The wireless charging technology has been in the market for long, however, due to non-availability of technical standards in the market the adoption of the technology has been rather slow. Over the past three years, with the finalization of Qi Standard the adoption of wireless technology has increased. With the increasing use of the technology for smartphone and wearable devices the global market is expected to grow.
As per a recent market intelligence report published on Global Wireless Charging Market – Analysis and Forecast (2018-2023), the market is estimated as $3.76 billion in 2018 and is projected to reach $20.97 billion by 2023, registering a CAGR of 40.97%, during the forecast period from 2018 to 2023. In terms of volume, the market is estimated as $0.6 billion in 2018 and is expected to reach $3.3 billion by 2023, registering a CAGR of 37.34% during the forecast period.
The growth of the market can be attributed to factors, such as increasing demand for smartphones and other wearable devices, standardization of regulations for wireless charging transmitters, and increasing in-built wireless charging options across devices. However, certain factors, such as fast charging speed and high price & lower efficiency of wireless chargers, can restrain the growth of the market.
The report also discusses in detail the opportunities available in the market, including possibilities of far field charging, wireless charging for electric vehicle, and integration of internet of things (IoT) and wireless charging. These opportunities clearly indicate that there is tremendous potential for wireless charging technology in the automotive industry.
Also, as per recent market incidents, such as Volvo group venture capital invests in wireless electric charging in order to strengthen its competence and knowledge and BMW, developer Brusa Elektronik is expanding its activities in the field of inductive charging, post the successful start of the production, highlighting the increasing demand for wireless charging technology in electric vehicle.
The report by BIS Research has been segmented by receivers and transmitters, which are further segmented into implementation, applications, and region. The segmentation based on technology is also showcased in the report. Inductive, resonant, and radio frequency (RF), among others are the technologies influencing the market. Wherein, the market has been dominated by inductive technology owing to the mass acceptance and adoption of Qi Standard. Resonant technology and RF technology are expected to grow somewhere in the year 2023.
The wireless charging market is mainly categorized into receiver and transmitter. With the implementation of Qi Standard in the technology, several companies are now integrating wireless charging system for smartphones and smart wearables, driving the growth of the integrated wireless technology and the trend is expected to continue in future. The aftermarket side of the market is slightly on the lower side as compared to that of the integrated market, as the players in the market are launching only few options for their select models. Recently, Apple has released battery cases with wireless charging support for the iPhone XS, XS Max, and XR.
Additionally, based on the segmentation by application, the market is further segmented into consumer electronics, automotive, healthcare, and others (such as industrial and aerospace & defense). The application market was dominated by consumer electronics market in 2017 in both receiver and transmitter section. However, the automotive industry is a potential opportunity for the wireless charging market and is expected to register a high growth in the future.