The global wireless charging market is likely to grow significantly in the future because of certain emerging trends. One such trend is the increased adoption of wireless EV charging, which necessitates wireless technology. The high growth potential of wireless charging has compelled many automobile companies to implement wireless charging systems for EVs and plug-in hybrid electric vehicles (PHEVs).
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The market research analyst predicts the global wireless charging market to grow at an impressive CAGR of more than 33% by 2020. According to the Global Wireless Charging Market 2016 – 2020 report, the increase in virtualization and cloud computing on mobile devices has led to the proliferation of smarter, faster, and more powerful mobile devices offering advanced applications to support networking. As a result, usage of multiple cellphones and other mobile devices like tablets and music players has increased. However, despite the increased operational efficiency of these devices, battery chargers play a major role in their operation. Therefore, the need for conventional chargers to keep such devices functioning increases.
Application-based segmentation of the wireless charging market: Consumer electronics and Electric vehicles
In this market study, analysts have estimated the consumer electronics segment to be the largest market segment during the estimated period. Much of this segment’s growth can be attributed to the proliferation of devices like smartphones, tablets, portable PCs, and wearable electronics, which require frequent charging for optimal performance.
Geographical segmentation of the wireless charging market: Americas, APAC and EMEA
The market research analysts have estimated the Americas to account for more than 36% of the total market share by 2020. The growing awareness of wireless power technology among consumers and the increase in adoption of wireless charging for industrial applications are the two critical factors that propel market growth in this region during the estimated period.
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Competitive landscape and key vendors
This market is highly competitive and is characterized by the presence of large players and start-ups like Ubeam. Since the global wireless charging market is still in its development stage, the vendors in this market try to gain prominence by offering high-quality, affordable products to consumers. To survive and succeed in this market, the vendors have to distinguish their products and service offerings through a clear and unique value proposition.
The key players in the Global Wireless Charging Market are Duracell, Fulton, Qualcomm and WiTricity.
Other Prominent Vendors in the market are: Anker, Energizer Holding, LS Cable & System, Oregon Scientific, Pure Energy Solutions, Texas Instruments, Wisepower, and Leggett and Platt.
Further, the report states that the main challenge faced by the market is the increase in the cost of the final device integrating wireless charging. Unlike regular chargers, the key components used in the manufacturing of wireless chargers are expensive, adding to the overall manufacturing costs.
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