Global Wireless Charging Market is speculated to grow steadily through 2032 owing to the surging popularity of wearable devices such as smartwatches and fitness trackers. Moreover, increasing proliferation of autonomous and electric vehicles worldwide is projected to support the demand for wireless charging solutions, thus seamlessly supporting the owners to charge their vehicles. Such trends are forecast to augment the industry outlook in the coming years.
Heightened adoption for wireless charging solutions amongst various business conglomerates would compel market participants to introduce unique solutions. Moreover, businesses are also investing in deploying charging solutions that allow drivers to charge their cars while on the highways. Industry leaders are also concentrating on ramping up their R&D operations and global footprint to expand their product portfolios and secure a competitive edge in the market.
For instance, in May 2022, Powermat Technologies launched the Powermat PMT 100 Wireless Power System, to fulfill the needs of small IoT (internet of things) devices for lifestyle, smart homes, and medical applications. The product offers a higher degree of performance and a seamless charging experience.
The wireless charging market has been divided in terms of technology, application, and region.
Based on technology, the resonant segment is slated to attain more than 30% market share by 2032. The resonant technology is expected to unfold as the most valuable innovation in the sector as it helps in charging devices throughout mid-range distances, thus maximizing the comfort for end users. The technology enables multiple devices to be charged simultaneously of differing power and sizes, which will help bolster market growth.
With respect to application, the consumer electronics segment is expected to expand considerably through the forecast period. The global adoption of smart wearables, smartphones, fitness trackers, as well as hearing devices is a major factor driving the demand for wireless charging technology solutions across the consumer electronics industry. Manufacturers in the sector are introducing highly technological wireless chargers that enable charging multiple devices from a single network while using 90% less power.
From the regional perspective, the Middle East & Africa wireless charging market was valued at more than USD 2.5 billion in 2022. The MEA region is likely to expand significantly as airports and airlines in the region have installed multiple charging stations in lounges as well as onboard seats. Furthermore, the GCC-based airlines have been using the charging facilities to improve the traveler experience on both long-haul and short-haul flights. Such advantages are anticipated to foster the regional growth in the ensuing years.