Wireless Power Transmission Market

Wireless Power Transmission Market Size:

The global wireless power transmission market size reached US$ 18.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 149.6 Billion by 2032, exhibiting a growth rate (CAGR) of 25.5% during 2024-2032. The market is expanding rapidly, due to the increasing demand for energy-efficient solutions, rising adoption of wireless power transmission in electric vehicles (EVs), growth in the consumer electronics industry, rapid advancements in technology, and significant investments in wireless charging infrastructure.

Wireless Power Transmission Market Analysis:

• Major Market Drivers: According to the wireless power transmission market forecast, the increasing demand for energy-efficient solutions, as well as the rapid expansion of the consumer electronics industry, are major factors boosting the market growth. Furthermore, the rising technological breakthroughs and increased usage of electric vehicles (EVs) are driving the growth of this industry.
• Key Market Trends: The increasing integration of wireless charging in smartphones, wearables, and electric cars is acting as a major market trend. Furthermore, the rising collaboration between technology companies and automobile manufacturers, as well as a growing trend toward standardization of wireless power technologies, are contributing to the market expansion.
• Geographical Trends: The Asia Pacific region is leading the market, owing to strong consumer electronics adoption rates, rapid technical breakthroughs, and major infrastructural investments. Other regions are also experiencing growth as a result of the increased use of electric vehicles (EVs) and the demand for energy-efficient solutions.
• Competitive Landscape: Some of the major market players in the wireless power transmission industry include Energous Corporation, Humavox Ltd., Integrated Device Technology Inc. (Renesas Electronics Corporation), Leggett & Platt, Murata Manufacturing Co. Ltd., NuCurrent Inc., MothersonOssia, Qualcomm Incorporated, Samsung Electronics, TDK Corporation, Texas Instruments, Wi-Charge Ltd., WiTricity Corporation, among many others.
• Challenges and Opportunities: The wireless power transmission industry report highlights that technological limitations in range and efficiency are impeding the market growth. However, the growing need for wireless power solutions in smart homes and public infrastructure is creating novel opportunities for the market.

Wireless Power Transmission Market Trends:

Increasing Demand for Energy-Efficient Solutions

The ongoing shift towards energy-efficient technologies is majorly driving the wireless power transmission market growth. In 2023, total U.S. primary energy consumption was approximately 94 quadrillion Btu. This hiked consumption is encouraging governments and organizations to focus on lowering their energy usage as environmental concerns and energy costs surge. For instance, the average residential electricity price in the United States increased by 6.2% between 2022 and 2023, which is an up from 15.04 cents per kilowatt hour (kWh) to 15.98 cents/kWh. Moreover, there is a surge in energy losses in traditional wired power transmission systems due to resistance in cables, connections, and other components. In this context, wireless power transmission provides a more efficient means to transport energy, particularly across short distances, as it eliminates the energy losses caused by physical connections.

Growth in the Consumer Electronics Industry

The wireless power transmission market size is increasing owing to the rapid expansion of the consumer electronics industry. The growing popularity of smartphones, tablets, laptops, wearable devices, and other portable electronic gadgets is increasing the demand for convenient and efficient power solutions, which is accelerating the growth of this industry. For example, the smartphone market is expanding at an impressive pace of 3.2% every year and is predicted to reach 1,968.7 million units by 2032. These devices include wireless charging, which allows users to charge their gadgets without the need for wires. Furthermore, the spike in demand for gadgets that are compact, lightweight, and aesthetically beautiful, promoting the use of wireless power transmission as it allows the design of sleeker and more compact products by eliminating the need for cumbersome charging ports and connectors, is contributing to the expansion of this industry.

Rising Adoption in Electric Vehicles (EVs)

The wireless power transmission market revenue is driven by the growing adoption of electric vehicles (EVs) across the globe. The market for EVs is growing rapidly at a rate of 22.1% annually. It is also expected to reach US$ 3,877.2 billion by 2032. In line with this, the ongoing shift in the automotive industry towards electric mobility, creating the demand for efficient and convenient charging solutions, is boosting the expansion of this industry. Wireless power transmission offers a promising alternative to traditional wired charging methods, providing a seamless and user-friendly experience for EV owners. It allows the vehicle to be charged simply by parking it over a wireless charging pad. This eliminates the need for cables and connectors, making the charging process more straightforward and reducing wear and tear on charging components.

Wireless Power Transmission Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, technology, implementation, receiver application, and end-use industry.

Breakup by Type:

• Devices With Battery
• Devices Without Battery
   

Devices with battery accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes devices with battery and devices without battery. According to the report, devices with battery represented the largest segment.

The wireless power transmission market report indicates that devices with batteries represented the largest share, driven by the widespread adoption of wireless charging in consumer electronics such as smartphones, tablets, and wearable devices. Moreover, the rising prevalence of battery-operated devices, creating the demand for convenient and efficient charging solutions, is fostering the market growth. Additionally, the burgeoning integration of wireless charging technology into a growing number of battery-powered devices that contribute to the expansion of this segment is fostering the market growth.

Breakup by Technology:

• Near-Field Technology
  • Inductive
  • Magnetic Resonance
  • Capacitive Coupling/Conductive
• Far-Field Technology
  • Microwave/RF
  • Laser/Infrared
     

Near-field technology holds the largest share of the industry

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes near-field technology (inductive, magnetic resonance, and capacitive coupling/conductive) and far-field technology (microwave/rf and laser/infrared). According to the report, near-field technology accounted for the largest market share.

As per the wireless power transmission market trends and analysis, near-field technology accounted for the largest market share due to its widespread application in consumer electronics, such as smartphones, wearables, and tablets. In line with this, it includes inductive and resonant charging technologies that are favored for their efficiency and safety in transferring power over short distances. Apart from this, the burgeoning integration of near-field technology into various everyday devices, driving its extensive adoption, is creating a positive outlook for the market.

Breakup by Implementation:

• Aftermarket
• Integrated
   

Aftermarket represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the implementation. This includes aftermarket and integrated. According to the report, aftermarket represented the largest segment.

The aftermarket segment represented the largest wireless power transmission market share, driven by the growing demand for wireless charging solutions that can be retrofitted to existing devices and vehicles. Moreover, the increasing demand from consumers and businesses to upgrade their products with wireless charging capabilities, leading to a surge in aftermarket solutions, is acting as a growth-inducing factor. Besides this, the expanding range of aftermarket products, such as wireless charging pads and adapters, that make it a crucial component of the overall industry is bolstering the market growth.

Breakup by Receiver Application:

• Smartphones
• Tablets
• Wearable Electronics
• Notebooks
• Electric Vehicles
• Robots
• Others
   

Smartphones exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the receiver application have also been provided in the report. This includes smartphones, tablets, wearable electronics, notebooks, electric vehicles, robots, and others. According to the report, smartphones accounted for the largest market share.

Smartphones represented the largest segment in the market, driven by the widespread adoption of wireless charging technology in these devices. Along with this, the increasing consumer need for convenience and cable-free charging, leading to the demand for wireless charging-enabled smartphones, is anticipated to drive the market growth. In addition to this, the continuous innovation by smartphone manufacturers to enhance the speed and efficiency of these devices that make wireless power transmission the most significant application area is boosting the market growth.

Breakup by End-Use Industry:

• Consumer Electronics
• Automotive
• Healthcare
• Defense
• Power Generation
• Others
   

Consumer electronics dominates the market

The report has provided a detailed breakup and analysis of the market based on the end-use industry. This includes consumer electronics, automotive, healthcare, defense, power generation, and others. According to the report, consumer electronics represented the largest segment.

Based on the wireless power transmission market overview, consumer electronics accounted for the largest share, driven by the extensive use of wireless charging technology in devices such as smartphones, tablets, wearables, and other portable gadgets. Moreover, rapid innovations in this sector, propelling the use of wireless charging as a standard feature that enhances user convenience and device design, are fostering the market growth. Additionally, the increasing demand for seamless and efficient charging solutions among consumers, is one of the major wireless power transmission market drivers.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest wireless power transmission market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for wireless power transmission.

Based on the wireless power transmission market outlook, Asia Pacific represented the largest market, driven by the region's rapid technological advancements, high consumer electronics adoption rates, and significant investments in infrastructure. Moreover, the strong manufacturing bases and a high concentration of tech-enthusiast consumers who readily embrace wireless charging technologies are acting as growth-inducing factors. Besides this, the widespread use of smartphones, wearables, and electric vehicles, which benefit from wireless power transmission, is fostering the market growth. Additionally, the presence of major consumer electronics manufacturers in Asia Pacific is strengthening the market growth.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the wireless power transmission industry include Energous Corporation, Humavox Ltd., Integrated Device Technology Inc. (Renesas Electronics Corporation), Leggett & Platt, Murata Manufacturing Co. Ltd., NuCurrent Inc., MothersonOssia, Qualcomm Incorporated, Samsung Electronics, TDK Corporation, Texas Instruments, Wi-Charge Ltd., WiTricity Corporation, etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The leading wireless power transmission companies are innovating and expanding their product portfolios to meet growing consumer demand and leverage new technological advancements. They are developing more efficient and versatile wireless charging solutions that cater to a wide range of applications, such as consumer electronics, automotive, and industrial sectors. Moreover, key players are forming strategic partnerships and alliances to strengthen their market presence and accelerate the adoption of wireless power technology. For instance, they are engaging in collaborations between automotive manufacturers and wireless power firms to drive the development of wireless charging infrastructure for electric vehicles (EVs). Additionally, many companies are investing in research and development (R&D) to enhance the efficiency, range, and safety of wireless power systems to overcome current limitations and unlock new market opportunities.

Wireless Power Transmission Market News:

• In June 2024, Energous Corporation announced new partnerships with Anukin, Ecobyte, and Peak Technologies to help accelerate the adoption of the company’s solutions across the globe. Energous wireless power transmitters transfer electrical power over-the-air to energize IoT-enabled devices for asset and inventory tracking and management without the need for batteries, wires, or cables.
• In October 2023, NuCurrent announced that it has released the new Poly Voyager Surround 85 UC Bluetooth headset with NuCurrent's NuSync technology, which is the world's highest power near-field communication (NFC) transfer system. It is the ultimate over-the-ear solution for hybrid work, ensuring seamless connectivity with people and devices across diverse locations. It delivers crystal clear and immersive audio with up to 21 hours of talk-time3, adaptive ANC, and a high-quality boomless microphone.

Wireless Power Transmission Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the wireless power transmission market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global wireless power transmission market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the wireless power transmission industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.