The global wireless charging market revenue stood at $4 billion in 2020, and it will rise significantly between 2021 and 2030 (forecast period), as per the estimates of P&S Intelligence, a market research company based in India. The major factors driving the expansion of the market are the burgeoning requirement for wireless charging in headphones, smartwatches, smartphones, and various other consumer electronic devices, integration of wireless charging features in medical instruments, and surge in the electric vehicle (EV) industry.

Some consumer electronic manufacturers have already began incorporating the wireless charging technology in their offerings and with the growing requirement for wireless charging-enabled appliances, this trend will rise considerably in the coming years. This technology is expected to be integrated in several devices, such as handheld devices, laptops, and drones in the years to come. Besides, the growing deployment of electric vehicles (EVs) is also expected to drive the wireless charging market in the upcoming years.

The popularity of this technology is surging in the EV industry, as it is being explored in order to replace the conventional method of charging the vehicle by connecting it to a power source with the help of a cord. Moreover, this charging technology is being incorporated in electric vehicles for reducing the requirement for human involvement. Several international organizations, such as the Society of Automotive Engineers (SAE), International Electro Technical Commission (IEC), Institute of Electrical and Electronics Engineers (IEEE), and the Underwriters Laboratories (UL) are focusing on introducing standards for improving the efficiency and safety of wireless EV charging systems.

Depending on technology, the wireless charging market is divided into radio frequency, magnetic resonance, and inductive categories. Out of these, the inductive category contributed the highest revenue to the market in the years gone by. This was because of the fact that an inductive coupling can easily transmit 30–60% of the power. Moreover, inductive coupling is adopted in handheld devices, such as tablets, smartphones, ear pods, smartwatches, and laptops.

Geographically, North America dominated the wireless charging market in the past, and it is predicted to exhibit rapid expansion in the coming years as well. This will be because of the existence of numerous industry players in the region, such as Qualcomm Technologies Inc. and Plugless Power Inc. Additionally, the rapid advancements being made in the medical equipment sector, primarily in the U.S., are providing opportunities to manufacturers for investing heavily in wireless charging.

This is expected to propel the regional market in the coming years. WiTricity Corporation, Samsung Electronics Co. Ltd., Texas Instruments Inc., Qualcomm Technologies Inc., Integrated Device Technology Inc., NXP Semiconductors N.V., Convenient Power HK Limited, TDK Corporation, and Powermat Technologies Ltd. are some of the major players operating in the industry. In recent years, these players have actively focused on product launches and collaborations in order to augment their revenue and bolster their position in the industry.

Hence, it can be safely said that the market will demonstrate rapid expansion in the coming years, mainly because of the growing requirement for wireless charging technology in consumer electronic devices.