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The wireless power transmission marketplace is motivated by a myriad of elements that collectively mildew its conditions and development trajectory. One of the number one marketplace elements improving its expansion is the rising proliferation of electric motors (EVs). As the automotive industry undergoes a profound shift in the direction of electrification, the demand for efficient and convenient charging solutions rises extensively. Wireless power transmission addresses the requirement for problem-loose charging, contributing to the development of the market.
Government tasks and guidelines represent another vital issue molding the wireless power transmission market. Several governments around the arena are actively selling electric automobiles and incentivizing the development of charging infrastructure.
The fee component is of vast attention within the wireless power transmission market. The initial costs associated with enforcing wireless charging technologies had been an issue to tremendous implementation. However, as economies of scale come into play and production approaches mature, the charges are predicted to decrease. This discount in fees is anticipated to make wireless charging answers more accessible to a broader purchaser base, improving in addition to marketplace improvement. Market conditions are also stimulated by the competitive platform and the strategies followed by industry players. Collaborations and partnerships are becoming commonplace as businesses seek to leverage each other's strengths and boost product improvement. These collaborations foster innovation and make contributions to the incorporation of wireless charging talents into a wide variety of products, in addition to expanding the marketplace reach.
Consumer awareness and choices represent an important aspect of the wireless power transmission market. As customers become more conscious of the ease and benefits of wireless charging, the call for well-suited devices and infrastructure will increase. Manufacturers and provider carriers are attuned to those consumer possibilities, enhancing the marketplace to align with evolving user necessities.
In the quit, the wireless power transmission marketplace is molded by means of a complicated interaction of aspects. From the effect of government regulations and technological tendencies to customer options and environmental concerns, those factors together contribute to the development and evolution of the wireless power transmission market. As the market continues to mature, addressing these aspects may be critical for businesses to live aggressively and meet the changing requirements of purchasers and industries alike.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 20.40% (2023-2030) |
Wireless Power Transmission Market Highlights:
Global Wireless Power Transmission Market Overview:
Wireless Power Transmission Market Size was prized at USD 7.8 billion in 2022. The wireless power transmission market industry is projected to grow from USD 9.3 Billion in 2023 to USD 28.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.40% during the forecast period (2024 - 2032).
The adoption of WPT-based smart grids and the growing need for effective and dependable power distribution systems, both of which have increased the use of WPT systems in smart meters, appliances, and other equipment, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wireless Power Transmission Market Trends
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Rising sales of electronic devices to boost the market growth
Throughout the projected period, the market for wireless power transmission is anticipated to be driven by the growing demand for electronic devices. Mobile phones, computers, and iPads can all be charged more efficiently thanks to wireless chargers. For instance, according to Oberlo's (a dropshipping app) current data, smartphones will be the most popular gadgets worldwide in 2022. In 2022, 96.1% of users will have a mobile phone. The most popular type of mobile phone is the smartphone.
They are owned by 95.8% of consumers worldwide. Just 7.7% of users, in comparison, use feature phones. These smartphones lack the more complex features of a smartphone, including an excellent camera, but still have the basic functions of making calls, sending texts, and accessing the internet. As a result, the increasing demand for electronic gadgets that support wireless power transmission has enhanced the wireless power transmission market CAGR across the globe in recent years.
Figure 1: Global major consumer electronic device shipments in billion units from 2015 to 2022
A significant market trend is the development of wireless power transmission. Innovations are being made with recent advancements in the wireless power transmission sector. For instance, in May 2022, Powermat Technologies, an Israeli company that creates cutting-edge wireless power solutions, unveiled its Powermat PMT 100 Wireless Power Solution. This product is intended to meet the demands of small IoT (internet of things) devices for the medical, lifestyle, and smart home markets. Powermat PMT 100 delivers improved performance levels and a seamless transfer user experience at a price point that supports scalability, making it possible to charge a wide range of devices—from fitness trackers and medical sensors to industrial sensors that boost operational efficiency.
The Powermat PMT 100 helps the design and development of smaller, more covert portable devices. It lowers overall wireless power implementation costs by up to 50% thanks to its lack of a receiver microcontroller and few peripheral components. Thus, the continuous technological advancement in wireless power transmission is another factor driving the growth of the wireless power transmission market revenue.
Wireless Power Transmission Market Segment Insights:
Wireless Power Transmission Technology Insights
The Wireless Power Transmission Market segmentation, based on technology, includes inductive, magnetic resonance, conductive, RF, and infrared. In 2022, the magnetic resonance sector dominated the market with respect to the Wireless Power Transmission Market revenue. Magnetic resonance is a wireless power transmission technology that can supply up to 11kW to objects that need a lot of electricity. It is the most adaptable type of wireless power transmission and is utilized for gadgets like vacuum cleaners, laptops, computers, and electric cars.
May 2020: Chinese Electricity Council published national guidelines for wireless charging electric vehicles based on WiTricity's magnetic resonance charging technology, which was developed and patented. Standardization is critical for the widespread adoption of wireless charging electric cars (EVs) in China and worldwide; it enables any electric vehicle with wireless capability to utilize a common wireless charger. This patent has further broadened the growth opportunity for the wireless power transmission industry.
The second fastest-growing segment in the wireless power transmission industry is inductive. Due to the high coupling factor, inductive pads improve fuel economy, need less time to charge, and can be stored to power the car when there are no charging stations nearby.
Wireless Power Transmission Receiver Insights
The Wireless Power Transmission Market data has been bifurcated by the receiver into smartphones, tablets, wearable electronics, and notebooks. Smartphones are the greatest receiver application for wireless power transmission technology due to the deployment of inductive wireless power transmission in various smartphones over the past few years. Some well-known smartphones that support wireless charging include the Samsung Galaxy Series, Motorola Droid devices, and Google Nexus handsets.
It is projected that the proliferation of smartphones will make them a more prevalent receiver application in the inductive wireless power transfer market. Moreover, it is feasible to charge a variety of consumer goods wirelessly. Smartphones and electric vehicles (EVs) dominate the wireless power transmission market. Both are items for consumer electronics. Hence, rising applications of smartphones for wireless power transmission positively impacts the market growth.
Figure 2: Wireless Power Transmission Market, by Receiver, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wireless Power Transmission Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Wireless Power Transmission market accounted for USD 3.6 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period due to increasing investments in research and development on WPT technology in nations around the region, especially in the U.S. and Mexico, and increased deployment of wireless power transmission technology in electric vehicles (EVs). Moreover, increased EV charging solutions demand across the area is anticipated to drive market revenue growth. A U.S.-based transportation firm, Link Transit, put 12 electric buses into service in June 2022. Momentum Dynamics fitted wireless chargers on each bus.
Further, the major countries studied in the market report are Canada, U.S, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Wireless Power Transmission Market SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's wireless power transmission market accounts for the second-largest market share due to the increasing development of electric vehicles (EVs) and electronic devices like tablets and smartphones in nations throughout the region, particularly in the UK, Germany, Italy, and France. In 2020, there was a noticeable increase in the sale of EVs in Europe, and overall EV sales surpassed 1.4 million and passed China. Vehicles equipped with induction wireless power transmission technology can refill on this 1-kilometer circuit while traveling and without stopping. Further, the German wireless power transmission market held the largest market share, and the UK wireless power transmission market was the fastest-growing market in the European region.
The Asia-Pacific Wireless Power Transmission Market is expected to grow at the fastest CAGR from 2022 to 2030. This is because WPT technology is increasingly used in the consumer electronics and automotive industries across the region, particularly in China, India, and Japan. China Academy of Information and Communications Technology estimates that 266 million 5G mobile phones will be shipped in China in 2021, accounting for 75.9% of all mobile phone shipments and increasing by 63.5% annually. Moreover, China's wireless power transmission market held the largest market share, and the Indian wireless power transmission market was the fastest-growing market in the Asia-Pacific region.
Wireless Power Transmission Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the wireless power transmission market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the wireless power transmission industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the global wireless power transmission industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the wireless power transmission industry has provided medicine with some of the most significant benefits. The wireless power transmission market major player such as Wi-Charge Ltd, Texas Instruments Inc, Toshiba Corporation, Qualcomm Inc, and others are working on expanding the market demand by investing in research and development activities.
NuCurrent is a developer of wireless power technologies intended to change electronic devices to finalize the wireless power architecture to fulfill product requirements. The company's technologies closely collaborate with an electronic device to determine the implementation of a mechanism for producing and delivering solutions via custom design, rapid prototype, advanced simulation, and superior performance, allowing clients to obtain advanced efficiency with product durability at a low cost. In September 2021, NuCurrent partnered to combine NuCurrent's exceptional wireless charging technologies with ATC's knowledge and quality in producing electronic subsystems.
Also, Powercast Company is a company that creates wireless charging systems for use at home, work, public locations, and industrial settings. The company's technology enables customers to solve remote wireless charging challenges, power their wireless sensor networks, and eliminate or reduce their need for wires and batteries by providing long-range, true wireless charging without wires or charging mats to charge completely untethered devices. In September 2022, Powercast Corporation developed a novel cellular-based RF Power-Over-Distance Wireless Charging Platform based on Sequans Monarch cellular IoT connectivity technology.
Key Companies in the wireless power transmission market include
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Energous Corporation of the United States
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Humarvous Ltd of the United States
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Fulton Innovation LLC
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Qualcomm Inc. of the United States
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Semtech Corporation of the United States
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Toshiba Corporation of Japan and Texas Instruments Inc
Wireless Power Transmission Industry Developments
January 2021: Xiaomi, a Chinese designer and manufacturer of consumer electronics and related software, as well as home appliances and household items, has introduced Mi Air Charge, a new wireless charging technique, as its exclusive technology. Mi Air Charge was created to allow consumers to charge their electronic gadgets without wires, pads, or wireless charging stands, including smartphones.
January 2020: Ossia, the creators of Cota® Real Wireless PowerTM, and KonnectONE, a global pioneer in mobile technology and Internet of Things (IoT) solutions, announced a collaboration to include Ossia's Cota wireless power technology into KonnectONE's MoxeeTM portfolio of connected and broadband products. The companies intend to launch the items they developed together by the end of this year.
Wireless Power Transmission Market Segmentation:
Wireless Power Transmission Technology Outlook
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Inductive
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Magnetic Resonance
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Conductive
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RF
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Infrared
Wireless Power Transmission Receiver Outlook
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Smartphones
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Tablets
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Wearable Electronics
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Notebook
Wireless Power Transmission Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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