The global wireless charging market was valued at USD 6,240 million in 2017 and is anticipated to grow at a CAGR of 34.9% during the forecast period.
The wireless charging technology involves the charging of batteries sued in electronic components without the use of wires or cables. It consists of two components, the transmitter, which is the power source, and the receiver, which receives the energy and charges the batteries. Wireless charging is more reliable, safer and a cheaper option as compared to its traditional counterpart which involves the use of a series of cables and connectors. Wireless chargers offer greater flexibility and enable users to charge devices across different brands, along with devices integrated in a complex configuration, which might have otherwise been hazardous or impractical.
There has been a significant growth in the wireless charging market owing to increasing penetration of mobile phones and electronic consumer goods worldwide. Technological advancements coupled with improved sales of electric vehicles and its components supports the growth of the wireless charging market. Other factors contributing to the growth of the market include the increased use of wearable electronics, mobile devices such as tablets and laptops, the increasing need to harvest ambient radio frequency, and growing adoption of smart connected devices. Technological advancements, growing demand for mobility, and increasing demand for Wi-Fi and wireless broadband services further increase the adoption of wireless charging in coming years.
The global wireless charging market is segmented on the basis of technology, end-user, and region. Based on technology, the market is segmented into Inductive, Radio Frequency, Resonant, and others. The inductive wireless charging technology accounted for the highest market share in 2017 owing to increasing demand for electrical vehicles.
The end-user segment is categorized into Consumer Electronics, Automotive, Healthcare, Defense, Industrial, and others. The consumer electronics segment dominated the global market in 2017 owing to rising adoption of mobile and connected devices.
Geographically, the wireless charging market is segmented across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global Wireless Charging market in 2017 owing to increasing penetration of mobile devices, and rising demand for electric vehicles.
The leading players in the wireless charging market include Integrated Device Technology, Mojo Mobility, Powercast Corp., Texas Instruments, Energizer Holdings, Leggett & Platt, Incorporated, Qualcomm Incorporated, Powermat Technologies Ltd., ConvenientPower, and Murata Manufacturing Co. Ltd among others. These leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.