Wireless charging refers to a method of charging batteries by using electrical devices that are not physically connected by cables. Presently, charging of devices is one of the essential aspect of any business regarding power intensive applications. The communication between the receiver and transmitter is generally through an electromagnetic induction or microwave. The wireless charging technology has eliminated the need for carrying multiple chargers for different devices. Wireless charging technology is transforming the existing electronic devices market to encounter the demand for new competent, standardized, safe and moveable power recharging alternatives.
The user friendliness feature of the wireless charging devices along with its ability to charge multiple devices simultaneously are the major factors driving the growth of this market. Smartphones with the ability of wireless charging, consumer preference for wireless connectivity and efficiency of handling devices are some major factors propelling the growth of wireless charging market, globally. Also, the rising adoption of smartphones, tablets and wearable devices such as smart watches, fitness bands and gears with wireless charging enabled technology are supporting the growth of wireless charging market. Furthermore, for the industrial sector, the use of wireless charging is ideal while working in hazardous operational conditions such as forestry, construction and mining machinery and material handling applications. The growth of wireless charging is anticipated to grow steadily in the near future. However, certain factors restraining the growth of wireless charging market include high cost, slow charging time and less-efficient as compared to wired charging.
The market for wireless charging is highly influenced by rapid growth in adoption of smart devices and continuous upgradation in the phones. Additionally, the rising demand for sealed devices with higher battery life and inconvenience in handling multiple chargers are the factors responsible for bolstering the market growth for wireless chargers. Lack of standardization along with the need for expensive infrastructure in order to pursue developments in technology are some of the factors affecting the growth of market.
The wireless charging market is segmented by technology, transmission range, application and geography. The technology segment is classified into inductive technology, radiation technology and others. On the basis of transmission range, the market is classified by long, medium and short range. The application segment is analysed by consumer electronics, healthcare, defence, industrial, automotive and others. Geographically, the market is divided into Asia-Pacific, North America, Latin America, Middle East & Africa (MEA), and Europe. Presently, North America is the leading market for wireless chargers owing to its better infrastructure development as compared to other regions. Asia-Pacific is projected to dominate the market among all the regions in the coming years. This is due to the increase in growth for consumer electronics in the Asia-Pacific region. Also, the high adoption of this technology for wireless charging has enabled chief players in the market to widen their product portfolio.
The automotive sector is anticipated to notice high growth in coming years owing to the intense research and development in wireless charging for electric vehicles. Several automakers and technology developers are investing in developing possible solutions for electric vehicles. Furthermore, consumer electronics segment is anticipated to dominate the market attributed by the high growth in adoption of products such as mobile phones, wearable devices, and computing devices that are enabled with wireless charging technology. ConvenientPower HK Limited, Oregon Scientific, Integrated Device Technology, Murata Manufacturing Co. Ltd, Powermat Technologies Ltd., Texas Instruments Incorporated, Energizer Holdings, Inc., Leggett & Platt, Incorporated, PowerbyProxi Ltd., Qualcomm Incorporated, Witricity Corporation are some of the chief players in the wireless charging technology market.
Market by Technology
· Inductive technology
· Radiation technology
Market by Transmission Range
· Short range
Market by Application
· Consumer electronics
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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