Wireless Charging Market Size, Share, Trends, Report 2023-2032
The global wireless charging market was estimated at USD 5.75 billion in 2022 and it is expected to surpass around USD 50.3 billion by 2032, poised to grow at a CAGR of 24.22% from 2023 to 2032.
Key Pointers
Report Scope of the Wireless Charging Market
| Report Coverage | Details |
| Revenue Share of Asia Pacific in 2022 | 46% |
| CAGR of Middle East & Africa from 2023 to 2032 | 30.06% |
| Revenue Forecast by 2032 | USD 50.3 billion |
| Growth Rate from 2023 to 2032 | CAGR of 24.22% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Samsung Electronics; Energous Corporation; Powermat Technologies; Ossia Inc.; WiTricity Corporation; Plugless Power LLC; Powercast Corporation; ConvenientPower HK Ltd.; Texas Instruments, Inc.; Semtech Corporation; Renesas Electronics Corporation; Belkin International, Inc |
The growing demand for high-speed wireless and simultaneous multi-device charging stations is expected to drive the market growth. Furthermore, the technology reduces wear and tear on device ports and connectors, leading to an extended lifespan of devices and reducing maintenance and replacement costs, which is anticipated to fuel the demand for the market over the forecast period.
The rising adoption of electric vehicles (EVs) is generating high demand for seamless and uncomplicated charging solutions is driving the expansion of the market. The wireless technology removes the need for physical cables and connectors, providing EV owners with a considerably smoother and user-focused charging process. This convenience factor plays a major role in driving the widespread acceptance of technology, which is augmenting the robust growth of the market.
Furthermore, key organizations are continuously working on improving the standards associated with the technology to offer enhanced user experience. For instance, in 2023, Wireless Power Consortium, Inc. (WPC) is expected to launch a new wireless charging standard to unify the industry under a single global standard. This strategic initiative aims to enhance efficiency and convenience for wearables and mobile devices, which is expected to boost the market expansion over the forecast period.
The COVID-19 pandemic led to the subsequent lockdown restrictions and temporarily forced manufacturing units and factories to remain shut, affecting the demand and supply chain worldwide and hampering numerous industries, including the semiconductor industry. However, the growing importance of contactless solutions and hygiene awareness after the pandemic is potentially driving interest in the technology as a convenient and touch-free alternative. As remote work and digital connectivity increases, the reliance on devices demanding reliable power sources is expected to boost the market. Moreover, the ongoing innovation and development in the market are anticipated to propel the market growth over the forecast period.
Moreover, key market players are continuously innovating and adapting technologies to improve their product’s efficiency and performance, which is expected to drive market growth. For instance, in September 2022, Morphine, a subsidiary of ZAGG, launched its snap+ wireless charging ecosystem. These latest additions bring enhanced power solutions that provide a wireless power output of up to 15W, catering to both at-home and on-the-go multi-device charging needs. In addition, these solutions are MagSafe compatible and are also suitable for Qi-enabled smartphones. Such product introductions by market players are expected to propel the market growth over the forecast period.
Component Insights
The transmitter component segment accounted for the largest market share of over 66% in 2022. This is attributed to the significant advancements in transmitter technology that have facilitated substantial improvements in power delivery, charging speed, and transmission range. These enhancements have significantly bolstered the efficiency and practicality of the technology, which is expected to drive the segment’s growth over the forecast period.
The receiver component segment is expected to register a significant CAGR of 23.25% over the forecast period. This growth is attributed to an increasing number of devices, including smartphones, smartwatches, and wireless earbuds, which are integrated with wireless charging receiver components. This integration simplifies the charging process and encourages consumers to opt for wireless charging options, which is expected to drive the segment growth further.
Technology Insights
The inductive technology segment accounted for the largest market share of over 48% in 2022. This is attributed to the adoption of technology along with standardization across the industry, especially with the Qi wireless charging standard. This standardization simplifies device compatibility and encourages manufacturers to integrate inductive technology into their product offerings. Moreover, the inductive technology provides the ease of effortlessly positioning devices onto charging pads, eliminating the need for complicated cable connections, which is driving the segment growth over the forecast period.
The radio frequency technology segment is expected to grow at the fastest CAGR of over 32.04% over the forecast period. This growth is attributed to the capability of RF-based wireless charging to facilitate extended-range power transfer, surpassing the limitations of traditional inductive methods. This flexibility in device placement makes RF charging more convenient and user-friendly. In addition, the RF technology can potentially charge multiple devices simultaneously within its coverage area, which is expected to augment the segment demand over the forecast period.
Application Insights
The consumer electronics segment accounted for the largest revenue share of over 47% in 2022 and is expected to continue the same trend over the forecast period. The growth of the segment is attributed to the widespread integration of the technology into smartphones, smartwatches, wireless earbuds, and various consumer electronics that have substantially augmented the potential user base. Furthermore, the growing popularity of wearables like smartwatches and wireless earbuds is expected to fuel the segment growth during the forecast period.
The defense segment is expected to grow at the fastest CAGR of over 28.03% over the forecast period. The integration of wireless charging into the defense sector, particularly in drones and unmanned vehicles, is expected to drive the segment growth. Moreover, this innovation enables UAVs to achieve automated battery recharging upon their return to allocated charging stations. Such wireless charging functionality substantially increases operational longevity and extends mission durations, which is anticipated to fuel the segment growth over the forecast period.
The healthcare segment is expected to grow at a considerable CAGR of 26.06% over the forecast period. The integration of wireless charging into medical devices such as wearable health monitors, smart medical implants, and portable diagnostic equipment is driving the segment growth. Moreover, the technology enables seamless and uninterrupted power supply to devices that require constant monitoring, ensuring that critical patient data is consistently transmitted to medical professionals, which is anticipated to fuel the segment growth over the forecast period.
Regional Insights
The Asia Pacific regional market captured the highest market share of over 46% in 2022. The increasing adoption of electric vehicles (EVs) across the Asia Pacific, especially in countries like China and Japan, is driving the demand for wireless charging infrastructure to support these vehicles. Moreover, the region boasts a large consumer electronics market, with countries like China, Japan, and South Korea being major players in device manufacturing, which is expected to drive market growth across the region.
North America accounted for the second-highest market share of over 24.08% over the forecast period. This growth is attributed to the region's ongoing technological advancements along with the surge in demand for the technology, particularly within the consumer electronics and automotive sectors, which propels market growth in the region. The rising reliance on electronic devices such as laptops, tablets, smartphones, and similar gadgets is expected to fuel the expansion throughout the forecast period.
The Middle East & Africa region is expected to grow at the highest CAGR of over 30.06% over the forecast period. This growth is attributed to the increasing adoption of smartphones and tablets in the region. Moreover, there is a growing awareness of the benefits of wireless charging in the region as the technology is considered to be a more convenient and safer alternative to wired charging, which is expected to boost the demand for the wireless charging market over the forecast period.
Wireless Charging Market Segmentations:
By Component
By Technology
By Application
By Region
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers