Wireless Charging Market is expected to garner $37.2 billion by 2022

Wireless Charging Market Report, forecasts that the global market is expected to garner $37.2 billion by 2022, registering a CAGR of 44.7% during the period 2016-2022.

Wireless charging is a reliable, convenient, and safe technology to power and charge electrical devices. Rise in sales of electric vehicles (EVs), advancement in portable electronics & wearables market, and necessity to harvest radio frequency (RF) energy are the factors that drive the growth of the market. However, technology being expensive to integrate and comparatively slower charging restrain the market growth.

Inductive charging technology is an innovative and most preferred EV and electronic device charging technique as compared to other wireless charging technologies. Inductive wireless charging is anticipated to drive the market significantly by 2022, maintaining its dominance in the market. On the other hand, other technologies such as radio frequency (RF), microwave, and laser are expected to exhibit a faster growth, owing to its accurate sensing of the object feature.

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Wireless charging technology has its penetration in wide range of industries such as electronics, automotive, industrial, healthcare, and aerospace & defense. In 2015, wireless automotive industry segment held 36.2% market share in the overall wireless market size. The manufacturers of EVs are incorporating wireless charging technology to maintain a competitive advantage. The aerospace & defense is expected to be the fastest growing segment, growing at a CAGR of 46.2%, due to the increased investment in the wireless charging market by players, as it increases the durability of the device.
Wireless charging market share of Asia-Pacific was highest in 2015, i.e., 36.4%. However, Europe emerged as a prime region for wireless charging with a high growth rate, exhibiting an increased demand due to rapid rise in electric vehicles and smartphone. In addition, Europe's largest semiconductor chip makers are entering into partnership with wireless power technology providers to develop integrated circuits for wireless power transfer.

Key findings of the Wireless Charging Market study:

In the year 2015, inductive wireless charging accounted for the highest share of 57.3% in the overall market

Upcoming wireless charging technologies such as radio frequency (RF), microwave, and laser are expected to exhibit a faster growth

Automotive industry contributed over 36.2% of the overall market in 2015, and is expected to grow with a CAGR of 45.2% during the forecast period

LAMEA is expected to be the fastest growing wireless charging market, and is expected to grow at a CAGR of 48.2% during the forecast period

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Several prominent players operating in the wireless charging market adopted partnership as their key strategies. Companies such as Texas Instruments, Inc., Qualcomm Incorporated, and Samsung Electronics Co., Ltd. have introduced innovative and technologically advanced products to capture more market share. Prominent companies profiled in the report include Sony Corporation, Integrated Device Technology, Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings, Inc., and others.

Global Wireless Charging market size is forecasted to reach $37.2 billion by 2022, growing at an estimated CAGR of 44.7% from 2016 to 2022. Wireless charging is the transmission of energy without wires or cables from a power source to a consuming device. Wireless charging technologies comprise a charging station (or transmitter) that transmits the energy, and a receiver (integrated inside a device) that receives the energy and charges the battery. It is a reliable, convenient, and safe technology to power and charge electrical devices. In addition, it provides multiple efficient, cost-effective, and safety advantages over the traditional charging systems by eliminating the use of physical connectors and cables. Wireless charging maintains continuous transfer of power to ensure all varieties of devices (hand-held industrial devices, smartphones, heavy-duty equipment, and many more) are charged and readily available to use at a moments notice.

The market holds a great potential in electronics and automotive industries. Presently, most of the wireless charging stations for electric vehicles (EVs) have incorporated inductive charging technology. Automotive giants are entering into partnerships with providers in wireless charging market to integrate it in their EVs. For instance, Mercedes partnered with BMW and announced that its next-gen Mercedes S-Class plug-in hybrid electric vehicle (PHEV) employs wireless charging, and is expected to arrive in the summer of 2017. At present, automotive industry has the highest wireless charging market share owing to its growing adoption and need of efficient charging systems.

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