The digital industry has redefined the fundamental operations of several industry verticals by the introduction of digitalization, internet of things (IoT), AI, among others. The need for automation of daily tasks has significantly increased in industries such as healthcare, retail, consumer electronics, manufacturing, and automotive, thereby creating a massive network of inter-connected devices via the internet. In the field of mobile technologies, added features such as AR/VR gaming, touch-sensitive controls, and others, have resulted in a need for improved battery power demand in the upcoming and existing smart devices. To provide an adequate battery power to the smart device ecosystem, companies offer wired or wireless charging techniques to consumers.
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Due to the convenient usage and comfort, wireless charging devices have seen a drastic rise in user adoption and this has significantly mitigated the use of wires in providing power to devices. This charging technology enables a battery-powered device to charge on its own when placed near a transmitter. Over the last three years (2016-2019), wireless charging tech has created a massive user base and witnessed significant industry developments, resulting in a huge market potential in the coming years. Out of all the specific industry standards, the majority of the companies have adopted the Qi standard, which is known to enable interoperability between devices.
According to the research analysts at BIS Research, the global market for wireless charging is estimated to reach the mark of $33.48 billion by 2024, while growing at a CAGR of 41.79% over the years 2019-2024. Several factors, such as standardization of regulations for wireless devices, technological and dynamic design enhancements, increase in smart handheld devices, among others, are responsible for driving the growth in the global market for wireless charging devices. Most of the smartphones in the premium category, laptops, handheld devices, drones, among others, are expected to be launched in the market that is embedded with this wireless-enabled tech. The industry is experiencing an exponential growth owing to companies adopting strategies such as product launches, acquisition of start-ups and emerging players, partnerships and collaborations, to tackle the competition.
Several tech companies such as Google, LG Electronics, Samsung Electronics, Apple, and others, have curated smartphone devices that adapt to this charging tech. Apart from these, the New Jersey-based Wireless Power Consortium (WPC) has emerged as a remarkable development in the industry and paved a path for the manufacturers to launch certified products that are acceptable on a global scale. Based on the technologies available, inductive wireless charging is dominating the market share, and in 2018, it accounted for almost 100% share as the most adopted solution due to its efficiency, fast-charging capabilities, and widespread adoption of the Qi standards.
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On the basis of region, developed nations such as the U.S., France, and Germany have emerged as the leading markets for the wireless charging market throughout the forecast period. Additionally, North America has been identified as the dominating region in the global market, accounting for almost 39.08% market share in 2018. Apart from its usage in smart devices, wireless charging has found its applications in electric vehicles (EV) market, consumer electronics, and others, in recent years. For example, BMW has launched a car model that offers wireless charging systems, whereas Apple Watches and Samsung’s Galaxy smartphones have further bolstered the growth of this industry.