Global Wireless Charging Market is Forecast to Grow at CAGR of 48.6%, and is Expected to Reach $48.86 Billion Through 2018-2023.
Associations such as Wireless Power Consortium (WPC), Power Matter Alliance (PMA), and Alliance for wireless power (A4WP) along with various industry players are aggressively working to address and eliminate the difficulties towards the mass adoption of the technology. Chip set vendors are likely to play pivotal role in the adoption of multimode products which are compatible with multiple technologies and standards.
America is the foremost region to generate a maximum of revenue of $1.59 billion in 2018. Further, the market is estimated to reach a revenue of $14.63 billion for the forecast of 2018-2023. According to estimates, Asia-Pacific will outstrip the sales volumes of both America and Europe by 2023. Growing number of industries and large number of developing economies is driving the growth of wireless charging in the APAC. The Asia-Pacific region is developing infrastructure and healthcare facilities, which increases the demand for wireless charging devices.
Selected Charging Type Analysis done in the full Report:
Consumer electronics market is the main end user application for this technology. Slowly, this technology is spreading to other end user industries like industrial equipment, healthcare and automotive. The market is segmented into Inductive Coupling Charging, Magnetic inductance, Magnetic Resonance, Resonant Charging, Radio Wave Charging, Microwave Charging and Laser Beam Charging. In 2014, inductive charging was the only commercially available method of wireless charging. It accounted to $1.32 Billion in 2015, which is estimated to grow at a CAGR of 46.89% to reach $45.13 billion units in 2023, followed by resonance charging market which will grow at a CAGR of 163.24%. The upcoming technologies will contribute significantly to the revenue as they have a higher cost. Beam charging and microwave charging, once commercialized, will have a higher market penetration rate as they will make charging more flexible, with longer range charging methods.
Excerpts on Market Growth Factors
Companies are developing new wireless chargers, which can charge multiple devices at the same time; this will provide an advantage over other forms of charging. The new technology is going to replace technologies like wire chargers and portable chargers. In the years to come, resonance contactless charging will be dominant.
Recent findings in wireless technologies showed, when transferring just 3 watts of power wirelessly, the system was only 2.3% less efficient compared to transmitting 3.39 MB/sec of data. At 2 watts of power, that efficiency difference was only 1.3%. These results were demonstrated at a distance of over 6 inches between transmitter and receiver.
In future, wireless charging will play a major role in the automotive industry. Even while driving, people will be able charge their vehicles. The wireless charging plates installed in the roads would make it possible to drive for miles without plug-in charging. This type of charging will drive the rate of adoption.
key players of the Wireless Charging Market
Qualcomm Incorporated, Powermat Technologies Ltd., Texas instruments Inc., PowerbyProxi, Murata manufacturing Co., Ltd, WiTricity Corporation and many others. Texas Instrument (U.S.) enjoys its dominant position in the wireless charging market with a market share of 18.82%. It holds the maximum market share, owing to the assorted range of products that serves key end user markets such as consumer electronics, automotive and so on. Due to the dominance of American manufacturers in the automobile wireless charging market, WiTricity, Plugless and Qualcomm are the leading companies in the automobile wireless charging market. Companies are also looking at product development in this market to expand their capabilities and position themselves in this growing market.
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