Rising Demand for Electric Vehicles and a Growing Trend of Electronic Devices Miniaturization Are Boosting the Wireless Charging Materials Market Size During the Forecast Period 2023-2028

The Wireless Charging Materials Market size is estimated to reach US$40.35 billion by 2028, growing at a CAGR of 20.8% from 2023 to 2028. Growing demand for consumer electronics, rising penetration of IoT-connected devices, a trend towards miniaturization of electronics and growing sales of electric vehicles across the globe are driving the Wireless Charging Materials industry forward. In June 2021, Sony released WF-1000XM4 which is a wireless headphone with wireless charging facilities. Such developments boost the adoption of Wireless Charging Materials. However, compatibility issues and long charging time hampers the market growth.

Moreover, technological advancements have brought new innovations in consumer electronic products with new and advanced features. Increased internet penetration, the proliferation of IoT-connected devices and increased disposable income of consumers have led them to buy high-end electronic products such as smartphones, laptops, TWS and many others. In FY 2020, smartphone shipments in India reached 150 million units while 5G smartphone shipments crossed 4 million units in 2020. This growing demand for premium-range smartphones would boost the Wireless Charging Materials market.

APAC generated approximately 29% of the global revenues in the Wireless Charging Materials industry in 2022. Growing demand for consumer electronics and wearable devices, the presence of major manufacturers and rising applications of wireless charging across various industry verticals are driving the market growth. In June 2021, Powermat Technologies established a product development lab in Shenzhen, China, to meet the high demand for wireless charging solutions in the IoT, healthcare and industrial sectors. These factors and developments increase the Wireless Charging Materials market size in the APAC market.

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Wireless Charging Materials Market Growth Driver

Rising Electric Vehicle demand:

Wireless charging is becoming increasingly popular in the EV industry as a replacement for the traditional method of connecting the vehicle to a power source via a cord. Wireless charging is being used in all-electric vehicles to reduce human involvement, which is assisting in the growth of the wireless charging materials market. EVs can charge wirelessly, eliminating the need for a plug. A robust charging infrastructure is essential for the widespread adoption of electric vehicles. Governments worldwide are encouraging the use of EVs to help ensure a cleaner environment, which is driving industry statistics. In October 2021, WiTricity announced that its patented wireless charging technology for BEVs would be used in Hyundai Genesis GV60 which would be available in the market in 2022, initially in South Korea. These developments positively influence the wireless charging materials industry outlook during the forecast period.

The Major Players in this Market

Major players in the Wireless Charging Materials Market include Samsung Electronics Co. Ltd, WiTricity Corporation, Qualcomm Technologies Inc, Texas Instruments Inc, Integrated Device Technology Inc, Powermat Technologies Ltd and others. In February 2022, Amazon launched its first TWS earbuds in India. This Echo Buds 2nd Gen was released with hands-free Alexa support and wireless charging.