Global Wireless Charging Market - 2019-2026
The Global Wireless Charging Market is expected to grow at a CAGR of 30% during the forecasting period (2020-2027).
Wireless charging is the process of electrically charging battery-powered devices and equipment without the need for a wired electrical power connection. It enables the wireless transfer of electrical charge from a charging device or node to the recipient device. Wireless charging is also known as inductive charging, although it is one of the forms/techniques of wireless charging. Furthermore, it maintains the continuous transfer of power to ensure all varieties of devices such as smartphones, wearable devices, and others are charged and readily available to use. Radio Frequency, inductive and resonant is the different technologies used in wireless charging.
Increasing demand for smart devices, rising usage of electrical vehicles worldwide, and growing demand for multi chargeable devices are the factors favoring the market growth ly.
Charging is an essential necessity for electronic devices. Generally, wireless chargings are commonly used in electronic gadgets, like smartphones, portable devices, and wearable electronics.
Increasing usage and demand for electronics especially for smart devices is the foremost driver for market growth. According to GSMA, the total shipment of smartphones is 1.3 billion in the 1st quarter of 2019, which is predicted to rise by the introduction of 5G smartphones by 2023. The increasing demand for smartphones with 5G technology is expected to drive the wireless charging market in the near future. The exports for electronics are increasing in a tremendous way ly. For instance, from 2001 to 2016, the value of electronics exports from Asia jumped from USD 537.3 billion to USD 1,758 billion, at an average growth rate of 8.2% each year.
Lower efficiency, when compared with wired chargings, is the major restraint for the market growth. It can be slower and less energy efficient than traditional cabled charging, and that comparative lack of efficiency can mean that wireless charging wastes more energy by emitting it in the form of heat.
Based on technology, the market for Wireless Charging is broadly segmented as Radio Frequency, Inductive and Resonant. Radiofrequency (RF) wireless charging uses radio frequencies to charge any electrical device like a regular cord. There are different forms of wireless charging, but radiofrequency uses electromagnetic waves over induced magnetic fields. For example, using the wi-fi router and sending signals to computers and smartphones, similarly RF wireless charging uses frequencies to send power from wireless charging to the receiver. The converted electricity becomes the device's power source.
Companies are launching both contact-based and over the air wireless chargings with RF-based technology. For instance, WattUp®, a Radio Frequency-based scalable technology that enables both contact-based and over-the-air wireless charging for small electronic devices in an ecosystem that ensures interoperability.
Based on application the market for Wireless Charging is broadly segmented as medical devices, automotive, smartphones and tablets, wearable devices and others. The automotive segment is expected to grow with a High CAGR rate in the forecast period. Rising usage of electrical vehicles worldwide is the major driver for the growth of the wireless charging market ly in the automotive segment. Due to increasing fuel prices and emission regulations, Electric vehicles are considered to be a major choice by customers while buying a vehicle is increasing. The sales of electric vehicles are expected to rise due to the increasing wireless charging infrastructure for electric vehicles. For instance, 2,018,247 Electric vehicles were sold in 2018 and have been beholding a strong growth rate in recent yearly.
Governments have initiated various schemes and encouraging buyers to choose electric vehicles over conventional vehicles. For instance, China Government passed measures to increase the number of electric vehicles on the road. China Original policy declared that companies with vehicle sales of over 30,000 vehicles must comply with new rules. Countries are focusing to install and increase the wireless charging stations due to the huge demand from the public. For instance, Norway is the first country in the world to install the wireless electric car charging stations for Oslo taxis in 2019.
Based on components, the market for Wireless Charging is broadly segmented as receiver, transmitter, and others.
By Geography, the Wireless Charging market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific market is valued at USD XX Million in 2018 and is estimated to grow at a CAGR of XX% over the forecast period to reach a USD, XX Million, by 2026. The Asia Pacific is expected to hold the largest market share ly over the forecast period to 2026. Growth in the new generation of electric vehicles and the increasing usage of smart devices is driving the market in the Asia Pacific region. The markets for China and India have a massive potential for automotive and electronics. China being a worldwide automotive producing center holds great potential for the development of the wireless charging market. Additionally, China is likely to be one of the world's prominent manufacturers of electronic gadgets in the coming years.
Countries in the Asia Pacific are a major hub for noted manufacturers such as HTC, LG, Lenovo, Panasonic, Samsung, and Sony. Also, the various suppliers of wireless power charging in the region are increasingly focusing on developing advanced ICs that are smaller and have higher energy-transfer efficiency, thus increasing the demand of the market. For Instance, In May 2019, Samsung India announced the launch of two new devices, the Wireless Power Bank and Wireless Charging Duo Pad, expanding its portfolio in the wireless ecosystem.
North America market is valued at USD XX Million in 2018 and is estimated to grow at a CAGR of XX% over the forecast period to reach a USD XX Million by 2026. North America is likely to witness a substantial development owing to rising interest for electric vehicles and development in the sales of electronic gadgets in nations like U.S., Canada and Mexico over the forecast period. In North America, the U.S. is a prominent country in the wireless charging market. The presence of various key players like Apple Inc and advancements in technologies are the key factors, which will support the prominence of the U.S. in the North American wireless charging market during the forecast period.
Companies in North America are introducing wireless charging bus stations. For instance, Link Transit from Washington state launched North America's first public wireless fast charging bus system at its Columbia Station in May 2018.
Qualcomm Technologies, Inc, Ubeam, Powermat, Semtech, Toshiba Electronic Devices and Storage Corporation, Integrated Device Technology, Inc., Powercast Corp, Samsung Electronics Co., Ltd., Witricity Corporation and Tdk Corporation are the major key player's.
Companies are significantly investing in new product development and product launches to sustain their market presence due to the competation.
Companies are focusing to invest in electric vehicles and wireless charging stations worldwide. For instance, Zhejiang VIE has invested around USD 5 million in Plugless Power, and expects it to roll out electric vehicles equipped with wireless charging systems from middle of 2019.
Companies are focusing to launch new products ly. For instance, Cemtrex SmartDesk was created as it includes its own wireless charging, which adds to the user experience with uncluttered wires and a safer and more-secured universal device charging process.
Smartphone companies are launching new wireless charging products for their customers. For instance, Apple's iPhone X started providing its customers with the option to wirelessly charge their smartphones. Earlier, companies like Android and Toyota started incorporating this technology in their devices. Wireless charging has created many positive changes as it alleviates multiple problems and inefficiencies that are closely tied to connecting devices and chargings into outlets.
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