The wireless charging market is estimated to reach USD 13.7 Billion by 2020, at a CAGR of 60.26% between 2014 and 2020. The factors driving the wireless charging market include user friendliness, wireless charging enabled smartphones, ability to charge multiple devices, and consumer inclination toward wireless connectivity.
Consumer electronics segment is expected to lead the wireless charging market
The consumer electronics segment accounted for the largest share and is expected to grow at highest CAGR between 2014 and 2020. The products such as smartphones, computing devices, and wearable devices are the major applications of the wireless charging technology. The growing efforts of companies to provide wireless connectivity products have supported the growth of this market.
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Automotive sector is expected to show potential growth by 2020
Extensive research and development has enabled wireless charging of electric vehicles. Many companies as well as technology developers and automakers are working on developing feasible solutions for the electric vehicles. The demand for electric vehicles is expected to increase considerably in the coming years because of the depleting fossil fuels and growing concern to curb the increasing pollution. Recently, in August 2015, highways England announced its plans to carry out off-road trials for wireless in-road charging and potential solutions. It is expected that the wireless charging will support the electric vehicles to cover long distances without the need to stop and charge their batteries. All these factors are expected to drive the automotive sector in supporting the growth of wireless charging market.
APAC is expected to hold the largest market share by 2020
Asia-Pacific is expected to dominate the wireless charging market by 2020 by accounting for the largest market share; it is expected to grow at a highest CAGR between 2014 and 2020. The growing demand for consumer electronics in the APAC region is driving the growth of the wireless charging market. The huge adoption of wireless charging technology in the last few years has resulted in widening the product portfolio of the major players. These factors have helped the growth of wireless charging market in this region.
The companies involved in the development of wireless charging include Convenient Power HK Limited (Hong Kong), Energizer Holdings, Inc. (St. Louis, U.S.), Integrated Device Technology, Inc. (U.S.), Leggett & Platt (U.S.), Murata Manufacturing Co., Ltd. (Japan), Powerbyproxi Ltd. (New Zealand), Powermat Technologies (Israel), Qualcomm Incorporated (U.S.), Texas Instruments Incorporated (U.S.), and WiTricity Corporation (U.S.).
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This research report categorizes the global wireless charging market on the basis of technologies, transmission range, applications, and regions. This report describes the drivers, restraints, opportunities, and challenges with respect to the wireless charging market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the wireless charging market.