Wireless Charging Market Industry Outlook, Forecast and Key Players: Device Technology, WiTricity Corporation, Texas Instruments, Convenient Power, Qualcomm, Murata Manufacturing, Energizer Holdings, Leggett & Platt, Mojo Mobility

According to Global Market Insights, Inc., Wireless Charging Market is expected to exceed USD 14 billion by 2024. The increasing adoption of mobile devices in the consumer electronics market is fueling the wireless charging market. Mobile device manufacturers are integrating wireless charging feature into a variety of devices including laptops, notebooks, wearable devices, and mobile phones. This is attracting consumers globally and creating an awareness regarding the wireless charging technology. The rapidly-growing market for IoT-enabled devices will also trigger the demand for wireless charging points. Several industries, such as automobile, are integrating wireless charging solutions into their facilities to power their industrial equipment.

A huge opportunity for the technology exists in the highly automated & connected industries, as the battery power is a vital factor in several industrial applications. Wireless charging in industrial settings helps reduce the risk of explosions caused by stray sparks which occur during the connection and disconnection of current carrying power cables. In industrial applications of unmanned systems and robotic vehicles which require high voltages of electricity to operate efficiently, the technology is providing a consistent, high efficiency power supply to batteries which is expected to enhance the wireless charging market growth.

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In September 2017, Apple announced the use of the Qi standard for its wireless charging enabled i-phone. This will further fuel the adoption of the technology among both consumers and OEMs. Qi standard is based on inductive charging technology and now Apple choosing the Qi standard for its Apple devices will drive manufacturers to adopt the standard, augmenting the wireless charging market. Samsung has also announced to use Qi standard in its Galaxy smartphones for about 90 smartphone models. Open Dots by Open Dots Alliance and Rezence by the Alliance for Wireless Power and the Power Matters Alliance are the other standards that are competing in the wireless charging market.

Resonant technology accounted for more than 25% of the wireless charging market share in 2016. The technology does not require direct contact for charging of devices and allows several devices to be charged simultaneously. It has a competitive advantage over the inductive technology as it offers wireless transfer of power at a long range for multiple devices. The technology is anticipated to become more widely available at coffee-shop tables and in offices under the desks.

Healthcare is a promising application segment for the wireless charging market. The usage of medical implants in advanced medical therapies for a variety of chronic conditions is growing, with the ability to safely charge such devices opens new opportunities to several treatment options thereby driving the wireless charging market growth. Moreover, wireless charging technology is offering its end-users the ability to extend the lifetime of an implant as the battery can be recharged, and can also eliminate the battery need in some cases.

Growth Drivers:

. Growing smartphone demand in India and South-East Asia

. High degree of convenience across Europe

. Technological innovation in the U.S.

. Rising need for wireless charging for electric vehicles (EV) in Europe and North America

. Rising penetration in industrial and commercial environments in Asia Pacific

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Companies will competently popularize the wireless charging technology by establishing major charging environments for user experience. In-cabin wireless charging is being offered to consumers presently in nearly 80 car models. This is based on electromagnetic Qi charging specifications and is being incorporated into luxury cars including BMW, Nissan, Audi, Hyundai, and Chevrolet. Moreover, other end-user segments including hospitality and public transport have also made Qi charging available in their facilities to offer wireless charging. McDonald's, Marriott, Ibis, and airports such as London Heathrow, and Philadelphia have Qi charging stations. Corporations such as Deloitte, PwC, Facebook, Google, and Cisco have built Qi charging stations in their corporate offices. This is one of the major factors contributing to the growth of the wireless charging market.

Energizer Holdings, Inc., Integrated Device Technology, Inc., Convenient Power, Ltd., Qualcomm, WiTricity Corporation, Powermat Technologies, and Mojo Mobility are some of the major companies competing in the wireless charging market. Several companies are competing based on product portfolio and differentiation. Companies such as Apple has announced its plan to launch its own AirPower wireless charging station in 2018. The charging case will have the ability to charge up to three Apple products at once.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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