Wireless Charging Market Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027


Posted April 2, 2021 by shrushtig

Wireless charging or inductive charging is a type of cordless power transfer wherein it uses electromagnetic induction to provide electricity to portable devices.
 
In this, portable equipment can be placed close to a charging station or inductive pad without the contact or precise alignment. Apart from inductive technology, resonance charging, and radiofrequency technology, laser beam or microwave or conductive technologies are also used for energy transfer.
Market Dynamics- Driver
Increasing sales of electric vehicles worldwide are expected to drive growth of the global wireless charging market during the forecast period
The demand for electric vehicle is increasing rampantly, owing to low maintenance and cost-effective features. According to the Edison Electric Institute (EEI), in 2018, the electric vehicle sales increased by 81% as compared to 2017. Electric vehicles are powered by rechargeable batteries that are charged using electricity. Over the years, automakers have started using wireless charging since it is convenient and easy to use. The driver needs to part their car over the charging pad. This also provides sophisticated experience as there is no need to plug-in charging cables. Furthermore, strict regulatory policies related to harmful emissions have led to increase in adoption of electric vehicles thereby driving growth of the global wireless charging market in the near future.
Growing consumer awareness regarding wireless charging is expected to propel the global wireless charging market growth over the forecast period
Technological advancements in mobile devices such as embedded wireless charging technology have shifted preference of consumers towards wireless charging. Increasing number of mobile device vendors are incorporating wireless charging feature in high-end models of laptops, smartphones, wearable, and notebooks, which in turn, is expected to support the global wireless charging market growth the over the forecast period. For instance, Google Nexus 6 smartphone is enabled with Qi wireless charging technology.
Asia Pacific region dominated the global wireless charging market in 2019, accounting for 32.5% share in terms of value, followed by North America and Europe.
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Market Dynamics- Restraints
Unavailability of cohesive wireless charging standards is expected to restrain growth of the global wireless charging market during the forecast period
Presently, there are two standards for wireless charging based on technologies Qi wireless power standard by Wireless Power Consortium (WPC) and Airfuel Alliance. Airfuel Alliance has been formed by the merger of PMA standard by Power Matter Alliance (PMA) and Rezence by All for Wireless Power (A4WP). The wireless charger should be compliant with any of the above standards and it can work only with those devices that support the same standard. Furthermore, the global wireless charging industry is yet to arrive at an agreement for common standard, which is suitable for all technologies. Hence, absence of unified charging standards is expected to restrain the global wireless charging market over the forecast period.
Slow charging rate of wireless charging is expected to hinder the global wireless charging market growth over the forecast period
Wireless charging is slower than conventional charging and takes twice as long as wired chargers to charge a device. This is due to inductive power transfer requiring longer time to induce an electromagnetic field. This further delays transfer of electric current from charging pad to device, extending the overall time required for charging. This leads to consumers preferring wired charging over wireless. Hence, slow charging rate is expected to hinder the market growth over the forecast period.
Market Opportunities
Constant need for power source for IoT network is expected to present major growth opportunity
Increasing adoption of Internet of Things is accelerating the need for constant power source for devices connected to the IoT network. IoT network need to be working constantly and therefore requires a constant power source. As electric charging methods are complicated and sometimes are not compatible with IoT devices, wireless charging is a convenient method to power an IoT network. According to Ericsson networking and telecommunications equipment and service companies, by 2021 the number of IoT connected devices is expected to reach 28 billion. This is expected to create potential market opportunities for wireless charging companies.
Growing need for safe charging industrial applications is expected to provide lucrative business opportunities
There is constant introduction of new technologies such as drones and emphasis on factory automation. Furthermore, the equipment in industrial settings operate in harsh environments and are exposed to heat, moisture, dust, and dirt. Moreover, wireless charging eliminates the requirement for power connectors thereby reducing chances of hazards, which can be triggered due to a stray spark while connecting or disconnecting a current-carrying power cable. Prominent vendors such as Powerbyproxi and WiTricity have already developed wireless charging, which can be operated in harsh environments in industrial setups.
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Tags wireless charging market outlook , wireless charging market share , wireless charging market size
Last Updated April 2, 2021