Wireless Charging Market 2023 Size, Share, Trends And Forecast To 2030

Wireless charging market size is projected to reach USD 13.4 billion by 2026 from USD 4.5 billion in 2021, at a compound annual growth rate (CAGR) of 24.6% between 2021 and 2026.

The growing adoption of wireless technologies in consumer electronics industry, and growing sales of electriv vehicles (EV) are few of the primary factors driving market growth. Moreover, increase in use of wireless technology to charge warehouse trucks will create huge opportunities for wireless chargers in near future.

Energizer Holdings, Inc. (US), Ossia Inc. (US), Samsung Group (South Korea), WiTricity Corporation (US), Evatran Group (US), Leggett & Platt (US), Energous Corporation (US), Powermat (Israel), Momentum Wireless Power (US), Powercast Corp. (US), Elix Wireless (Canada), and Zens (Netherlands), are the major companies in the wireless charging market.

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Opportunity: Use of wireless technology to charge warehouse trucks

Charging the complex batteries of warehouse trucks during the working cycle is a time-consuming process. Some batteries do not supply full power once they reach 50% depletion, resulting in partial charging of the device. Many operators maintain complex charging schedules to escape utility cost fines during peak hours. In order to overcome these issues, an inductive battery charging system is used for vehicle fleets; it can be installed in the warehouse environment without the need for extensive space-consuming infrastructure, and helps increase the productivity of logistics up to 30%. Wireless charging helps maintain the batteries of warehouse trucks at a steady level. It eliminates long charging breaks during which trucks are forced to remain idle, and does away with the need for time-consuming replacement of the overall battery troughs.

Challenge: Expensive infrastructure needed for dynamic charging

The growth of the wireless charging system for electric vehicles (EV) is at the emerging phase of its market cycle. Dynamic wireless charging EVs use the wireless power transfer technology. Vehicles can be charged by a wireless charger fixed under the floor of the car parking area. Charging can also be done through the dynamic wireless charging process, while the vehicles are in transit lanes. However, in the dynamic wireless charging system, the battery and charging infrastructure, known as the power track, require a large initial investment. This  is expected to present a challenge for players operating in the global wireless charging market during the forecast period.