Global Wireless Charging Market to Grow 41.79% from 2019 to 2024

Wireless transfer of power or electrical charging of battery-powered equipment and devices without the requirement of wired electric connection is termed wireless charging. It is often referred to as inductive charging, in which power is transferred wirelessly through electromagnetic induction. 

In the case of inductive charging, electromagnetic waves are used instead of conventional wired cables to transfer energy. In the present scenario, wireless chargers are easily compatible with numerous consumer devices, such as smartphones. The only condition to be fulfilled is the outward design and technical similarity of communication models.

Wireless charging offers several benefits including easy charging without plug-in, no tangled wires, charging in public places or in cars, reliability in rugged environments, charging several devices at the same time, and avoiding plug compatibility problems, among others.

As per the market intelligence published by BIS Research titled Global Wireless Charging Market – Analysis and Forecast, 2019-2024, the wireless charging market registered $3.82 billion revenue in 2018 and is projected to grow at a CAGR of 41.79% during the forecast period from 2019 to 2024. The market is projected to reach $33.48 billion by 2024. 

Factors Driving Wireless Charging Market Growth

• Standardization of wireless regulations: With the inception of next-generation smartphones, the demand for efficient charging infrastructure has increased significantly across the consumer electronics domain. Presently, charging infrastructure that is easier to use, can transfer power safely to the device, and puts minimal strain on a charging port, among others, is in high demand. Manufacturers such as LG Electronics Inc, Samsung Electronics Co. Ltd., and Apple Inc. have started integrating wireless charging in their premium segment smartphones. However, since the technology is still in the development stage, several industries are trying to integrate it across their product ranges. The presence of numerous wireless chargers in the market increases the requirement for standardization to ensure high-quality wireless chargers along with their compatibility with different types of devices.
  
  
• Technological and dynamic design enhancements: Wireless charging is progressively being accepted among numerous application categories, including smartphones and tablets, and wearables, among others. The adoption of Qi (chee) standard for wireless charging has created massive demand for wireless charging infrastructure in recent years. Designers and manufacturers across industries such as consumer electronics, automotive, and commercial have initiated exploring these opportunities.
  
  
• Increasing battery anxiety among consumers: The increasing proliferation of smartphones and smart devices in everyday life is creating a surge in demand for better and enhanced electronic devices. The increasing exchange of data through these smart devices is leading to the demand for more power to perform activities at a faster speed without the complication of information lag. This has further led to an increase in battery capacities, resulting in bigger battery size and more substantial devices.
  
  
• Increasing shipments of smart handheld devices fueling demand: Innovation with continuous research across consumer electronic devices including smartphones and wearable devices have propelled the rise of the wireless charging market and the technology is expected to be the next big technology in the smartphone industry. Several manufacturers have started manufacturing smartphones, which are wireless charging-enabled. However, the technology has only been incorporated in the premium smartphones segment. As the market gradually grows and the overall demand for wireless power transmission steadily increases, the technology is expected to be embedded in various devices such as drones, laptops, and hand-held devices, and mid- and low-range devices as well.

Challenges Impeding Market Growth

• Higher cost of production with lower efficiency than conventional wired method of charging: Wire-based charging has evolved to turbo or fast-charging solutions, which has acted as a major hindrance to the wireless charging industry in recent years. Inductive charging is currently the most used method of wirelessly charging being accepted by consumers, from charging electric toothbrushes to charging earbuds and smartphones. Such developments are ensuring the improvement in efficiency and increasing the degree of consumer confidence for wireless chargers. However, safety has been another issue that is affecting the market growth of wireless chargers. The concept of wireless charging over a distance increases the complications of safety as a significant amount of energy is spread out randomly.
  
  
• Safety issues with wireless distant charging: Aside from the numerous technical benefits, the implementation of wireless charging holds the risk of fire, injury, and electric shock. The exposure to electromagnetic radiation during wireless charging could lead to many health risks such as depression, anxiety, and insomnia. Further, buyer’s unpredictable behavior toward emerging technologies is expected to create challenges for the adoption of the technology. In addition, overheating issues is another factor hindering the adoption of wireless power transfer among users and can hinder the adoptability of the technology in the market.
  
  

Wireless Charging Market Segmentation

The global wireless charging market is categorized on the basis of several segments including technology, implementation, application, and region. The technology market of the wireless charging includes inductive technology, resonant technology, RF technology, and others. In 2018, the inductive technology segment accounted for 100% market share. By 2024, the overall market percentage of the inductive technology is expected to decline and reach 95.59%. However, the overall revenue contribution is expected to grow in a double digit CAGR during the forecast period from 2019 to 2024.

The implementation segment of the market is further categorized on the basis of receivers and transmitters market. Both transmitters and receivers segments of the market are further categorized individually into integrated and aftermarket. The integrated segment in the receivers implementation section currently accounts for the major percentage share in the number of units sold. For the transmitters implementation segment, in 2018, the integrated category dominated the market with a market share of 68.60% in terms of volume. 

Receivers and transmitters market are the two broad categories into which the application segment of the wireless charging market has been bifurcated for the purpose of study. The receivers segment is further categorized into consumer electronics, healthcare, automotive, and others. The consumer electronics include smartphones and tablets, smart wearables, and others.

Based on the regional segmentation, the market is categorized on the basis of North America, Europe, Asia-Pacific, and Rest-of-the-World. The region of North America was leading the market in 2018 with a market share of 39.08% of the global market. The market of North America is projected to grow at a significant CAGR during the forecast period. The Asia-Pacific market currently follows North America in terms of revenue share, as it accounted for $1.14 billion in 2018 and is expected to grow at the highest CAGR among all the regions during the forecast period. 

Major Players Operating in the Market

Global Wireless Charging Market

For more information, download a sample of the industry report by BIS Research, which provides critical insights of the market. In addition, be sure to read the abstract of the report on MarketResearch.com.

This comprehensive report draws on research from a mix of primary interviews and secondary research, along with analytical tools that have been used to build forecast and predictive models.