Growing trends in digitization, mobile communications, and infrastructural growth are anticipated to boost the demand for wireless charging industry over the coming years. It eliminates the use of cords & cables and provides a clutter-free charging in electronic devices. This will result in the enhanced application of wireless charging technology in healthcare, consumer, industrial, automotive, and defense industries over the coming years. As per the Global Market Insights Inc.,
“The wireless charging market worth USD 2.62 billion in 2015, is predicted to reach USD 25 billion by 2023.”
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Key mobile communication dealers in countries such as the U.S., South Korea, and Japan provide inbuilt wireless power receiver integrated circuit facility in mobile phones. The rising demand for smartphones in China, South Korea, and India is a key growth driver for the wireless charging industry. The Asia Pacific wireless charging market size is forecast to exceed USD 12 billion mark by 2023 owing to high sales of consumer electronics goods coupled with user convenience. Furthermore, telecommunications technology growth and mobile broadband availability coupled with the rising amount of internet users is expected to benefit the regional growth. The North America market is predicted to witness a noticeable growth over the coming seven years due to high expenditure on the wireless charging equipment as a result of growing consumer awareness about the new technological breakthroughs. The U.S. market, which accounted for 25% of the overall revenue share in 2015, is predicted to contribute significantly towards the regional growth over the coming seven years.
The wireless charging technology finds key application in the consumer industry, which is anticipated to dominate the market over the coming years by exceeding a revenue of USD 15.8 billion by 2023. Factors such as rising consumer purchasing capacity and high user convenience coupled with growing demand for wireless charging devices are predicted to boost the industry growth over the coming years.
The healthcare industry, which is yet another key application area of wireless charging technology, is predicted to grow at a CAGR of 37.5% over the period of 2016-2023. The invention of new miniature wireless charging devices penetrating inside the body parts and ensuring the charging of sensors & cybernetic implants is predicted to drive the industry growth over the coming years.
Key manufacturers have introduced new wireless charging technologies in the market to match the growing consumer requirements. Some of these technologies include inductive, RF, and resonant wireless charging technology. The RF wireless charging technology segment is anticipated to exceed USD 3 billion mark by 2023 as it suits small electronic devices and wearables as well as medical implants. The resonant technology segment is also predicted to witness a substantial growth over the coming years as it helps to charge many devices at a time without requiring any direct contact with these devices.
Acceptance of Qi wireless charging standards has added the ability to effectively charge the devices at shorter distances. As on July 14,2016, there were about 140 tablets, smartphones, and other Qi enabled devices that could be charged by Qi wireless charging. With Qi standards becoming popular, it is anticipated that Qi wireless charging will find its applications in coffee shops, sports arenas, and airports over the coming seven years.
Key market players include PowerbyProxi, Integrated Device Technology (IDT), Qualcomm, and WiTricity Corporation. These industry players will try to increase their global presence as well as market share by increasing R & D activities, technological innovations, product differentiation, and licensing agreements.
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