Wireless charging market to witness a fierce competition ahead, consumer electronics giants to lead the race
The Oral-B rechargeable toothbrush was the first commercialized wireless charging product. Since then, wireless charging market is on the verge of continuous developments in recharging the batteries of the electrical devices. Recently, Sony has patented a technology, which can hunt power from a range of electric devices comprising smartphones, laptops and as well TVs, washing machines, and fridges. Another notable development in 2016 was the launch of LG G6 and Galaxy S8, sporting wireless charging technology.
Qi is the most common technology found in wireless charging products. With the adoption of Qi technology and standards, in 2012, Nokia’s Lumia 820 & 920, Google’s Nexus 4 and many other smartphone models featured inductive charging. High degree of digitization and commercialization has impelled global wireless charging market. As per a report by Global Market Insights Inc., “Wireless Charging Market is forecast to exceed revenue over USD 25 billion by 2023.”
Europe wireless charging market size, by technology, 2012 – 2023 (USD Million)
Growing smartphone penetration particularly in India, China, and South Korea is likely to propel the Asia Pacific wireless charging industry to register a whooping CAGR of 34% over the period of 2016-2023. Considerable proliferation of wireless charging technology across various application segments is also a major growth driver.
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Wireless charging technology is set to bring a notable surge in wearable devices. Consumer applications dominated the wireless charging industry, with target revenue slated to reach USD 15.8 billion by 2023, owing to increased purchasing parity of consumers and seamless charging experience. Healthcare is another attractive application foreseen to grow at a rate of 37.5% from 2016-2023. Miniaturization of products and the possibilities of performing operations without the use of batteries has led the growth of wireless charging market in healthcare applications. Wireless charging market is set to experience a boom in vehicle-charging, defense, and industrial sectors, subsequently expanding the application base.
Wireless charging industry has established three major technology standards in order to provide compatibility across devices, which includes Alliance for Wireless Power (A4WP), Power Matters Alliance (PMA) and Wireless Power Consortium (WPC). WPC and PMA technology standards specialize in inductive technology, whilst A4WP uses resonance technology.
Inductive wireless charging industry is anticipated to exceed USD 10 billion by 2023, owing to its popularity across the automotive industry. RF wireless charging technology can power more than one device simultaneously, as opposed to its counterpart. RF wireless charging market is projected to exceed USD 3 billion by 2023 with a CAGR of 40.5% over the period of 2016-2023.
Consumers today are becoming increasingly tech-savvy and are willing to spend more on wireless charging devices. This has largely contributed in the growth of U.S. wireless charging market, which held the largest regional industry share in 2015.
This market is fueled by adoption of novel technologies by the market giants. Many biggies have already implemented wireless charging in their flagship phones, whilst the smartphone market hulk – Apple, is also expected to switch gears and implement this technology. This industry may witness several players competing for standards, licensing agreements, and technological innovations. Major participants in the wireless charging industry include Qualcomm, PowerbyProxi, WiTricity Corporation, and IDT.
Author Name :Ojaswita Kutepatil