Wireless Charging Market

Wireless Charging Market is Poised For High Growth Owing to Rapid Adoption of Smartphones


The wireless charging market has experienced significant growth in recent years. Wireless charging technology allows for charging devices wirelessly through electromagnetic induction which eliminates the use of charging cables. This has made wireless charging significantly more convenient for users compared to wired charging. Wireless charging is increasingly being adopted for various consumer electronic devices like smartphones, tablets, and wearables. Smartphones in particular have emerged as the largest application segment for wireless charging with most top smartphone brands introducing wireless charging capabilities in their flagship phones.

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 2024 To 2031.

Rapid adoption of smartphones around the world coupled with growing preference for wireless connectivity has been a key driver for the market. Smartphone manufacturers are actively promoting wireless charging as a key feature to differentiate their products.

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. These players are focusing on developing advanced wireless charging solutions and partnerships with OEMs for integrating their technology.
There is a rising market for wireless chargers compatible with multiple devices which is expected to provide significant opportunities for market growth. Manufacturers are innovating universal wireless charging pads and stands that can charge various devices placed on them simultaneously without plugging in cables.
Global adoption of smartphones and other mobile devices continues to rise exponentially driving the need for convenient charging solutions. Wireless charging technology is expected to see expanded usage across different appliances and verticals like healthcare, automotive etc. helping the market achieve broader global expansion.

Market drivers
Rapid rise in smartphone usage worldwide has been a key driver as most flagship phones now support wireless charging. Users prefer the convenience and hassle-free experience of wireless charging over wired alternatives. Growing preference for cord-free lifestyles and ease of use makes wireless charging appealing to both consumers and OEMs helping the market grow at a strong pace. Integration of wireless charging pads and stands in smart homes and offices further boost the market demand.

PEST Analysis
Political: The political landscape can impact the wireless charging market through regulations surrounding wireless technology and its safety. Government initiatives promoting sustainable technologies can also support market growth.

Economic: Economic growth and consumer purchasing power influence demand for electronic devices and accessories like wireless chargers. As incomes rise, more customers can adopt premium smartphones and other devices that support wireless charging standards.

Social: Changing lifestyles and greater mobility are increasing needs for convenient charging solutions. Wireless technology allows users to power devices cord-free at homes and offices or while commuting. Its ease of use appeals to younger tech-savvy demographics.

Technological: Continuous advancements are expanding the capabilities of wireless charging. Standards are being enhanced to provide faster, more efficient power transfer over greater distances. New materials and designs help improve device compatibility while reducing size and heating. Backwards compatibility issues need to be addressed.

The Asia Pacific region accounts for the largest share of the wireless charging market in terms of value currently. Countries like China, Japan, and South Korea have emerged as major manufacturing and export hubs for electronic devices. Growing middle classes and innovative local companies help drive early adoption.

North America is projected to be the fastest growing regional market during the forecast period. Increased wireless power applications in automotive, industrial, and medical sectors support this growth. Countries like the US and Canada also have high consumer acceptance for new connectivity technologies.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it