Wireless Charging Market Size worth over $30bn by 2026
Published Date: February 10, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Wireless Charging Market size is poised to surpass USD 30 billion by 2026, according to a new research report by Global Market Insights, Inc.
Wireless charging virtually eliminates the need for any cable to charge electrical or electronic devices. The market growth is attributed to increase in global sales of wearable devices, high-end smartphones, and electrical vehicles (EVs). Increasing mobility and rapid adoption of Internet of Things (IoT) in several end-use sectors are major factors driving the wireless charging market revenue.
Widespread adoption of resonant technology in various end-use sectors will propel market demand
Resonant technology will exhibit a CAGR of 17% during the forecast period, these technologies have recognition among commercial applications owing to improved convenience over inductive charging alternatives. The technology allows multiple devices to be charged simultaneously. Over the coming years, this technology is expected to be adopted majorly for consumer-based applications including smartphones, tablets, and laptops.
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Manufacturers in the market are focusing on innovation in resonance-based charging technologies by investing highly in research activities. For instance, in FY2018, Texas Instruments Incorporated invested USD 1.55 billion in its research & development activities. It is working on designing a specialized wireless charging technology for smartphones.
Changing consumer preference for hassle-free charging experience will drive market growth
The consumer market accounted for over 60% market share. Growing demand for hassle-free charging experience is being witnessed in the consumer electronics industry. The wearables & consumer electronics industry includes smartphones, laptops, fitness bands, walky-talkies, and various communication devices, which usually necessitate the use of wireless chargers.
There is a growing traction toward delivering power to electronic devices through a wireless charging system. The application, development, and adoption of the technology make the consumer life notably easier as they eliminate the need for carrying extra devices for charging. The development of portable electronics will propel market growth.
Browse key industry insights spread across 150 pages with 116 market data tables and 22 figures & charts from the report, “Wireless Charging Market Size By Technology (Inductive, RF, Resonant), By Application (Automotive, Consumer, Industrial, Healthcare, Aerospace & Defense), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Innovation in wireless charging is key to future mobility
In the automotive sector, several players are developing innovative wireless charging products to provide faster, efficient, and seamless charging. Wireless charging will eliminate the need for any bulky cables to charge EVs.
In February 2019, WiTricity acquired specific IP assets and technology platform from Qualcomm Technologies, Inc. and Qualcomm Incorporated. This acquisition also includes WiTricity’s control over 1,500 patents and patent applications related to wireless charging. This acquisition will streamline technology development for an efficient and seamless EV charging experience.
Technological innovations by key market players in the U.S. automotive sector
In 2019, North America accounted for over 35% of wireless charging market share due to proliferation of EVs in this region. The U.S. federal government is providing tax credits of USD 2,500 to USD 7,500 for each EV purchased in the country.
Moreover, companies are launching innovative solutions for charging luxury and electric vehicles in the U.S. For instance, in January 2018, BMW announced its plan to launch a wireless car charging pad in the U.S. The company’s new product offers the charging of BMW’s plug-in hybrid vehicles in maximum four hours.
Industry players are collaborating with companies to remain competitive in the market
The wireless charging industry is highly competitive in nature owing to presence of various market participants, who are actively investing in R&D and developing technologically advanced products to sustain in the market.
Major market players in the market include Convenient Power Ltd., Energizer Holdings Inc, Evatran LLC (Plugless Power), GETPOWERPAD, Integrated Device Technology, Inc., Leggett & Platt, Inc., MediaTek, Inc., Mojo Mobility, Inc., Murata Manufacturing Co. Ltd., Powercast Corporation, Powermat Technologies, Qualcomm Incorporated, Texas Instruments, Inc., and WiTricity Corporation.
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