Wireless Power Transmission Market - Forecasts from 2024 to 2029

Wireless Power Transmission Market - Forecasts from 2024 to 2029

The wireless power transmission market is estimated to be around US$15.642 billion in 2024 and is anticipated to grow to US$39.343 billion by 2029 at a CAGR of 20.26%.

Wireless Power Transmission (WPT), or wireless energy transmission, is defined as the unified transmission of electrical energy without the use of cables. In this structure, a transmitting device is powered by an electric source that generates a time-varying electromagnetic field to transfer power across space to a receiving device. This receiver extracts the power and delivers it to the load.

Wireless power transmission offers various benefits over conventional methods, such as convenience. These methods also offer safe and efficient power transmissions, along with secure and shock-free transmission. This method also helps reduce the volume of e-waste in the environment.

This technology improves mobility and accessibility and eliminates the necessity for wires and batteries. One of the major drivers for the global wireless power transmission market’s growth is the increase in the consumer’s disposable income. With the increase in the consumer’s disposable income, the consumer’s penchant for spending on the latest technology-based devices and consumer electronics such as entertainment devices, mobile phones, and laptops increases, further pushing the demand for wireless power transmission systems.

Another major driver for the wireless power transmission market is the increase in the global market demand for consumer electronics, like smartphones, smartwatches, and other devices. With the global acceptability of wireless power technology, these devices have also adopted wireless charging technology in recent years. Introducing wireless charging and power transmission technology in the automotive industry is also expected to boost the market. Wireless power transmission and charging technology will offer an improved capability to EVs in the industry. The growing demand for EVs in the global market will attract companies to invest in wireless power transmission technology in the automotive industry.

Wireless Power Transmission Market Drivers:

An increase in the global demand for consumer electronics.

The evolution of consumer electronics, especially mobile devices, market demand is expected to push the market size of the wireless power transmission market onward. The globe has observed a significant increase in the quantity of smartphones and smartwatches accessibility. Numerous companies like Apple, Samsung, OnePlus, and Motorola, among others, have embedded wireless charging and reverse charging into their new smartphone and smartwatches. This introduction helps to increase the features of the products, along with also attracting new consumers.

Companies like Apple have added wireless charging technology and features to all of the smartphones that the company sells. Apple has also introduced wireless power and charging technologies in smartwatches, accessories like powerbanks, and charging units. Apple, one of the global leaders in consumer electronics manufacturers, stated in its annual report that its smartphone sales increased from US$191,973 million in 2021 to about US$205,489 million in 2022. Similarly, the sales of its wearable, home, and accessories, which includes its wireless chargers, increased from about US$38,367 million in 2021 to about US$41,241 million in 2022.
The introduction of wireless power technology in the automotive industry.

In the automotive industry, wireless power transmission offers increased and more efficient operations for electric vehicles in the global market. In the automotive industry, wireless or inductive charging uses magnetic resonance and a dedicated charging pad that generates the power transmission field. The report published in the IEEE Transportation Electrification Council introduced the wireless charging architecture that minimizes the risk of exposure and reduces the field outside the vehicle footprint. These technologies are being developed, and research is being conducted to operationalize them in the automotive industry.

The EV automotive industry has witnessed massive growth in the global market. Introducing and operationalizing wireless charging and power transmission technology will further boost the global EV demand. The global EV sales in the light vehicle category witnessed an increase of about 13% from 2021 to 2022, which increased to about 15.8% in 2023 from 2022.

Wireless Power Transmission Market Geographical Outlook
Asia Pacific is anticipated to hold a significant share of the wireless power transmission market.

Asia Pacific is expected to attain a greater market share in the global wireless power transmission market, as the region offers the largest manufacturing hub for consumer electronics, healthcare, and automotive industries. Nations like China, India, Taiwan, Vietnam, and Japan are among the global leaders in the manufacturing of various industries that have the application of wireless power technology in the market. The domestic electronics production in India was estimated to be about US$101 billion in 2023, as stated by the InvestIndia portal. In this, the production of mobile phones was about 43%, and the manufacturing of other consumer electronics was estimated at 12%. Similarly, Japanese consumer electronic equipment production increased by 122.8% in 2023 from the previous year.

The region is also among the biggest manufacturers and consumers of EVs, and wireless power transmission is an important application in the industry. In 2023, China's battery-operated EV stock was about 16.1 million, owing the maximum market share in the global EV industry, which was previously recorded at about 10.7 million in 2022.

The Wireless Power Transmission Market Products Offered by Key Companies:

Apple Inc.: One of the global innovators and producers of consumer electronics, Apple Inc., introduced wireless charging and power transmission technology in all its major devices. The company offers MagSafe Chargers, Watch Magnetic Fast Chargers, and MagSafe Battery Pack in wireless charging technology.
Samsung: The Korean electronics giant Samsung also offers various devices embedded with wireless power transmission technology. The company offers Wireless Charger Duo, Wireless Charger Pad, Trio Pad Wireless Charger, and Wireless Charger Pad.

The Wireless Power Transmission Market Key Developments:

In March 2024, the Oak Ridge National Laboratory demonstrated its new wireless charging system to wireless charge electric passenger vehicles. The institutes achieved an efficiency of 96% at 100-kW, using polyphase electromagnetic coupling coils.
In April 2024, Space Solar, a UK-based company operating in the space and solar industry, demonstrated its HARRIER 360-degree power beaming technology. This technology can transmit power wirelessly in complete 360 degrees.

The wireless power transmission market is segmented and analyzed as:

By Component

Hardware
Software

By Technology

Inductive Coupling
Capacitive Coupling
Resonant Inductive Coupling
Others

By Range

Short
Medium
Long

By Application

Consumer Electronics
Healthcare
Automotive
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Others