The global wireless charging market size is expected to reach USD 19.17 billion in 2028 at a robust CAGR of 23.8% during the forecast period. Market growth is majorly driven by growing need for wireless charging from healthcare industry. High level of convenience and safety offered by wireless charging technologies and devices are some key factors boosting adoption in the healthcare sector and this trend is expected to prevail going ahead. Deployment of wireless charging devices has helped in resolving challenges concerned with electric-powered medical devices, tools, and equipment. These factors are expected to further fuel adoption of wireless charging in healthcare industry over the forecast period.
Rising demand for Electric Vehicles (EVs) has increased the need for more efficient wireless charging systems, which is expected to further boost market growth during the forecast period. Demand for EVs has been rising rapidly owing to numerous advantages such as low maintenance and cost-effectiveness of these vehicles. EVs are equipped with battery packs that require electricity, and physically plugging a cable into a power outlet to recharge the on-board power pack is currently a major challenge in some countries. Wireless charging pads that are designed specifically for electric vehicles can circumvent this challenge. Rapid shift in consumer preference to reduce wire-related recharging devices and technology of various devices is expected to drive market growth going ahead.
However, high production costs of wireless charging technology in comparison to standard wired charging technology is a key factor expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights in the Report:
- Inductive segment revenue is expected to expand significantly during the forecast period, attributable to increasing application of inductive technology for smart watches, smartphones, and laptops.
- Consumer electronics segment is expected to account for largest revenue share in the global market during the forecast period. Steady growth can be attributed to rising use of wireless chargers for a wide range of consumer electronic devices.
- North America is expected to account for largest revenue share in global market owing to rapid advancements in the automotive industry and increasing need for wireless charging for medical instruments and consumer electronics. Increasing investments to improve wireless charging technologies to cater to growing consumer demand are factors expected to further boost growth of market in the region.
- Major companies in the market include Texas Instruments Inc., Samsung Electronics Co., Ltd., Qualcomm Incorporated, WiTricity Corporation, NXP Semiconductors N.V, Powermat Technologies Ltd, TDK Corporation, Energous Corporation, Ossia Inc., and ZenS B.V.
- In October 2019, WiTricity Corporation and Green Power signed licensing and technology transfer agreements. The partnership enables Green Power to leverage WiTricity’s cutting-edge technology and reference design to develop wireless electric vehicle (EV) charging systems. Green Power used WiTricity’s DRIVE 11 reference designs, that deliver 11kW of power at efficacy and speed that matches conventional plug-in EV chargers, to base its product offerings.
For the purpose of this report, Emergen Research has segmented the global wireless charging market on the basis of technology, end-use, and region:
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Radio Frequency
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Consumer Electronics
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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