Wireless Charging Market Size By Application (Consumer, Defense, Healthcare, Automotive, Industrial), By Technology (RF, Resonant, Inductive), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, Japan, India, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023
Published Date: May 2016 | 129 Pages | Report ID: GMI440 Report Format: PDF
Wireless Charging Market size was USD 2.62 billion in 2015, with revenue forecast of over USD 25 billion by 2023. Growing smartphone demand is a major growth driver, particularly in India, South Korea, and China. Asia Pacific wireless charging market share is forecast to grow at 34% CAGR from 2016 to 2023 to surpass USD 12 billion by 2023.
Europe wireless charging market size, by technology, 2012 - 2023 (USD Million)
Rise in network communications, digitization, and infrastructural development has impelled growth. Elimination of cables provides clutter-free charging, which has propelled consumption. Demand across the automotive sector due to growing electric vehicle sales is also a major driver.
Adoption of Qi technology and standards has added the ability to charge devices at short distances more efficiently. Regulations have been issued with respect to permissible range to control the amount of human exposure to radio frequencies. In the U.S., wireless charging products need to be tested for electromagnetic emissions and spurious emission under EU EMC (Electromagnetic Compatibility) Directive.
The Wireless Power Consortium (WPC) and Power Matters Alliance (PMA) specialize in inductive technology, while Alliance for Wireless Power (A4WP) focus is on resonant technology. The AirFuel Alliance was formed in late 2015, by the merger of PMA and A4WP. Need for a unified set of standards for ensuring cross platform compatibility may negatively impact global wireless charging market trend.
Consumer applications dominated wireless charging market share, with revenue set to exceed USD 15.8 billion by 2023. Growing demand for charging devices wirelessly along with increasing purchasing power and high degree of convenience will provide impetus to this sector.
Healthcare is forecast to be the most attractive application sector, with 37.5% CAGR estimations from 2016 to 2023. Product development includes the advent of miniature devices that are capable of penetrating inside the body and ensuring the powering of cybernetic implants and sensors. This is a result of research at Stanford University; these devices help the implant stay charged for longer along with ensuring operation without the use of a battery.
Inductive wireless charging market share was more than 45% of the global revenue in 2015. While it is a popular technology in the automotive industry, it allows only one device to be powered per coil, which proves inconvenient in a multi-device ecosystem.
With CAGR estimations of 40.5% over the forecast timeframe, the RF wireless charging market will surpass USD 3 billion by 2023. This is mainly since it eliminates the need for proper alignment in case of small devices such as wearables and medical implants. Resonant technology does not require direct contact, allows multiple devices simultaneously, and helps in power transfer without aligning the coils precisely due to the presence of a magnetic field around each coil.
U.S. wireless charging market share was over 25% of the global revenue in 2015. High consumer inclination to spend on these devices due to high degree of technological awareness and advancements will prove favorable for regional industry growth. Considerable technological proliferation across application segments is also a major growth driver.
R&D initiatives have led to major breakthroughs across end-use industries, such as in powering embedded pacemakers and neurotransmitters.
Competitive Market Share
Collaborations primarily employed as a strategy to enhance product portfolio. There exists intense rivalry among major vendors. Key companies include Integrated Device Technology (IDT), PowerbyProxi, Qualcomm, and WiTricity Corporation.
In February 2015, PowerbyProxi announced the release of an evaluation kit, which caters to the consumer electronic devices sector. Qualcomm signed Wireless Electric Vehicle Charging (WEVC) license agreement with Efacec in December 2015.
Rapid inroads are being made in the development of a 22kilowatt (kW) charger capable of completely recharging a BMW i8 battery in approximately 15 minutes. Qualcomm has claimed that the system is on the verge of being production-ready and it is working with several manufacturers to introduce the technology in their models.
New entrants usually collaborate with technology providers and launch their products. However high set-up costs may act as a barrier to companies looking to establish and expand industry presence. Infrared light solution is perceived to be a potential substitute; however, it requires considerable R&D before implementation.
Ongoing development and need for product differentiation has led to the introduction of wireless charging technology. Traditional cables are cumbersome; elimination of wires leads to several safety, cost, and efficiency advantages. The technology works by transfer of an electric current between two objects with the help of coils in order to induce an electromagnetic field. Inductive technology does not power devices at the same speed as wired counterparts.
In order to ensure sustainable growth, the primary focus is on ensuring support for multiple technologies in order to facilitate ease of use in public places and promote high degree of freedom. Growing wearable technology demand such as smartwatches also means that customers look for a seamless charging experience, which can be achieved with the help of increased focus on a multi-mode system.
While new devices that support this technology are equipped with the necessary infrastructure, customers that wish to switch to wireless charging may need to buy a case or replacement back that supports the technology. Ensuring that the charger is the correct standard for the device is an important criterion.
The industry estimates Apple to launch wireless charging capabilities with its own in-house standard, which will help the company bypass the standardization war while improving profitability due to non-reliance on third party products. Presently, iPhone enthusiasts can make use of an additional case or patch; however, these can be bulky and may negatively impact device performance.
Resolution of standard disputes between ODM (original device manufacturers) is estimated to be the primary driver in eliminating the barriers to widespread adoption. Despite considerable consumer awareness, high degree of commercialization depends on ensuring compatibility across standards. Increasing demand in diverse application segments such as healthcare, consumer electronics and industrial verticals is expected to have a positive impact on demand.
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