Wireless Charging Market Foreseen To Accrue Over 24.5 Billion With A CAGR of 32.56% By Forecast 2023

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Market Research Future published a research report on “Wireless Charging Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Industry News:

On 25 Oct.2017, Apple declared acquisition of a New Zealand based Wireless Charging Company – Powerbyproxi. Apple also confirmed the decision to invest in wireless charging, after making the iPhone 8 and iPhone X its first devices to feature the technology, with the acquisition of a New Zealand-based wireless power company.

On 25 Oct.2017, Samsung filed a Patent with the UPTO for a magnetic coil charging pad designed to fill up smartphones and smart watches without the need for wires.

On Sep.2017, Integrated Device Technology, Inc. (IDT) announced that IDT and Samsung have again collaborated to deliver fast wireless charging for Samsung’s next-level Note device, the new Galaxy Note8, featuring Samsung’s most advanced wireless charging capabilities to date.

Wireless Charging Global Market – Overview

Wireless charging perfectly suits wearable and mobile applications, including headsets, smartphones, smart watches, and portable medical devices. High demand for the smartphones are one of the major driving factor for the market of wireless charging. The Global Wireless Charging Market is growing with the rapid pace mainly due to the burgeoning penetration of wireless-charging devices and advancements in technologies.

According to a recent study report published by the Market Research Future, The market is booming and expected to gain prominence further over the forecast period. The market is estimated to accrue enormously with a whooping double digit CAGR. The global Wireless Charging market is foreseen to fetch fortune of USD 24.05 billion by the end of 2023 with a whooping double digit CAGR of 32.56% during forecast period 2017-2023.

Consumer electronic segments accounted for 31.53% of market share in the global wireless charging market where Smartphones segment accounted for 51.46% of total market share. Rising disposable income worldwide is leading to the high expenditure on the high-end electronic products which includes purchase of smartphones and wearable devices. A study shows that the total shipment of smartphones around the was estimated to be at 1.5 billion in the year 2016 which is expected to grow at 2 billion shipments by the end of year 2023.

The most relevant example for wireless charging are Galaxy S6 smartphone and Apple Smart Watch. These products are designed in such a way that it can help to transmit the electric energy without any wires or cables. Growing smartphone industry and increasing consumer awareness are some of the factors driving the market of Wireless Charging. As the penetration of myriad wireless-charging devices augments; demand for Wireless Charging is bound to augment.

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Transmitters designed for public infrastructure, such as those in the Hotel or a University are anticipated to observe rise in next six years as new, enabled products in the mobile phone and laptop markets fosters the demand for Wireless Charging. Penetration of Wireless Charging technology in to consumer, industrial and medical sectors will provide impetus to the market growth during the forecasted period. Additionally, mobile phones, laptops and wearable devices are estimated to foster the market growth. Receiver unit sales are expected to upsurge with the increased demand.

Recently, some Researchers from North Carolina State University have developed a system that can simultaneously deliver watts of power and transmit data at rates high enough to stream video over the same wireless connection. By integrating power and high-speed data, a true single “wireless” connection can be achieved.

One of the most popular applications is the ‘wireless cell phone charging pads’ which often requires almost physical contact with the pad, limiting the usefulness of a truly ‘wireless’ power source. Recent work by several researchers have extended wireless power to ‘mid-range’ which can supply power at inches to feet of separation. While encouraging, most of the wireless power systems have only focused on the power problem and not the data that needs to accompany any of the smart devices today. Addressing those data needs cannot be overlooked.

Wireless Charging Market – Competitive Analysis

The Highly competitive Wireless Charging Market is adorned by the several well-established as well as small players. The market appears to be slightly fragmented. The key strategies traced from the analysis of recent developments of the key players include Product or Technology Launch, Agreement & Partnership, Acquisition and expansion. These key players compete based upon pricing, Technology, reputation and services. In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn attracting several new players to enter the market. However, those new entrants find it challenging to survive in the market with the introduction of new technologies.

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), and Convenient Power HK Limited (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Wireless Charging Global Market.

Wireless Charging Global Market – Segments

The Wireless Charging Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

  • Segmentation By Technology: Comprises Inductive Coupling, Capacitive Coupling and other
  • Segmentation By Component: Comprises Transmitters and Receivers.
  • Segmentation By Application: Comprises Smartphones, Tablets, Wearable Devices, Consumer Electronics, Healthcare, Automotive, Aerospace, Defence, Industrial, and other.
  • Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

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Wireless Charging Global Market – Regional Analysis

Regional analysis of Wireless Charging market consists four major regions where the study of key countries has been done. Wireless charging market holds immense opportunities in the Asia pacific region which is dominating the market. Factors such as high demand for the consumer electronic products in Asia pacific, high technological advancement in North America and rich presence of automotive industry in the Europe is supporting the market of Wireless charging market.

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