Wireless Charging Market is Estimated to Witness High Growth Owing to Opportunity of Enhanced Wireless Convenience

Wireless Charging Market


Wireless charging technology helps in contactless power transfer through an electromagnetic field between two objects which are close to each other. This is done without any wires or cables and provides enhanced wireless convenience to users. Wireless charging is increasingly being adopted for charging various consumer electronic devices like smartphones, smartwatches, earbuds etc. It provides hassle-free charging experience to users and helps reduce cable clutter.

The global wireless charging market is estimated to be valued at US$ 7.1 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity of enhanced wireless convenience is expected to drive high growth of the wireless charging market. Wireless charging provides freedom and flexibility to users by eliminating the need for physical charging cables. It allows charging of devices anywhere and anytime by just placing them in proximity to a charging pad or surface. This brings immense convenience especially for frequent travelers and commuters. Wireless charging also helps reduce wear and tear of device ports over long term usage. As consumers demand for seamless digital experiences continues to rise, wireless charging technology fulfills this need by offering cable-free charging experiences. The market is witnessing increasing adoption of wireless charging pads and supplies for homes and offices as well as built-in wireless charging functionality in newer devices, driven by the opportunity of enhanced convenience.

Porter's Analysis
Threat of new entrants: Low/medium, Technology barriers to entry are moderate but capital requirements are high. New entrants will face strong competition from existing large players.

Bargaining power of buyers: Medium/high. Buyers have moderate to high bargaining power due to availability of substitutes and undifferentiated products.

Bargaining power of suppliers: Low/medium. Suppliers have relatively low bargaining power due to availability of substitute raw materials and components.

Threat of new substitutes: Medium. Substitute technologies like corded charging are available but wireless charging offers convenience.

Competitive rivalry: High. Industry has many global players leading to intense competition on pricing and technological innovation.

SWOT Analysis

Strengths: Growing consumer popularity of wireless charging compatible smartphones and devices. Development of advanced technologies like fast charging.

Weaknesses: High upfront costs, low efficiency, and heat generation compared to wired charging. Standardization and interoperability issues between technologies of different manufacturers.

Opportunities: Emerging applications in electric vehicles, laptops, wearables etc. Government initiatives to build wireless charging infrastructure on public transit systems.

Threats: Slow adoption rate due to availability of cheaper wired alternatives. Safety and regulatory compliance issues with heating during wireless charging.

Key Takeaways

Global Wireless Charging Market Demand is expected to witness high growth over the forecast period supported by growing sales of smartphones and electronic devices compatible with wireless charging technology. North America dominates the current market owing to early technology adoption and high disposable income levels in countries like the US. The Asia Pacific region is expected to grow at the fastest pace led by countries like China and India due to rising middle class population, higher spending on consumer electronics and initiatives to build wireless EV charging infrastructure.

Key players operating in the wireless charging market are Nippon Shokubai Co. Ltd., Evonik Industries AG, BASF SE, Yixing Danson Technology, Kao Corporation, Sumitomo Seika Chemicals Co. Ltd., San-Dia Polymers Global Co. Ltd., Sanyo Chemicals Industries, Formosa Plastics Corporation, and LG Chemicals Ltd. Wireless charging technology offers convenience over wired charging by eliminating cables and connectors. However, high costs and heat generation remain key challenges for widespread adoption. Standardization of protocols is expected to boost the market growth in coming years.

Regional analysis: The Asia Pacific region dominates the global wireless charging market with a share of over 35% in 2023 led by countries like China, South Korea and India. This is attributed to large consumer electronics manufacturing base, rising middle class population and heavy investments in wireless charging compatible electric vehicle infrastructure especially in China.

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