Factors such as the burgeoning demand for wireless charging-enabled consumer electronics, such as headphones, smartphones, and smartwatches, and rising advancements in wireless electric vehicle (EV) charging infrastructure will augment the wireless charging market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated ~$4 billion revenue in 2020. Moreover, the expanding EV industry, owing to the rising environmental concerns and soaring government support toward EV production and adoption, will also supplement the market growth in the forthcoming years.
One of the key growth drivers of the market is the burgeoning EV demand across the world. The International Energy Agency (IEA) predicts that the global stock of plug-in hybrid electric vehicle (BEV) (trucks) and battery electric vehicle (BEV) (trucks) will reach 900,264 units and 860,942 units, respectively, by 2030. The booming EV sales are creating a huge requirement for EV chargers. In recent years, wireless charging systems have gained traction in the EV industry due to the improved safety and efficiency being offered by them.
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In recent years, the players operating in the wireless charging market have been focusing on product launches and collaborations to gain a competitive edge. For instance, in January 2021, Xiaomi Corporation launched the Mi Air Charge technology to allow remote charging of electronic devices without any wireless or cable charging stand. This novel technology can remotely charge a 5-Watt device within a radius of several meters. This technology can charge numerous devices simultaneously. Other companies undertaking such strategic measures are Samsung Electronics Co. Ltd., Integrated Device Technology Inc., Convenient Power HK Ltd., WiTricity Corporation, and Powermat Technologies Ltd.
The component segment of the wireless charging market is bifurcated into transmitters and receivers. Of these, the receivers category generated the higher revenue in 2020, as many receivers are required to charge numerous devices from a single source. Wireless charging uses radio frequencies (RF) transmitted through a wireless charger and picked up by a receiver within the device. The RF picked up through the receiver is then converted to DC voltage. As wireless power transfer is not dependent on the alignment of the receiver and transmitter, wireless chargers offer a smooth charging experience to users.
Geographically, North America accounted for the largest share in the wireless charging market in 2020, and it is projected to maintain its dominance during the forecast years as well. This can be credited to the presence of a large number of market players, such as Energizer Holdings Inc., WiTricity Corporation, Plugless Power LLC, and Qualcomm Technologies Inc., and extensive sales of consumer electronics in the region. Moreover, continuous innovations in wireless charging technology in the medical device and EV sectors are also driving the market growth in the region.
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Whereas, the Asia-Pacific (APAC) wireless charging market is expected to register the fastest growth throughout the forecast period, due to the booming demand for EVs and consumer electronics, such as smartwatches, smartphones, laptops, ear pods, gaming consoles, and personal digital assistants (PDAs) in the region. For instance, according to the Society of Manufacturers of Electric Vehicles (SMEV), EV sales in India grew from 129,600 in the financial year 2018–2019 to 155,400 in the financial year 2019–2020.
Thus, the booming EV demand and increasing penetration of consumer electronics will facilitate the market growth across the world in the coming years.
Market Size Breakdown by Segments
- Magnetic Resonance
- Radio Frequency
- Consumers Electronics
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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