Wireless charging is a process of recharging batteries of electrical and electronics devices without using physically connected electric cables. The transmission of energy between power source (transmitter) and device (receiver) is generally via microwave or electromagnetic induction. Wireless charging is primarily used to charge smart phones, tablets, consumer electronics and automobiles. Rise in network communication, digitization, and increasing infrastructural developments have led to the growth of global wireless charging market. Demand across the automotive sector due to increasing sales of electric vehicles (such as electric cars that use electric motors or traction motors) are also contributing to the growth and the market is expected to rise at approximately 34% CAGR during the forecast period 2016-2023. Elimination of cables provides easy charging which has increased the popularity of wireless charging. Sectors such as automotive, industrial, healthcare and defense are expected to contribute to the market growth due to benefits associated with wireless charging such as easy handling, protection from electric shocks etc.
According to Engineering and Technology, the 20 Kilo Watt wireless charging system has shown 90% efficiency (three times the rate) as compared to the plug-in systems commonly used to charge electric vehicles. The next target is of 50 Kilo Watt wireless charging, which would match the power levels of commercially available plug in quick chargers. In November 2016, Fraunhofer researchers demonstrated a smart energy management system that allows home owners to charge their electric vehicles from rooftop solar panels. According to Transport and Environment, sale of electric vehicles in Europe has increased half a million in 2016 as compared to 2015, thus enhancing global wireless charging market. Therefore, increasing demand for electric vehicles is contributing to the growth of global wireless charging market.
Source: OBRC Analysis
The report on global wireless charging market is segmented on the basis of technology, transmission range and applications.
Technology in wireless charging includes:
- Inductive technology
- Radiation technology
- Others (Laser beam)
Transmission range included in wireless charging has been divided as:
- Long range
- Medium range
- Short range
Applications of wireless charging include:
- Automotive
- Consumer Electronics
- Defense
- Healthcare
- Industrial
- Others
This report scope is widely categorized on segments such as technology, transmission range and applications. Moreover, the market revenue estimates and forecast of global wireless charging market includes only wireless charging methods. However, report scope excludes conventional chargers.
Geographically, the global wireless charging market report has been segmented into:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
Asia Pacific is expected to dominate the wireless charging market during the forecast period by accounting for the largest market share. It is expected to grow with the highest CAGR during the forecast period. The rising demand for consumer electronics in Asia Pacific is driving the growth of wireless charging market. Also, increase in the demand for smart devices, such as tablets and smart phones are responsible for growth of wireless charging market. As estimated by International Telecommunication Union (ITU), the number of smart phone users in China is estimated to increase up to 675 million in 2019, thus impacting the wireless charging market in Asia Pacific.
Global wireless charging market report covers segmentation analysis of technology, transmission range and applications. Based on technology, the market is segmented into inductive technology, resonant technology and others (laser beam). Inductive charging held the highest wireless charging market share in terms of revenue in 2016 and is expected to dominate the market during the forecast period owing to its high utilization in wireless charging systems for electric vehicles and smart phones. Furthermore, the market is categorized on the basis of transmission range that includes short range, medium range and long range. Wireless charging market is also segmented on the basis of applications that include consumer electronics, defense, and health care, automotive and industrial. Consumer electronics held the highest wireless charging market share in terms of revenue in 2016. However, automotive industry is expected to dominate the market during the forecast period owing to depleting fossil fuels as well as growing concern to control the increasing pollution.
The major market players of the global wireless charging market are:
- CONVENIENT POWER HK LTD.
- ENERGIZER HOLDINGS INC.
- INTEGRATED DEVICE TECHNOLOGY INC.
- NXP SEMICONDUCTORS
- POWERMAT TECHNOLOGIES
- OTHERS
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch whereas, and merger & acquisition is the key strategy adopted by the companies in the global wireless charging market.
For Example: In October 2016, WiTricity and ST Microelectronics announced their design collaboration to develop semiconductor solutions for magnetic resonance based wireless power transfer. The aim is to bring convenience to the powering and charging of consumer electronics, IoT devices as well as medical, industrial and automotive applications.
In 2017, Qualcomm demonstrated a new wireless dynamic electric vehicle charging (DEVC) system at highway speeds. This new system is capable of charging an electric vehicle dynamically, at up to 20 KW at the speed of 100km/h. Moreover, the company launched a simultaneous charging system that can charge dynamically, at the same time and on the same track. Two vehicles moving in the opposite direction can also use this new dynamic charging system.
The report covers detailed analysis of companies which comprises of overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in wireless charging market.
Key reasons to buy the report:
- The report includes market estimation, forecast and analysis for the forecast period 2016-2023 for the global wireless charging market.
- Report includes detailed analysis of different segments such as technology, transmission range and applications of the global wireless charging market.
- Identify and understand the strengths, opportunities, challenges and threats of global wireless charging market during the forecast period.
- Covers details analysis of Porters 5 force model and other strategic models. Also covers revenues, market share analysis, and competitive landscape analysis of major players of the global wireless charging market.
- Detailed analysis of various regulatory policies which affect the global wireless charging market during the forecast period.
How are we different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global wireless charging market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the wireless charging market, with giving extensive SCOT analysis of key companies.
Key findings of the global wireless charging market:
- Increasing demand for electric vehicles, smart phones, tablets etc. is contributing to the growth in global wireless charging market during the forecast period.
- Asia Pacific is expected to dominate the global wireless charging market during the forecast period.
- Automotive segment held the large revenue share in 2016 due to increasing demand for efficient charging system.
- Merger and acquisition is the key strategy adopted by players of global wireless charging market.