Wireless Charging market size was around $6 billion to $7 billion in 2018, and its value is estimated to grow with a buoyant CAGR of 30% during the forecast period 2019-2025, according to a newly compiled business intelligence report from IndustryARC. This report covers Wireless Charging Market Size by Product and applications, Wireless Charging market share by top 5 companies and also the market share by start-ups during the forecast period. Wide range applications of wireless charging in consumer electronics, healthcare, automobile, and industrial sectors are highlighted by the analyst of the report to cater continued demand in the near future.
Wireless Charging Market Product Analysis:
Future of mobility is clearly electric and autonomous. According to the International Energy Agency, the number of on-road electric and plug-in hybrid cars exceeded 3 million in 2017, with China accounting for nearly of the demand, followed the US with 280,000 purchases. To sustain this explosion of demand, charging infrastructure is paramount, and wireless charging can be the potential solution that offers convenience as well as time-saving. The wireless world is widely adopted these days as it offers more convenience and comfort through cable-free charging to electronic devices. Thus, it eradicates the disturbance of connecting cables. Wireless charging is also known as inductive charging, which uses electromagnetic induction to enable the power transmission between a transmitter and receiver as a part of the modern charging process.
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Wireless Charging Market Companies – Latest Developments:
• Convenient Power HK Limited, Energizer Holdings, Inc., Integrated Device Technology, Inc, Leggett & Platt, Murata Manufacturing Co., Ltd., Powerbyproxi Ltd., Powermat Technologies, Qualcomm Incorporated, Texas Instruments Incorporated and WiTricity Corporation are identified by the IndustryARC report as some of the major players ahead of the curve in the global wireless charging market.
• In October 2018, Integrated Device Technology Inc. (IDT) introduced an automotive customer reference board (CRB). Marketing director of IDT’s Wireless Power Division said that this CRB will flourish the growth of in-car device wireless charging. The new kit’s compact wireless power transmitter and receiver operate at almost 87% efficiency, which is the best in the wireless charging marketplace as of now.
• Recently, Samsung launched a duo wireless charger pad which is capable and elegant in charging two Samsung smartphones, Galaxy S9 and Note9, simultaneously. It is also efficient enough in providing the fastest charging to Samsung smartphones and galaxy smartwatch through the usage of sophisticated IDT’s wireless charging technology. Vice-President and General Manager of IDT’s Wireless Power Division said that it is an honor to get associated with the Duo as it exhibited the innovative product with new standards in terms of convenience and performance thus it depicts the IDT excellence in the wireless power solutions
• In 2019, WiTricityCoropration a forerunner in the wireless power transfer market, acquired Qualcomm Incorporated Halo Wireless Charging Assets. This acquisition enables automakers to speed up the progress of wireless electric vehicle charging systems and also to support the efficient, cleaner, and safer urban mobility. By simply parking over wireless charging ground pads located at home, in garages, and public parking spots, EV drivers will be able to recharge hands-free, without the need for any bulky cables, virtually eliminating the need to ever plug in.
Wireless Charging Market Segment Analysis:
• Consumer electronics is the primary application which holds a major share in the wireless charging market and is projected to grow at a brilliant CAGR of 25% over a forecast period 2019 – 2025. Smartphones, laptops, wearable electronics, and portable devices are utilizing wireless charging solutions more effectively and emerging at a faster pace.
• On the basis of geographical analysis provided by the IndustryARC report, Asia-Pacific occupies the largest share of the pie, contributing about 32% of the total demand in the global wireless charging market. Government support and regulations for the employment of EVs to balance pollution and energy consumption is anticipated as the prominent driver.
Wireless charging is a creative solution which provides a lot more comfort and convenience to the user in technology evolving modern era. Increasing usage of consumer electronics and growing adoption of wireless charging in automotive applications will continue elevating the growth of the wireless charging market in the near future.
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A. Wireless Electric Vehicle Charging (WEVC) Market
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