Quantitative Increase in Smartphone Users and Rising Demand for Electric Vehicles (EVs) is Supporting the Growth of Wireless Charging Market

Wireless charging is a convenient way of charging devices or electric vehicles without the use of physical connectors and cables. It is based on the principle of Inductive Power Transfer (IPT), which uses an electromagnetic field for transferring energy between two objects. Wireless charging consists of two components: transmitters and receivers. Wireless charging also uses other technologies such as resonance charging and radio frequency technology (RF). However, these technologies comprise a relatively small portion of the market.

In this global study, PMR has segmented the global wireless charging market by component, application, and region. 

On the basis of component, the global wireless charging market is segmented into transmitters and receivers. Due to the increasing demand for Qi-compliant transmitter, the transmitter sub-segment is projected to generate the highest market value in the global wireless charging market at the end of 2019. However, the receiver sub-segment is anticipated to grow with more than 10.0% CAGR during the forecast period, 2019-2029.

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Due to technological advancements in the wearable market and constant development of portable electronics, the consumer electronics segment is the most attractive segment in the global wireless charging market. 

With regards to the application, the global wireless charging market is segmented into consumer, electronics, automotive, healthcare, industrial, and others. For the wireless charging market, the consumer electronic sub-segment accounted for a comparatively higher market value share at the end of 2018. The higher market value share is attributed to the increasing number of smartphone users and ongoing technological advancements in wearable electronic devices. Furthermore, technological advancements in mobile devices such as embedded wireless charging technology, are creating awareness about wireless charging among consumers. The number of mobile device vendors incorporating the wireless charging feature in high-end models of smartphones, wearables, laptops, and notebooks is increasing, which is driving the adoption of wireless charging technologies.

Owing to its use in all applications, the inductive technology segment is dominating the growth of the global wireless charging market and is expected to remain prominent throughout the forecast period. 

By technology, the global wireless charging market is sub-segmented into inductive technology, resonance technology, radio frequency technology (RF), and others. Due to continuous adoption of inductive technology in electric vehicle charging, the inductive technology sub-segment is expected to generate incremental opportunity of over US$ 14,500 Mn between 2019 and 2029. The rising dependency of wireless charging vendors towards resonance technology is expected to make the resonance technology sub-segment, an attractive sub-segment during the forecast period of the study.

The wireless charging market in North America is estimated to witness a high growth potential during the forecast period. 

With respect to geography, the wireless charging market in North America is estimated to hold a prominent market share of the global wireless charging market by the end of the year 2019. However, the wireless charging market in Europe is estimated to hold a prominent market share by the end of the forecast period. Furthermore, advancements in charging techniques of electric vehicles are resulting in increased investments in research and development of wireless charging technology in European countries. New methods and standards are being developed to enhance the potential of electric vehicles. With increasing investments in R&D, the market for wireless charging is growing significantly in most of the European countries.

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In addition to this, the increasing inclination of leading automotive players towards the manufacturing of wireless electric vehicles can be expected to boost the wireless charging market across the globe. Some leading manufacturers of automobiles, in collaboration with wireless power transfer technology developers in the United States, are continuously engaging in R&D projects to strengthen wireless charging networks, which, in turn, will lead to the fast adoption of this technology by the population.

With the steady growth of the wireless charging market across developing regions, market participants are diversifying and strengthening their production and distribution base around the globe. 

Some key market participants profiled in the global wireless charging market study include QUALCOMM Incorporated, Semtech Corporation, Texas Instruments Incorporated, Integrated Device Technology, Inc., Energizer Holdings, Inc., Leggett & Platt, Incorporated, Powermat Technologies, WiTricity Corporation, ConvenientPower HK Limited, and Mojo Mobility, Inc.

Abhishek Budholiya

Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant with Future Market Insights, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.

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