Triton Market Research predicts that the global market for wireless charging would witness a CAGR of 24.89% over the forecast period to reach $28.61 billion by 2028 from $3.87 billion in 2019. The impact of COVID-19 on wireless charging has also been taken into account for the studied market.
Wireless charging eliminates the use of wires to power devices. It is the process of charging battery-powered devices without any cables. A wireless charging system has two main components: transmitter and receiver. The transmitter is part of a wireless charger, which transmits the power. The receiver is attached to the device that has to be charged. Companies operating in different spaces such as automotive, consumer electronics, healthcare, and commercial sector have shown interest in wireless power transfer.
Triton Market Research’s report on the wireless charging market provides an in-depth insight of the market. The detailed analysis of the market includes key market insights, vendor scorecard, industry components, Porter’s five force analysis, the impact of the coronavirus pandemic on wireless charging, and the market attractiveness index.
Factors such as the need for convenience & effective charging systems, rising number of smartphones & other wearable devices, and the rise in the number of electric vehicles are expected to foster the growth of the market during the forecast period. Wireless charging is not only convenient, but also effective and time-saving. Further, smartphones, a necessity in today’s world, have witnessed a revolution in the charging platform. Latest mobile phones, such as iPhone 8 and X, Google Nexus, Samsung Galaxy, and Nokia Lumia, are all compatible with wireless charging. In addition, smart wearables such as smartwatches, fitness wristbands, fitness necklaces, and wearables are also coming with wireless charging features. As people have hectic lifestyles, they prefer to carry lightweight stuff in their bags. They also prefer using products or technology that is convenient and easy to use. Thus wireless charging is attracting consumers
Furthermore, the adoption of smart homes & smart offices and in-built wireless charging options in various applications are expected to act as some opportunities for the market. Nowadays, smart homes are coming up with wireless charging solutions. Furniture, appliances, electronics, and construction companies are now embedding wireless chargers in their products themselves. IKEA and ZENS are providing embedded furniture. The IKEA line of furniture, which has embedded wireless chargers, is known as the “Home-Smart” Line. It includes desks, lamps, and bedside tables, and are widely available in North America and Europe markets.
Though the market is progressing at a promising rate, several factors such as, slower charging speed compared to counterparts, high price & lower efficiency, slower charging speed compared to counterparts, high price, and lower efficiency are restricting the market growth. Wireless charging consumes a lot more time and power as compared to a wired fast charger. For instance, Samsung Galaxy S6 can charge from zero to full power in one hour and forty-eight minutes (1.48 hrs); whereas, wireless charging for the same device takes approximately three hours and one minute (3.01 hrs). Furthermore, the introduction of turbo or fast-charging solutions will also act as a major hindrance for the growth of the wireless charging industry over the coming years.
Key geographies covered in global wireless charging market are:
• North America: United States and Canada
• Europe: United Kingdom, France, Germany, Spain, Italy, Russia, and Rest of Europe
• Asia-Pacific: China, Japan, India, Australia, South Korea, Taiwan, ASEAN Countries, and Rest of Asia-Pacific
• Latin America: Brazil, Mexico, and Rest of Latin America
• Middle East and Africa: Saudi Arabia, Turkey, United Arab Emirates, South Africa, and Rest of Middle East & Africa
The segmentation analysis of the wireless charging market includes:
• Components is segmented into:
o Transmitters
o Receivers
• Technology is segmented into:
o Inductive
o Resonant
o Radio Frequency
o Other Technologies
• End Users are segmented into:
o Automotive
o Consumer Electronics
• Smartphones
• Tablets
• Wearable devices
• Others
o Industrial
o Healthcare
o Aerospace & Defense
o Other End Users
The major players in the wireless charging market are Energous Corporation, NuCurrent, Infineon Technologies AG, Qualcomm Technologies Inc, Texas Instruments Incorporated, Powermat, TDK Corporation, Belkin International Inc, NXP Semiconductors, Semtech, Aircharge, Samsung, Renesas Electronics Corporation (Integrated Device Technology Inc), ConvenientPower HK Limited, and WiTricity Corporation