Market Research Future (MRFR) predicts the Global Wireless Charging Market size to hit USD 24.05 Billion with a 32.56% CAGR from 2017-2023 (forecast period). Wireless charging refers to the method of electrically charging battery-powered equipment or devices without physically connected cables. It is based on the concept of inductive power transfer, or magnetic resonance, in which the electric current is transferred between two objects by the use of coils in order to induce an electromagnetic field. It offers a safe, easy, and reliable way to charge and power various electrical devices at homes and workplaces.
The various benefits of wireless charging, like the ease of handling and mobility, protection from electric shocks, flexibility, etc., contribute to the global wireless charging market growth. Furthermore, the rising proliferation of the Internet of Things (IoT) is boosting demand for wireless charging as it is a convenient way to power the IoT network. In addition, the integration of wireless charging solutions in automobiles and the growing use of wireless charging in the healthcare sector are some of the other factors driving the market.
The slow growth of electric vehicles amid the COVID-19 crisis to hinder the wireless charging market
The increase in sales of electric vehicles to minimize carbon emissions and the need to reduce dependence on conventional fuels has fueled the growth of the global demand for wireless charging for electric vehicles. The market had the highest market share in 2019 across Europe. However, as a result of the Covid-19 pandemic, major EV charger manufacturers have halted their operations, which would hinder the market. The demand for wireless charging for electric vehicles is expected to decline during the Covid-19 pandemic, as various manufacturers of electric vehicles have halted their operation in the middle of the lockdown. Revenues from the commercial installation segment are likely to decline due to reduced electrical vehicle infrastructure operations, including the building of charging stations in the middle of the lockdown. The Government of India is expected to begin the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) with the lifting of the lockdown. The project was announced in 2019, which involves the establishment of about 2,700 charging stations in metro cities. This is expected to accelerate the development of the wireless electric vehicle charging market.
High demand for Smartphones to Boost Market Growth
Strong demand for smartphones is one of the key drivers for the wireless charging industry. Consumer electronics segments accounted for 31.53% of the market share in the global wireless charging market, with the mobile segment accounting for 51.46% of the overall market share. Rising disposable income around the world is leading to high spending on electronic products, including the purchase of smartphones and wearable devices. The study shows that the overall shipment of smartphones was projected to be about 1.5 billion in 2016, which is expected to rise to 2 billion by the end of 2023.
Increasing demand for electric vehicles to propel market growth
Vehicular pollution has been a significant cause of air pollution diseases. This is generating a global market for an electric vehicle. As stated by the IEEE Transportation Electrification Community, wireless charging will be implemented in all-electric vehicles to reduce the risk of human exposure. In addition, according to the World Bank, the need for electric mobility in China, the United States, and Europe is catapulting. India will also receive funding from the World Bank to manufacture electric vehicles. As a result, these factors will improve the global demand for wireless charging in the automotive industry.
Standardization of wireless regulations
With the introduction of next-generation smartphones, the demand for efficient charging infrastructure has increased substantially across the consumer electronics market. Currently, charging infrastructure that is easier to use can securely transfer power to the device, and places minimal strain on the charging port, among other items, is in high demand. Manufacturers, including LG Electronics Inc, Samsung Electronics Co. Ltd., and Apple Inc., have begun incorporating wireless charging into their premium smartphone segment. However, as technology is still under development, a variety of companies are seeking to incorporate it through their product ranges. The presence of various wireless chargers in the market raises the requirement for standardization to ensure high-quality wireless chargers and their compatibility with different types of devices.
High Adoption of wireless charging in industrial and healthcare applications
Wireless charging offers waterproof, hermetically (airtight), sealed surfaces, as opposed to connecting sockets, making them free from obstruction and easier to clean. Several logistics companies are installing electric trucks that can be charged using wireless charging technology in their warehouses. For example, Semtech has extended its LinkCharge wireless charging platform to include high-power industrial applications. The equipment uses inductive technology to provide charging for applications needing up to 20 watts of electricity. Healthcare applications in the wireless charging industry will rise to 16% by 2026. Interruptions in surgical procedures due to regular power cuts and energy transfer issues have a significant effect on the treatment of patients. As a result, the healthcare industry is moving towards innovative wireless charging alternatives that promote the improved performance of medical devices. Charger manufacturers are focused on creating advanced wireless chargers for medical applications that ease complex charging procedures.
The higher cost of production with lower efficiency than the conventional wired method of charging to limit market growth
Wire-based charging has grown into turbo or fast-charging solutions, which have been a major hindrance to the wireless charging market in recent years. Inductive charging is currently the most commonly used form of wireless charging embraced by consumers, from charging electric toothbrushes to charging smartphones and earbuds. These developments ensure increased performance and increase consumer confidence in wireless chargers. Safety, however, has been another problem that is affecting the wireless chargers market growth. The notion of wireless charging over a distance increases the safety problems as a large amount of energy is spread out randomly.
Global Wireless Charging Industry has been segmented into Technology, Components, and Application.
By technology, the global wireless charging market has been segmented into inductive coupling and capacitive coupling.
By components, the global wireless charging market has been segmented into transmitters and receivers.
Based on application, the global wireless charging market has been segmented into consumer electronics, smartphone tablets, wearable devices, industrial, infrastructure, automotive, and others.
Regionally, the Global Wireless Charging Market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific to Lead the Global Market
The Asia Pacific will see a growth rate of 18% through 2026 due to the growing demand for EVs, consumer electronics, and wearables. The rise in disposable income and the changing customer preference to spend on high-quality consumer electronic goods built for the niche segment is accelerating market growth. Numerous food outlets in the region are following the trend of global food chains, such as Starbucks and McDonald's, to provide customers with wireless charging. This is expected to have a positive impact on regional wireless charging market revenue. In October 2019, WiTricity collaborated with Green Power, a South Korean supplier of high-power wireless charging systems and power electronics for various applications. The collaboration facilitates technology and licensing transfer between partners. Green Power will leverage the reference designs and innovative technology of WiTricity for wireless EV charging systems. This collaboration will help WiTricity grow its market presence in Asia Pacific countries.
North America and Europe to hold the second spot
North America and Europe are predicted to garner significant revenue shares in the global market. Europe is expected to register a lucrative CAGR in terms of revenue over the assessment period due to a surge in the use of electric vehicles in order to minimize vehicle emissions in the economies of the region.
Competitive analysis and profiles of leading market players in wireless charging, such as Samsung Electronics Co. Ltd., Qualcom Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC are included in this report. These main players have adopted various strategies, like product portfolio expansion, mergers, acquisitions, partnerships, geographical expansion, and collaboration, to expand their market penetration and improve their foothold in the wireless charging industry.
Partnerships, Collaborations and Agreements
Dec-2019: Qualcomm Technologies partnered with Integrated Device Technology, Inc. (IDT), a wholly-owned subsidiary of Renesas Electronics Corporation. The partnership was focused on developing highly integrated wireless charging solutions with up to 30W for use in flagship smartphones operated by Qualcomm Snapdragon 5G mobile platforms.
Acquisitions & Mergers
Feb-2019: WiTricity acquired Qualcomm Inc.'s electric vehicle charging unit, Halo. The acquisition expanded the former company's wireless EV charging capabilities.
Product Launches & Expansions
Oct-2019: Integrated Device Technology, Inc. (IDT), a wholly-owned subsidiary of Renesas Electronics Corporation, introduced the wireless power receiver P9222-R. This receiver was optimized for wireless charging cases used to charge earbuds, hearing aids, and other small, battery-powered consumer devices.
The base year of the wireless charging market research report is 2017, with a projection up to 2023. The report presents a meticulous review of the competitive landscape, taking into account the market share of the leading companies. The report provides key market players with the necessary business insight and helps them understand the prospects of the wireless charging market. The report contains a forecast, a summary of the competitive structure, the market share of competitors, as well as market dynamics, market demands, market factors, market challenges, and product analysis. Market drivers and constraints have been analyzed in order to determine their effect over the forecast period. The report further describes key growth opportunities while also detailing key obstacles and potential risks.
|Market Size||USD 24.05 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Components, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Samsung Electronics Co Ltd. (South Korea), Texas Instruments Inc. (U.S.), Integrated Device Technology Inc. (U.S.), NXP Semiconductors (Netherlands), Powermat Technologies Ltd (Israel), WiTricity Corporation (U.S.), PowerbyProxi (New Zealand), Qualcomm Inc. (U.S.), TDK Corporation (Japan), Convenient Power HK Limited (China)|
|Key Market Opportunities||The rise in disposable income and the changing customer preference to spend on high-quality consumer electronic goods built for the niche segment is accelerating market growth.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global wireless charging market is set to record a market value of USD 24.05 billion by 2023.
The global wireless charging market is growing at a whopping 32.56% CAGR over the review period of 2017 to 2023.
High demand for smartphones is propelling the wireless charging market growth.