"Increasing use of wireless electronic appliances is fueling the growth of wireless power transmission market"

Globally, the wireless power transmission market is expected to grow with a CAGR of more than 15.5% during the forecast period from 2021 to 2029, starting from US$ 6.2 Bn in 2020.

Wireless power transmission is a way to transfer power without the use of wire and connect the areas where people are unable to get a suitable power source. This technique is highly based on technologies using time-varying electric, magnetic, or electromagnetic fields. With the help of wireless power transmission technology, the use of electric wire made of copper and aluminum metal is reduced. This technology is highly beneficial in cases where interconnecting wires is difficult and hazardous. Factors such as changing consumer preference towards wireless connectivity, increasing demand for more effective charging devices and features including efficiency, reliability, fast, low maintenance cost are primarily driving the growth of wireless power transmission market.

Furthermore, rapid growth in the consumer electronics market and awareness about battery technology is also fueling the growth of this market. Moreover, low maintenance cost, growing need for faster charging, high demand for battery-operated devices, and the surge in application of drones, solar-powered satellites and sensors are other major factors expected to boost the wireless power transmission market during the forecast period.  

However, rising cost of wireless power technology, lack of infrastructure associated with wireless power devices, high initial cost of investment, government regulations, and issues associated with wireless power devices are some factors that can hinder the market growth during the forecast period. 

"Consumer electronics segment is expected dominate the end user segment of wireless power transmission market"

Based on application, consumer electronics segment dominated the market by holding a huge chunk of the global market. Tremendous growth in consumer electronics market in major developed and developing countries is primarily driving the wireless power transmission industry. In consumer electronic, the wireless power transmission technology is used to charge portable devices, such as tablets, smartphones, and wearable devices. The demand for consumer electronics is rapidly increasing due to changing lifestyle choices and growing spending capabilities of people. Moreover, technological advancements in this segment now propel the growth of wireless power transmission technology during the forecast period.

"Asia-Pacific to dominate the wireless power transmission market"

Asia-Pacific dominates the wireless power transmission market with a share of nearly 40% of the total revenue generated worldwide. Asia-Pacific is a base for manufacturing various electronic products such as tablets, smartphones, laptops, and wearable consumer electronics. As the manufacturing cost and labor cost is low in this region, most of the consumer electronic products are developed here. The huge population base and rapid growth in urbanization in this region, has led to the significant demand for electronic devices. Moreover, penetration of the internet has also enhanced the utilization of electronic appliances such as smartphones, laptops, ipads, and so on.

The presence of a large number of consumer electronics companies in India, Japan, South Korea, and China is contributing to the large market size of the APAC region in the global wireless power transmission market. North America and Europe also witness significant growth in the global wireless power transmission market during the forecast period.

Some of the prominent players operating in the wireless power transmission market include Samsung Electronics Co., Ltd., Qualcomm Technologies, Inc., LG Electronics Inc., Murata Manufacturing Co., Ltd., WiTricity Corporation, Wi-Charge, uBeam, Inc., Texas Instruments Inc., Fulton Innovation LLC, Energous Corporation, Humavox Ltd., Ossia, Inc., and Koninklijke Philips N.V. 

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Wireless Power Transmission market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Wireless Power Transmission market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Wireless Power Transmission market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Wireless Power Transmission market?
• Which is the largest regional market for Wireless Power Transmission market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Wireless Power Transmission market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Wireless Power Transmission market worldwide?