According to a new report published by Allied Market Research, titled, “Wireless Charging Market By Technology, and Application: Opportunity Analysis and Industry Forecast, 2018-2027”,the global wireless charging market size was valued at $6,514.2 million in 2018 and is projected to reach $49,304.1 million by 2027, growing at a CAGR of 23.4% from 2020 to 2027.North America is expected to be the leading contributor to the global wireless charging market, followed by Europe and Asia-Pacific.
Wireless power transmission transfers electrical power from transmitter to receiver without any wire connection. Wireless charging technology allows multiple devices to connect wirelessly. Inductive charging is the most extensively used technology owing to its increased incorporation in wireless charging systems for automotive sectors. Laser and microwave wireless charging technologies are projected to exhibit highest growth in the market owing to their focus on narrow beam capability, comparatively higher frequencies which allow broad bandwidth, and high-power transmission rate
The constantly evolving portable electronics and wearables majorly drives the growth of the wireless charging market, owing to flexibility and hassle-free charging. Moreover, the necessity to harvest ambient RF energy and increase in sales of electric vehiclesare expected to boost the market growth. Furthermore, excessive research in far-field wireless charging technologies and trending internet of things (IoT) are expected to provide lucrative growth opportunities. However, technology is expensive to integrate and comparatively slower charging is expected to hinder the wireless charging market growth.
Inductive technology segment contributed the maximum in terms of revenue to the market and accounted for 54.7% share in 2018. Factors such as hassle-free and enclosed connections offered by the inductive charging technology propels the market sales. However, between 2018 and 2027, radio frequency technologyis expected to grow at a faster rate, by 26.8% in comparison to other technologies. RF charging has greater opportunities as compared to induction as it possesses stronger technical areas. With Far-Field RF wireless charging, the device need not to be pressed on a panel; radio waves emitted in near area charge the smartphone.
Electronics segment was the largest contributor of revenue in 2018 and is expected to grow at a CAGR of 24.0% from 2020 to 2027. Increasing demand for efficient charging system for portable electronics is the prime reason for such growth. Healthcare industry vertical is the second largest contributor of revenue in 2018 and consumes 22.8% market share. Surging adoption of wearable devices such as medical equipment, defibrillators, exoskeletons, pacemakers, and wheelchairs in healthcare industryis one of the major factors for this growth.
By region, the wireless charging market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The wireless charging market analysis had identified that North America contributed maximum revenue in 2018. Between 2018 and 2027, the wireless charging market in Asia-Pacificis expected to grow at a faster rate as compared to other regions. Factors such as increase in adoption of fuel-efficient electric vehicles and surging demand for advancement in the charging system for portable electronics contribute to the market growth in Asia-Pacific.
Key Findings of the Study:
In 2018, the inductive segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 21.8% during the forecast period.
The electronics segment accounted for more than 40.0% of the wireless charging market share in 2018.
The radio frequency segment witness highest growth rate during the forecast period.
UK was the major shareholder in the Europe wireless charging market, accounting for approximately 35.0% share in 2018.
The key players profiled in the report include Samsung Electronics Co., Ltd., Qualcomm Incorporated, Texas Instruments, Inc., Integrated Device Technology, Inc., Power mat Technologies Ltd., WiTricity Corporation, Energizer Holdings, Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC. Market players have adopted various strategies such as product launch, collaboration & partnership, and acquisition, to expand their foothold in the wireless charging industry.