The “Global Wireless Charging Market, by component (Transmitters and Receivers), by Technology (Inductive Technology, Resonance Charging , Radio Frequency Technology And Others), by Application (Consumer Electronics, Automotive, Healthcare and Industrial ) and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 8 million by 2027, witnessing a CAGR of 33.5 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Wireless charging is a sophisticated and convenient mode of charging devices or electric vehicles without the use of cable or physical connectors. Currently, the charging of devices has become an essential aspect of the business. Various global mobile manufacturers such as LG, Samsung, HTC, and Nokia are focused on incorporating wireless charging technology into their new mobile phone models.
Radio Frequency Technology
The global wireless charging market is estimated to account for US$ 7,139 Mn in terms of value and is expected to grow at a CAGR of 33.5 % over the forecasted period 2019-27.
Lucrative features such as multiple device charging are expected to propel growth of the global wireless charging market during the forecast period
Wireless charging facilitates charging of multiple devices at the same time. These devices can be free positioned, i.e. there is no particular way a device should be placed or positioned for charging. This free position feature is provided by resonant technology. However, it needs to be kept within the proximity of the wireless charger. Hence, such features are expected to propel the global wireless charging market growth over the forecast period. For instance, Samsung offers a wireless charger, Multi Wireless Charging Pad, which can charge multiple compatible devices simultaneously.
High growth of IoT market is expected to present a major growth opportunity for market players in the near future
In the recent past, IoT market has witnessed significant growth, growing internet penetration and increasing adoption of smartphones, tablets, and wearable. Such high adoption of connected devices has increased the demand for wireless charging thereby providing major growth opportunities for market players over the forecast period.
High initial cost is expected to restrain growth of the global wireless charging market growth of the forecast period
Wireless charging is expensive and mostly used for high-end mobile phones or tablets and high-end electric cars. Naturally, its market share remains very small. Furthermore, this technology is still in the nascent stage and requires standardization. Hence, these factors are expected to hinder the global wireless market growth over the forecast period.
Several wireless charging station vendors are focused on partnering with automotive manufacturers to jointly work on wireless charging technologies for electric vehicles. For instance, in 2015, Daimler AG, a Germany-based automotive company, partnered with Qualcomm, a U.S.-based semiconductor and telecommunication company, to test wireless charging technologies for in-car charging applications as well as wireless charging of electric vehicles. Furthermore, in October 2016, STMicroelectronics, a Switzerland-based semiconductor chip manufacturing company, partnered with WiTricity, a U.S.-based engineering company, to develop integrated circuits for wireless power transfer for electric vehicle charging.
Emerging economies in Asia Pacific offer major growth potential for the global wireless charging market. This is owing to large population and wider adoption of mobile devices such as smartphones and wearable devices. Furthermore, companies in China, South Korea, and Japan are investing significantly wireless charging technology, for consumer electronics, industrial, and automotive applications. For instance, in 2015, ZTE, a Chinese telecommunication equipment company, invested around US$ 240 Mn in wireless charging technology for public transportation in China. Foxconn Technology, a Taiwan-based electronics contract manufacturing company, is in the process of developing and testing wireless charging modules for Apple’s iPhone 8, which is set to launch later in the year 2017.
Key players operating in the global wireless charging market are Energizer Holding, Inc., PowerbyProxi, Qualcomm Technologies, Inc., ConvenientPower HK Limited, Powermat Technologies, WiTricity Corporation, Integrated Device Technology Inc., Leggett and Platt Inc., and Texas Instruments Inc.