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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Key Players:
The prominent players in the market of Wireless Charging market are – Samsung Electronics Co Ltd. (South Korea), Texas Instruments Inc. (U.S.), Integrated Device Technology, Inc. (U.S.), NXP Semiconductors (Netherlands), Powermat Technologies Ltd (Israel), WiTricity Corporation (U.S.), PowerbyProxi (New Zealand), Qualcomm Inc. (U.S.), TDK Corporation (Japan), Convenient Power HK Limited (China) among others.
Segmental Analysis
The Wireless Charging Market can be segmented by technology, components, applications, and regions. By technology, it is segmented into Inductive Coupling and Capacitive Coupling. By Components the market is segmented into Transmitters and Receivers. By application, it is segmented into consumer electronics (smartphones, tablets, wearable device), industrial, infrastructure, and automotive. By regions, the global market of wireless charging is segmented into North America, Europe, Asia Pacific and Rest of the World.
Consumer electronics segment is considered to be 31.53% of market share in the global wireless charging market where smartphones segment is accounted for 51.46% of the total market share.
Regional Analysis
The Asia Pacific region consists of developing countries with emerging economies, and it accounts for than 35% of the global population. These factors make it the dominating market or wireless charging due to high demand and technological advancement in consumer electronic products like smartphones, tablets, smart gadgets, and wearable devices. China and Japan have a steady supply of wireless charging goods while countries like India, South Korea, and Taiwan have massive consumption of these products. North America and subsequently Europe are expected to hold second and third position respectively in the global wireless charging market.
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Intended Audience
- Smartphone Manufactures
- Battery Manufacturers
- Technology Providers
- Wireless Charger Manufactures
- Chip Manufacturers
- Wireless Charger Suppliers
- Distributors
- Research firms
- Consultancy firms
- Semiconductor Manufacturers
- Stakeholders
- End-user sectors
- Technology Investors
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