The wireless charging market comprises products such as wireless chargers, transmitting devices and receiving devices. Wireless charging offers convenience to consumers by eliminating the use of wired cables for charging smartphones and other electronic devices. With advancements in wireless power transfer technologies, wireless charging solutions are becoming compact and efficient.
The Global Wireless Charging Market is estimated to be valued at US$ 8.18 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in The Wireless Charging Market are 3M, Abbott, Bayer AG, F. Hoffmann-La Roche Ltd, Inc., GE Healthcare, Johnson & Johnson Services, Inc., Medtronic, OMRON Healthcare, Inc., ResMed, Advin Health Care, Koninklijke Philips N.V., NeuroPace, Inc., Natus Medical Incorporated, and Fisher & Paykel Healthcare Limited.
Growing consumer demand for smartphones and mobile devices is a key factor driving the wireless charging market. Wireless charging offers convenience by eliminating the use of wired cables for charging. Its universal compatibility with electronic devices makes it a desirable option compared to wired charging.
The wireless charging market is expanding globally with increasing investments by players for development of advanced wireless charging solutions. Adoption of wireless charging technology is growing across various industries including automotive, healthcare, industrial and consumer electronics. Global smartphone shipment is increasing rapidly which is boosting the demand for wireless charging technology.
Market key trends
Resonance wireless charging technology is gaining traction in the market. It offers high power transfer capabilities over distances ranging from several centimeters to few meters. It works on the principle of magnetic resonance to transmit power contactless from the charging transmitter to the power receiver. Resonance technology eliminates the need for precise alignment between transmitter and receiver coils required in traditional inductive charging solutions. This makes wireless charging compact and more efficient.
Porter’s Analysis
Threat of new entrants: Moderate barrier considering R&D and technology investments required.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute charging technologies.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of component manufacturers.
Threat of new substitutes: High threat from new substitutes like wired charging and alternative wireless technologies limiting market growth.
Competitive rivalry: Intense competition expected among existing players to gain market share through technology innovation and strategic partnerships.
North America region dominated the global wireless charging market in terms of value in 2024, followed by Asia Pacific. High consumer adoption of smartphones and other electronic devices requiring wireless charging contributed to large market size.
Asia Pacific region is expected to witness fastest growth during the forecast period. Rapid economic development, rising disposable incomes, increasing penetration of supporting infrastructure and growing consumer electronics industry will drive higher demand for wireless charging solutions in countries like China, India and South Korea.