A number of factors, such as the rise in need for wireless charging in smartwatches, smartphones, headphones, and other consumer electronic devices; adoption of wireless charging technology in medical equipment; technological advancements; growth in the electric vehicle (EV) industry; surge in efficiency of power transfer; and developments of wireless EV charging infrastructure, are expected to drive the wireless charging market in the foreseeable period (2021–2030). According to P&S Intelligence, the market generated revenue of around $4.1 billion in 2020, which is expected to witness significant growth in the coming years.

One of the major factors boosting the market growth is the growing EV industry. In this sector, wireless charging is becoming popular, as it is replacing traditional method of EV charging, in which the vehicle is connected to a power source through a cord. This technology is being implemented in EVs to reduce human involvement and enable the vehicle to charge without any need for a plug. Several international organizations, including the Society of Automotive Engineers (SAE) and International Electro Technical Commission (IEC), are employed on standards to increase the efficiency and safety of wireless EV charging systems.

The technology segment of the wireless charging market is categorized into inductive, magnetic resonance, and radio frequency. Among these, the inductive category accounted for the largest market share in 2020. This is attributed to the fact that an inductive coupling can conduct 30–60% of the power. Thus, this technology is most widely used by market players in their offerings. It is widely used in low-power devices like smartphones, smartwatches, and fitness bands, and medical appliances. With this technology, the devices can be charged by placing them on a conductive pad, which is directly connected to a wall socket.

Moreover, based on component, the wireless charging market is bifurcated into transmitters and receivers. Between the two, the receivers category accounted for larger market share in 2020, because several receivers are used to charge many equipment from a single source. The wireless charging technology uses radio frequency transmitted via a wireless charger and received by a receiver of the equipment, which is then converted to DC voltage, thus offering an easier charging experience to users. Furthermore, a large number of receiver components are present in consumer electronics than transmitter components for wireless charging.