Market Overview
Wireless power transmission was founded in early 1891 by Nikola Tesla who displayed wireless power transmission from a power source to a device without any use of wire connectivity. Today, wireless charging has made several technological advancements such as Inductive Coupling, Capacitive Coupling, RF among others.
According to Market Research Future, Wireless Charging Market is driven by the high demand in the smartphones market. Increase in disposable income and rise in purchasing power around the world has created high sales for electronic products such as smartphones and wearable smart devices. A study shows that the total delivery of smartphones around the globe was assessed to be at 1.5 billion in 2016 which is likely to grow at 2 billion shipments by the end of 2023.
The rise in sales of electric vehicles (EVs), continuous growth of portable electronics and wearables market, and natural need of garnering ambient RF energy are likely to drive the wireless charging market during the forecast period. However, expensive technology for its incorporation and slower charging in comparison with other charging technologies are possible limiting factors for the market. Furthermore, excessive research in far field wireless charging technologies and the growing popularity of the Internet of Things (IoT) are expected to offer profitable opportunities.
The Global Wireless Charging market is predicted to reach USD 24.05 billion by the end of 2023 with 32.56% CAGR during the forecast period 2017-2023.
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Competitive Analysis
The global wireless charging market is dominated by renowned players like Texas Instruments Inc. (U.S.), Samsung Electronics Co Ltd. (South Korea), Qualcomm Inc. (U.S.), NXP Semiconductors (Netherlands), Powermat Technologies Ltd (Israel), Integrated Device Technology, Inc. (U.S.), PowerbyProxi (New Zealand), WiTricity Corporation (U.S.), Convenient Power HK Limited (China), and TDK Corporation (Japan). Wireless charging market seems to be competitive in the upcoming years owing to the prevalence of several prominent players operating in the regional market. TDK Corporation, Samsung Electronics, Texas Instrument Inc., Integrated Device Technology Inc., and Qualcomm Inc. are some of the companies dominating the wireless charging market across the world. The key tactics traced from the study of recent developments of the renowned players included product launch, acquisition, expansion, agreement, and partnership. Strategic partnerships between key players help the expansion and growth plans of the prominent players over the assessment tenure. On the product and sales side, enterprises are investing in R&D/ innovation, fostering strong associations with clients to support their competition level, collectively with brand building.
Segmental Analysis
According to the report published by Market Research Future, the wireless charging market can be categorized into 4 key segments based on technology, components, application, and regions. Based on technology, the global wireless charging market has been segregated into capacitive coupling and inductive coupling. Based on components, the market has been segmented into receivers and transmitters. According to the application, the market has been segmented into industrial infrastructure, automotive, and consumer electronics (wearable device, tablets, and smartphones). Based on regions, the global wireless charging market has been categorized into Europe, North America, Asia Pacific and Rest of the World.
Regional Analysis
Asia Pacific has been witnessed to rule the market for wireless charging owing to progression and rising demand for consumer electronic gadgets such as tablets, wearable devices, and smartphones. Asia Pacific represents more than 35% of the worldwide population and most of the Asian economies are still in growing phase making way for high demand for the electronic gadgets. Japan and China are supporting the creation of wireless charging solutions simultaneously making increased consumption of these products collectively with South Korea, Taiwan, and India. North America market followed by Europe market has been estimated to represent the second and third position respectively in the worldwide wireless charging industry.
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