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Global Wireless Charging Market Was Valued At US$ 9.8 Bn In 2019 And It Is Expected To Reach More Than US$ XX Bn By 2028, Likely To Grow With A CAGR Of 35.8% During The Forecast Period.
In recent years, technological advancement in electronics technology made life easier. There has been development in the process of recharging the batteries of electrical devices using wireless technology. The electromagnetic induction or microwave helped the communication between the transmitter and the receiver. This technological advancement of the wirelessly chargeable devices has avoided the necessity of carrying multiple chargers for various devices. It finds a gamut of applications in various sectors such as automobile, healthcare, and industries.
Additionally, the demand for electric vehicles is expected to surge during the next few decades, which in turn will boost the demand for wireless charging.
Rapidly Increase In Smartphone Users and Other Portable Electronics Devices Drive The Wireless Charging Market
According to the findings by Forbes, 50.8% of the global population has access to the Internet which translates to 4 billion Internet users. This figure largely attributes to the growing mobile phone users across the globe. a number that was already a whopping 7.512 billion according to World Bank in 2016, Now, these mobile users open up the market for wireless charging that generated a market revenue of nearly US$20 billion in 2018
While mostly wireless power transfer is generally utilized in electronic devices such as smartphones, laptops, wearable electronics, portable devices, and wearable, which can potentially increase the durability of the device is expected to ensure significant growth of the electronics wireless charging market. In addition, the strategic alliances between smartphone manufacturers like Samsung and PowerbyProxi are likely to boost the market growth.
The Necessity of a Common Charging Platform and Booming Internet of Things (IoT) & Semiconductor Market Fuelled the Demand For Wireless Charging Market
IoT is gaining popularity and is considered as the third wave of technology. Moreover, the portable electronics devices targeted by IoT such as smartphones, digital cameras & camcorders, laptops & tablets, wearable electronics, and household electronics the wireless charging is the primary requirement. Therefore, the increase in the popularity of the IoT market is expected to pose an opportunity for the wireless charging market.
However, the slower charging rate and technology are more expensive than traditional cable chargers, which restrict the wireless charging market. But these limitations could overcome with the newer approaches and advances in the technology reduce transfer losses and improve speed.
By Industry Vertical, The Electronics Segment Is Expected To Witness The Highest Growth In The Wireless Charging Market Across The Globe.
In terms of applications, the market is primarily dominated by the consumer electronics industry, which accounted for a market share of around 57% in the year 2018. The rapid increase in the manufacturing of consumer electronic devices is expected to drive the market. Most wireless charger manufacturers target portable rechargeable electronics such as smartphones and laptops, which need frequent charging.
On the other hand, the automotive segment is expected to be the fastest-growing over the forecast period. The wireless charging market is expected to experience a boom in electric vehicles. According to the World Bank, the need for electric mobility in China, the U.S., and Europe is catapulting. These factors will continuously propel the global wireless charging market in the automotive industry. The automotive wireless charging market is highly driven by an increase in sales of EVs and their demand for a safer, convenient, and faster wireless charging system. An increase in R&D activities by the leading automotive giants such as BMW, Nissan, and Chevrolet is expected to boost the growth of the market. Recently the Mercedes Benz model S550e–the hybrid version of Flagship S class sedan adopted Qualcomm’s wireless charging technology.
The Inductive Technology Segment Is Dominating The Growth Of The Wireless Charging Market And Expected To Remain Prominent During The Forecast Period.
Continues adoption of inductive technology in electric vehicle charging, the inductive technology is expected to generate incremental opportunity over US$14,500 Million during the forecast period. In May 2018, Germany, BMW launched its wireless electric car charging system. To connect to the vehicle’s charging system over a distance of around eight centimeters through a magnetic field ground pad which is installed in a garage or outside. In addition, the demonstration is done on electric vehicles with the use of a wirelessly charged inductive devices in Satory Versailles, France. This technology has a dynamic electric vehicle charging system and is developed by Qualcomm, Renault and French mobility, which enable electric cars to charge their batteries while on the move. Such the latest trend is expected to significantly drive the wireless charging market in the near future.
The Asia Pacific To Dominate The Wireless Charging Market During The Forecast Period
Geographically, Asia Pacific is the Leading in the wireless charging market. In the year 2019, it accounted for 38% of the market share. Moreover, Asia Pacific is anticipated to be the fastest-growing regional market too. Rapidly growing smartphone penetration, increasing adoption of wireless computing devices, and a large user base for consumer electronics are the primary reasons for the Asia Pacific to be the top revenue generator. Now, China alone has more than 800 million Internet users, 98% of whom are mobile users, according to a survey by Forbes. Considering that China has a major share in the mobile phone market, and the production of consumer electronics is more in Asian countries, APAC tops the regional wireless charging market share with nearly 32%. While countries such as Japan, China, and India are the largest producers of automotive components and hold the most consumer electronics manufacturers such as Fujitsu, HTC, LG, Lenovo, Meizu, Panasonic, Samsung, Sony, and Xiaomi.
However, the North American market appears to be more mature than the Asian market. The United States is the largest regional market for wireless charging. An increase in the adoption of wireless charging for industrial applications and growing awareness of wireless power technology among consumers is one of the main reason why Western Europe and the North American market is growing significantly.
Integrated Device Technology, Inc., which is one of the market leaders in wireless charging, is to be acquired by Renesas Electronics Corporation is approximately US$6.7 billion.
Some key players operating in the market are Samsung Electronics, TDK Corporation, Qualcomm Inc., Texas Instruments, Inc., Integrated Devices Technology, Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings, Inc., Murata Manufacturing Co. Ltd.,and Sony Corporation.
Wireless Charging Market Key segments:
Wireless Charging Market By Components:
Wireless Charging Market By Technology
- Radio Frequency (RF)
Wireless Charging Market, By Industry Vertical
- Aerospace & Defense
Wireless Charging Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America