Global Wireless Charging market size is forecasted to reach $37.2 billion by 2022, growing at an estimated CAGR of 44.7% from 2016 to 2022. Wireless charging is the transmission of energy without wires or cables from a power source to a consuming device.
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Wireless charging technologies comprise a charging station (or transmitter) that transmits the energy, and a receiver (integrated inside a device) that receives the energy and charges the battery. It is a reliable, convenient, and safe technology to power and charge electrical devices.
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The market holds a great potential in electronics and automotive industries. Presently, most of the wireless charging stations for electric vehicles (EVs) have incorporated inductive charging technology.
Automotive giants are entering into partnerships with providers in wireless charging market to integrate it in their EVs. For instance, Mercedes partnered with BMW and announced that its next-gen Mercedes S-Class plug-in hybrid electric vehicle (PHEV) employs wireless charging, and is expected to arrive in the summer of 2017.
At present, automotive industry has the highest wireless charging market share owing to its growing adoption and need of efficient charging systems.
Smartphone market growth in different geographical regions:
The leading smartphone manufacturing companies such as Samsung, Apple, and Google have initiated to design built-in wireless charging reception, thereby driving the market for wireless charging transmitters. For instance, Apple is expected to launch its next-generation smartphone-iPhone8 in late 2017 with wireless charging.
Thus, the increased adoption of wireless charging technology in portable electronics and electric vehicles is expected to propel its demand in the years to come.
Wireless charging technology delivers multiple benefits over traditional cable connectors such as high efficiency, safety advantages, more reliability, and faster speed. It is becoming more mainstream as more companies begin to integrate the technology into their devices (smartphones, tablets, and smart wearables).
Places such as Ikea and Starbucks have also started introducing wireless charging pads into their facilities. As advancements continue to be made, wireless charging is projected to become more ubiquitous and convenient.
The growth in demand for wireless charging technology in industries such as electronics, industrial, healthcare, and others is anticipated to drive the growth of the market. However, high implementation cost and engineering challenge faced while incorporation of wireless charging circuitry into a slim phone are expected to restrain the growth of the market.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the wireless charging market with current and future trends to elucidate the imminent investment pockets in the market
- The report provides information regarding key drivers, restraints, and opportunities with impact analysis
- Porter’s Five Forces model analysis of the industry illustrate the potency of the buyers and suppliers of the market
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
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