Wireless Charging Market Size, Share & Trends Analysis Report By Technology (Inductive, Resonant, RF, Others), By Application (Automotive, Consumer Electronics, Industrial, Healthcare, Defense, Others), By Region, And Segment Forecasts, 2023 - 2030

Wireless Charging Market Size, Share & Trends Analysis Report By Technology (Inductive, Resonant, RF, Others), By Application (Automotive, Consumer Electronics, Industrial, Healthcare, Defense, Others), By Region, And Segment Forecasts, 2023 - 2030

Wireless Charging Market Growth & Trends

The global wireless charging market size is expected to reach USD 32.78 billion by 2030, expanding at a CAGR of 13.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of wireless technologies in consumer electronics for charging smartphones, tablets, and other devices is driving the market growth over the forecast period. This is due to the convenience and ease of using wireless charging and the fact that it eliminates the need for cables and chargers, which is further propelling the market growth.

Moreover, the increasing adoption of wireless charging technology in the passenger vehicle business is expected to drive market growth over the forecast period. For instance, in May 2022, Tata Power, a subsidiary of Tata Sons, partnered with Hyundai Motor India Limited (HMIL). The goal of the partnership was to create a robust electric vehicle (EV) charging infrastructure, to expedite the extensive integration of electric vehicles across India. As part of this collaboration, Tata Power deployed its 60 kW fast chargers from the Tata Power EZ Charge series at 34 established EV dealer sites across 29 cities affiliated with Hyundai Motor India Limited (HMIL).

Several companies operating in the market focused on launching new products and offerings to cater to the larger customer base and to strengthen their foothold in the industry. For instance, in August 2023, Belkin International Inc. launched a 2-in-1 wireless charging pad with MagSafe. The latest wireless charging pad offers compatibility with Apple's MagSafe wireless charging standard, enabling it to deliver a power boost of up to 15W for iPhone 12 models and later versions. Such advancements are poised to fuel the growth of the market in the coming years.

Wireless Charging Market Report Highlights

• Based on the technology segment, the inductive technology segment accounted for the largest market share in 2022. This is attributed to the adoption of inductive technology along with standardization across the industry
• The RF technology is expected to grow at the fastest CAGR during the forecast period as it eliminates the need for proper alignment in the case of small devices such as wearables and medical implants.
• Based on the application segment, the consumer electronics segment accounted for the largest revenue share 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 wireless charging technology
• MEA is expected to grow at the fastest CAGR of 18.6% over the forecast period. As consumers become more familiar with wireless charging technology and its benefits, the demand for wireless chargers continues to grow.

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