Global Wireless Charging Market Analysis & Forecast (2018-2023): Focus on Applications, Components, Technology, Implementation & Geography
LONDON, Jan. 28, 2019 /PRNewswire/ -- Global Wireless Charging Market to Grow at a CAGR of 40.97%, in Volume, from 2018 to 2023
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Wireless charging has been around for a long time - in 1891 itself, a Siberian-American engineer and physician Nikola Tesla demonstrated the powering of an electric bulb without using wires.Modern day wireless charging is based on the technology of electromagnetic induction, the same technology that is used to power different devices, such as smartphones, electric toothbrush, wearable devices, and kitchen appliances.
The growing demand for a convenient charging solution and developments in the smartphone industry has propelled the growth for wireless charging and companies operating in different spaces such as healthcare, consumer electronics, automotive, and commercial sector have shown interest in wireless power transfer.
Wireless charging means eliminating the use of wires to power devices.The wireless charging technology enables a battery-powered device to be automatically charged when placed near a transmitter.
Wireless charging, which has witnessed significant developments in the past three years, has advantages that offer a huge potential for the wireless charging industry.Moreover, adoption of Qi (pronounced as chee) standard by the majority of the companies across the globe has been a significant boost for the wireless charging industry.
Further, owing to the establishment of specific standards and extensive adoption the smartphone and wearable devices market, wireless charging technology is bound to expand into other sectors such as healthcare, aerospace, and defense as well in the coming years.
The demand for wireless charging varies in different regions.The wireless charging market holds a prominent share in countries of North America, Asia-Pacific (APAC), Europe, and Rest-of-the-World (RoW).
Region-wise, North America led the global wireless charging market in 2017 in terms of value.APAC region, however, is estimated to witness the highest growth in this market during the forecast period,2018-2028.
The growth of the wireless charging market in the APAC region is attributed to the widespread adoption of Qi standard for wireless charging and increased shipments of smartphones, smartwatches and other wearable devices. Additionally, wireless charging infrastructure for Electric Vehicles (EVs) is another factor w expected to propel the growth in this region.
The global wireless charging market has witnessed several strategic and technological developments in the past few years, undertaken by different market players in their attempt to attain their respective market shares.Some of the strategies that the companies conduct and that are covered in this report are product launches, partnerships and collaborations, and mergers and acquisitions.
The preferred strategy for the companies has been partnerships and collaborations that help them strengthen their positions in the global wireless charging market.
The key market players in the global wireless charging market are Aircharge, Belkin International, Inc., Convenient Power Limited, Energous Corporation, Integrated Device Technology, Inc., Infineon Technologies AG, NXP Semiconductors, NuCurrent Inc., Powermat Technologies Ltd., Qualcomm Incorporated, Samsung Electronics Co. Ltd., Semtech Corporation, TDK Corporation, Texas Instruments, and WiTricity Corporation among others.
The BIS report "Global Wireless Charging Market - Analysis and Forecast, 2018-2023, is a compilation of different segments of global wireless charging market including the market breakdown by implementation type, technology, region, and applications. The report further details market dynamics and the competitive landscape and profiles key participants of the industry.
The report answers the following questions on the global wireless charging market:
-- What will be the global wireless charging market value by 2023 and the market's estimated CAGR?
-- What are the driving factors for the global wireless charging market from 2017 to 2023?
-- Which factors are impeding the growth of the global wireless charging market?
-- What are the trends and developments in the global wireless charging market?
-- What is the wireless charging market outlook by the implementation (integrated or aftermarket) during the forecast period, 2018-2023?
-- Which receiver application will be leading the global receiver market by 2023?
-- Which transmitter application will be leading the global receiver market by 2023?
-- Which region will be leading the global wireless charging market by 2023?
Executive Summary
Wireless charging has been around for a long time - in 1891 itself a Siberian-American engineer and physician Nikola Tesla demonstrated the powering of an electric bulb without using wires. Modern day wireless charging is based on the technology of electromagnetic induction, the same technology that is used to power different devices, such as smartphones, electric toothbrush, wearable devices, and kitchen appliances. The growing demand for a convenient charging solution and developments in the smartphone industry has propelled the growth for wireless charging and companies operating in different spaces such as healthcare, consumer electronics, automotive and commercial sectors have started showing interest in wireless power transfer.
Wireless charging means eliminating the use of wires to power devices.The wireless charging technology enables a battery-powered device to be automatically charged when placed near a transmitter.
Wireless charging, which has witnessed significant developments in the past three years, has advantages that offer a huge potential for the wireless charging industry. Moreover, adoption of Qi (pronounced as chee) standard by the majority of the companies across the globe has been a significant boost for the wireless charging industry. Further, owing to the establishment of specific standards and extensive adoption the smartphone and wearable devices market, wireless charging technology is bound to expand into other sectors such as healthcare, aerospace, and defense as well in the coming years
Global Wireless Charging market is expected to witness a significant growth during the forecast period registering a CAGR of 40.97% and 37.34% in terms of volume and value respectively. The global wireless charging market is driven by several factors such as increased shipments of smartphones and other wearable devices, standardization of regulations for wireless charging, and increasing in-built wireless charging options in various applications such as tables, side stools, and in-vehicle, among others. Innovations and ongoing research in the consumer electronic devices such as smartphones and wearable devices have been fuelling the growth for wireless charging market. Wireless charging is the next big thing in the smartphone industry, and many manufacturers have already started manufacturing smartphones enabled with wireless charging. However, the majority of the phones with wireless-enabled technology fall under the premium smartphone category at present. As the market grows and the demand for wireless power transmission increases, the technology will be embedded in various devices such as drones, laptops and handheld devices, among others and mid and low-range devices as well.
The challenges that restraint the growth of the global wireless charging market are; lack of fast charging options in wireless charging systems, high price, and low efficiency achieved, among others. Hence, wireless charging technology has not witnessed a popular adoption by consumers. Also, the technological advancements in the wired-charging for smartphones have resulted in the development of fast-charging options available with wired charging systems, which is one of the prominent challenges that the wireless industry needs to tackle for the growth of its market.
Wireless charging or power transfer takes place when energy is transferred as electromagnetic waves from a transmitter to a receiver. On the basis of technology, the Wireless Charging market includes Inductive, Resonant and Radio Frequency (RF) technology-based wireless chargers, among others.
Inductive wireless charging is currently the most adopted solution for wireless charging and accounted for approximately 100% of the global wireless charging market in 2017.Inductive wireless charging technology transfers power using an electromagnetic field from the inductive coupling.
The power is transferred from a transmitter using an induction coil to create alternating electromagnetic current, to a receiver coil, thereby creating an electromagnetic field.The electromagnetic field is then converted to an electric current, and the current is used to charge a device.
Establishment of "Qi" (pronounced as 'chee') standard, has significantly catered to the growth of inductive wireless charging technology. Most of the smartphone manufacturers, which constitute a significant share of the wireless charging market, have adopted the Qi standard for wireless charging.
Region-wise, North America dominated the global wireless charging market in terms of volume and value in the year 2017. In the U.S. specifically, adoption of wireless charging for industrial applications, such as factory automation and high-power industrial equipment; and increasing awareness of wireless technology among consumers are some of the significant factors leading to the increased adoption of wireless charging. With the demand of electric vehicles (EV) rising at an exponential rate; various EV manufacturers are now moving to wireless charging systems. For instance, BMW 530e is one of the models offered by BMW in the U.S., which offers wireless charging systems for its consumers. Consumer electronics is also one of the key application areas for wireless charging in the country. The steady introduction and implementation of wireless technology in Samsung's Galaxy smartphones, the Apple watch, and other wearable devices are also expected to boost the demand for wireless charging for consumer electronics in the country.
The global wireless charging market has witnessed several strategic and technological developments in the past few years, undertaken by different market players in their attempt to attain their respective market shares.Some of the strategies that the companies conduct and that are covered in this report are product launches, partnerships and collaborations, and mergers and acquisitions.
The preferred strategy for the companies has been partnerships and collaborations that help them strengthen their positions in the global wireless charging market.
The key market players in the global wireless charging market are Aircharge, Belkin International, Inc., Convenient Power Limited, Energous Corporation, Integrated Device Technology, Inc., Infineon Technologies AG, NXP Semiconductors, NuCurrent Inc., Powermat Technologies Ltd., Qualcomm Incorporated, Samsung Electronics Co. Ltd., Semtech Corporation, TDK Corporation, Texas Instruments and WiTricity Corporation among others.
Countries Covered
-- North America
-- U.S.
-- Canada
-- Mexico
-- Europe
-- Germany
-- France
-- U.K.
-- Rest-of-Europe
-- Asia-Pacific
-- China
-- India
-- Japan
-- South Korea
-- Rest-of-Asia-Pacific
-- Rest-of-the-World (RoW)
-- Middle East & Africa (MEA)
-- Latin America
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