Wireless Charging Market Size

Wireless Charging Market Size

Wireless Charging Market size was valued at USD 14.62 billion in 2023 and is anticipated to register a CAGR of over 33.2% between 2024 and 2032. The rapid growth of electric vehicles (EVs) is a major driver for market expansion. As EV adoption increases, the demand for convenient and efficient charging solutions grows. Wireless charging technology, now being integrated into several EV models, simplifies the charging process and eliminates the need for physical connectors.

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Recent advancements, including wireless charging pads and dynamic charging systems, offer the potential for more seamless and accessible charging experiences. For instance, according to IEA, in 2023, global electric vehicle (EV) sales reached nearly 14 million units, marking a 35% increase from the previous year. This surge brought the total number of electric cars on the road to approximately 40 million. Notably, electric cars represented about 18% of all new car sales globally, up from 14% in 2022.

Recent advancements in wireless charging technology focus on enhancing speed, efficiency, and convenience. These advancements also include resonant and radio-frequency charging, which enable longer-range power delivery and more flexible device placement. Enhanced technologies are reducing charging times and expanding applications beyond smartphones to include laptops and wearable devices. Such progress addresses previous limitations, driving broader adoption in consumer electronics and automotive sectors. These developments aim to meet rising consumer expectations for faster, more efficient charging solutions.

For example, in May 2024, STMicroelectronics has introduced a 50W, Qi-compatible transmitter and receiver combination to accelerate the development of wireless charging for high-power applications such as medical and industrial equipment, home appliances, and computer peripherals. This combination uses ST's proprietary STSC (ST Super Charge) protocol, which provides faster charging rates compared to standard Qi protocols used with smartphones.

The higher cost of wireless charging systems remains a significant restraint for broader market adoption. Integrating wireless charging technology into devices involves expensive components and advanced engineering, driving up production costs. This cost is often passed on to consumers, making devices more expensive. Additionally, the infrastructure needed for higher-power applications, such as those in electric vehicles, involves substantial investment. Recent reports indicate that despite decreasing prices due to technological advancements, the initial cost remains a barrier, especially in price-sensitive markets. This high cost can slow down adoption rates and limit market growth.