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Global Wireless Charging Market is expected to grow at a CAGR of 38.7% from 2018 to 2025
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At present, Asia-Pacific garners the highest revenue in the global market with China dominating the market in the region. North America holds second place as the U.S. leads the revenue generation in the region.
The increase in demand for wireless charging systems is fueled by the rise in adoption of electric vehicle (EVs) or plug-in hybrid vehicle, as they offer reduced fuel consumption and hazardous emissions from the tailpipe.
Wireless charging systems can also overcome the current shortcomings of EVs, such as short driving range and long charging time. As recently as May 2018, BMW launched its wireless electric car charging system. As more EV manufacturers employ wireless charging in their products, the demand would increase not only in the automobile sector but also across various industry verticals.
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Nordic Semiconductor, a fabless semiconductor company that specializes in ultra-low power performance wireless system has announced Bluetooth smart solution for Rezence wireless charging that uses the principles of magnetic resonance. This technology helps out of band (OOB) charging management functions.
Increase in sales of electric vehicles (EVs), constant development of portable electronics as well as wearables market, and frequent need of harvesting ambient RF energy are expected to drive the wireless charging market during the forecast period. However, expensive technology for its integration and slower charging as compared to other charging technologies are expected to hamper the growth of the market.
Based on technology, the inductive segment generated the highest revenue in the wireless charging market in 2017, and is expected to remain dominant during the forecast period. In addition, based on industry vertical, the automotive segment generated the highest revenue followed by electronics and industrial.
Key Findings of the Wireless Charging Market:
• The inductive segment is estimated to generate the highest revenue in the global wireless charging market in 2017.
• In 2017, the automotive industry is projected to be the highest revenue contributor in the industry vertical segment.
• Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
• In 2017, Asia-Pacific contributes the highest market revenue, followed by, North America, Europe, and LAMEA.
The key players profiled in the report are Samsung Electronics Co., Ltd., Qualcomm Incorporated, Texas Instruments, Inc., Integrated Device Technology, Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings, Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC.
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