Wireless Charging Market Size, Share & Trends Analysis Report By Component (Transmitters, Receivers), By Technology (Inductive, Resonant, RF), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Wireless Charging Market Size, Share & Trends Analysis Report By Component (Transmitters, Receivers), By Technology (Inductive, Resonant, RF), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Wireless Charging Market Growth & Trends

The global wireless charging market size is expected to reach USD 31.63 billion by 2030, growing at a CAGR of 24.2% from 2023 to 2030, according to a new study 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 wireless charging market growth.

Moreover, the increasing adoption of wireless charging technology in the passenger vehicle business is expected to drive the 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, with the objective of expediting 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 wireless charging 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 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 component segment, the transmitter component segment accounted for the largest market share in 2022. This is attributed to the significant advancements in transmitter technology
• Based on the technology segment, the inductive technology segment accounted for the largest market share in 2022. This is attributed to the adoption of the inductive technology along with standardization across the industry
• 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
• The Asia Pacific regional market captured the highest revenue share in 2022. This dominance is attributed to the region's ongoing technological advancements along with the surge in demand for wireless charging

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