio frequency, and other segments. The inductive wireless charging segment dominated the wireless charging market in terms of revenue in 2018 and is expected to follow the same trend during the forecast period.
By Industry Vertical
Electronics segment is expected to secure the leading position throughout the forecast period
By industry vertical, the market is segregated into electronics, automotive, industrial, healthcare, and aerospace & defense. The electronics wireless charging segment accounted for the highest market share in 2018, whereas the healthcare wireless charging segment is expected to grow at the highest CAGR from 2020 to 2027.
Asia-Pacific region would exhibit the highest CAGR of 24.0% during 2020 - 2027
By region, the global wireless charging market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Taiwan and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America accounted for the highest share, owing to the expansion of the electronics market and rise in sales of EVs. Europe was the second largest contributor in terms of revenue and is expected to witness significant growth during the forecast period, owing to the rise in the demand for fuel-efficient and durable charging system for electronic products such as power tools and portable gadgets.
Top Impacting Factors
The most prominent factors that drive the wireless charging market growth are increase in sales of electric vehicles (EVs), constantly evolving portable electronics and wearables market, and necessity to harvest ambient RF energy. However, technology is expensive to integrate. Further, comparatively slower charging restricts the market growth. These factors have definite impact on the growth of the market. The impact of these factors is expected to decrease by 2027 due to advancements in technology. Each of these factors is anticipated to have a definite impact on the wireless charging market during the forecast period.
Competitive analysis and profiles of the major wireless charging market players, such as 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, are provided in this report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the wireless charging industry.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global wireless charging market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall wireless charging market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current wireless charging market forecast is quantitatively analyzed from 2018 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and e wireless charging market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Wireless Charging Market Report Highlights
By Industry Vertical
Key Market Players
SONY CORPORATION, TEXAS INSTRUMENTS INC, RENESAS ELECTRONICS CORPORATION (INTERATED DEVICE TECHNOLOGY, INC.), ENERGIZER HOLDINGS, INC, POWERMAT TECHNOLOGIES LTD, WITRICITY CORPORATION, SAMSUNG ELECTRONICS CO., LTD., MURATA MANUFACTURING COMPANY, LTD., FULTON INNOVATION LLC, QUALCOMM TECHNOLOGIES, INC
The wireless charging market is a process of charging the batteries or equipment without any wired connection. Wireless charging is possible through various technologies such as inductive, resonant, radio frequency, and others. The market is fragmented with the presence of several private players, startups, and others.
The various market dynamics include rise in demand for reliable, convenient, and safe technology to power and charge electrical devices such as smartphones, wearables, tablets, EVs, and others that drive the growth of the wireless charging market. In addition, market growth is driven by the need for enhanced flexibility in devices in which replacing their batteries or connecting cables for charging is costly, hazardous, or infeasible (e.g., body implanted sensors).
Wireless charging for electric or plug-in hybrid vehicle is expected to experience increase in demand in a short period of time and can reduce present shortcomings of EVs such as short driving range and long charging time. Further, rise in internet data penetration and increase in dependency on the mobile data for business process as well as personal usage influences the wireless charging market positively.
According to executives of Wireless Charging Technology Standardization Organization, wireless charging holds a promising potential in changing the chemistry of conventional charging. The executive states, “Inductive wireless charging technology is extensively used in the automotive industry to charge EVs. Inductive technology consumes the largest share of the market, followed by resonant and others”.
Other technologies market is very niche and is expected to be evident after a couple of years. Rise in sales of smartphones from different manufacturers, primarily Apple Inc. and other Chinese vendors that have inbuilt wireless charging system, accelerates the development of these systems for the electronics industry.