Wireless Charging Market Overview :
Global Wireless Charging Market is expected to reach $37.2 billion by 2022, growing at a CAGR of 44.7% from 2016 to 2022. Wireless charging is an emerging technology that provides enhanced durability of electronic devices & electric vehicles (EVs) and ease of charging.
This technology involves the transmission of energy without wires or cables from a power source to a consuming device. It comprises a charging station (or transmitter) that transmits the energy, and a receiver (integrated inside a device) that receives the energy and charges the battery. It is a reliable, convenient, and safe technology to power and charge electrical devices. In addition, it provides multiple efficient, cost-effective, and safety advantages over the traditional charging systems by eliminating the use of physical connectors and cables.
Wireless charging is user-friendly, as the inconvenience of connecting cables is minimized, and different brands & models of devices can also use the same charger. Moreover, it enhances flexibility, especially for the devices for which replacing their batteries or connecting cables for charging is costly, hazardous, or infeasible (e.g., body implanted sensors).
The demand for wireless charging is globally expected to rise during the forecast period due to ascending sales of electric vehicles, constantly evolving portable electronics & wearable device market, and necessity of harvesting ambient RF. However, technology being expensive to integrate and comparatively slower charging rate restrain the market growth. Moreover, high research in far-field wireless charging technologies and trending Internet of Things (IoT) creates lucrative opportunities in the market. The incompatibility of the technology with the existing electronic devices and certification problem for high range and power rated wireless charging units are the challenges faced by the wireless charging devices.
Factors impacting wireless charging market
The demand for wireless technology is expected to surge due to heavy investments in the R&D by several key players, including Qualcomm Technologies, Inc., Sony Corporation, Texas Instruments, Inc., and others, leading to the improvement in reliability and efficiency. For instance, in October 2016, WiTricity and STMicroelectronics announced their design collaboration to develop semiconductor solutions for magnetic resonance-based wireless power transfer. The aim is to “cut the last cord,” bringing convenience to the powering and charging of consumer electronics; IoT devices; as well as medical, industrial, and automotive applications.
The market is segmented on the basis of technology, industry vertical, and geography.
Based on technology, the market comprises of inductive charging, resonant charging, radio frequency (RF) charging, and others. Inductive charging had the highest wireless charging market share in 2015, owing to its high utilization in wireless charging systems for EVs and smartphones. However, the players have started working on R&D projects of advance wireless charging technologies such as radio frequency (RF), laser, and microwave. These technologies are estimated to witness the highest growth in the wireless charging market forecast. Furthermore, the market is categorized on the basis of industry vertical, which includes electronics, automotive, industrial, healthcare, and aerospace & defense. Automotive industry consumes the highest wireless charging market share owing to its growing adoption and need of efficient charging systems. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Value chain analysis
CONSTANTLY EVOLVING PORTABLE ELECTRONICS AND WEARABLE DEVICE MARKET
Portable electronics and wearables is a booming industry that comprises products such as smartphones, laptops, walky-talkies, portable chargers, smart watches, and various communication devices. Furthermore, in the coming years, the sales of fitness trackers and smart watches is estimated to grow double in volume. Recently, there is a growing interest toward supplying power to electronic devices through wireless charging system. The development, application, and adoption of wireless charging technology make consumers’ life notably easier. Thus, the evolving portable electronics and wearables market is expected to foster high growth of wireless charging market.
Top winning strategies: nature and type
The key players of the global wireless charging market adopt novel strategies to improve manufacturing techniques, and widen their product portfolio to gain a competitive edge over the other market players.
- Comprehensive analysis of the current and future trends in the global wireless charging market are provided
- The report offers a competitive scenario of the market and elucidates on the growth trends, drivers, scope, opportunities, and challenges
- The report includes a comprehensive analysis of the key segments to provide insights on the market dynamics
- Porter’s Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making
- Value chain analysis provides key inputs on the role of stakeholders involved at various stages
KEY MARKET SEGMENTATION OF WIRELESS CHARGING MARKET
The market is segmented based on technology, industry verticals, and geography.
- Aerospace & Defense
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
WIRELESS CHARGING MARKET PLAYERS IN VALUE CHAIN
- Samsung Electronics Co., Ltd.
- Qualcomm Incorporated
- Texas Instruments, Inc.
- Integrated Device Technology, Inc.
- Powermat Technologies Ltd.
- WiTricity Corporation
- Energizer Holdings, Inc.
- Murata Manufacturing Co. Ltd.
- Sony Corporation
- Fulton Innovation LLC
- NXP Semiconductors
- Panasonic Corporation
- Bavarian Motor Works
- Nissan Motor
- Convenient Power HK Limited