The rising popularity of hybrid cars, smartphones, laptops, smart wearable and other consumer devices are driving the need for wireless charging. The increasing usage of medical devices that require wireless charging has open new vistas for wireless charging manufacturers, and are accelerating the demand for wireless charging market at a global scale. The Wireless Charging Market is expected to rise with a CAGR of 30% during the forecast period 2019-2025 and reach $27bn revenue by 2025.
The wireless charging market is growing at a fast pace owing to wide applications across consumer electronics devices, automotive and the industrial sector. According to GSMA, the total shipment of smartphones is 1.3 billion in 1st quarter of 2019, which is predicted to rise by the introduction of 5G smartphones by 2023. The increasing demand for smartphones with the 5G technology is expected to drive the wireless charging market in the near future. The growing demand for smart home appliances is estimated to reach $110 billion in 2023, which will raise the need for wireless charging. . According to IDC, market share of wearable device accounts for 63.2% in 1st quarter of 2019, which is expected to fuel the need for wireless charging in the coming future.
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Wireless chargers are used across a range of low-power (<100watts) appliances to high-power (>1kW) appliances. Low-power appliances include small and medium sized consumer electronics, such as smartphones, laptops, and other handheld devices, which usually charge at a power wattage below 100 watts.
On the other hand, high-power appliances include devices whose batteries are to be charged at more than 1kW wattage. The most common high-power application of wireless charging is for automobiles such as electronic cars, trucks and buses.
Wireless charging is a global phenomenon now, and latest technological advancements have led to the adoption of wireless charging devices. Organizations like the Wireless Power Consortium (WPC) have developed Qi (chee) standard which is applicable for electric power transfer over a distance of 40millimeters. Some of the other standards developed, such as Power Matters Alliance and Alliance for Wireless Power (A4WP), are for accelerating wireless charging. The Qi standard wireless chargers are becoming popular owing to adoption in restaurants, trains, and are also being developed for use in other infrastructures. Increasing demand for smart devices, coupled with the ease of availability to charge these devices, has led to the customer electronics sector emerging as the fastest growing segment, with a CAGR of 28%, in the wireless charging market for the forecast period 2019-2025.
The Asia Pacific (APAC) region was the major contributor to the wireless charging market with a 34.5% market share in 2018, with countries like Japan, South Korea, and China which are still driving innovation in the field of wireless charging to increase applications across various industries. These factors will provide increasing opportunities for the APAC Wireless Charging Market.
Wireless Charging Market Growth Drivers:
- Development of major standards for wireless charging system: In 2018, the two major standards for wireless charging were introduced, namely Qi (Chee) by Wireless Power Consortium and PowerMat by AirFuel Alliance. These products have been adopted in various cafes, hotels and airports. The American fast food chain, McDonald’s is in the process of driving the fast food technology by adopting wireless charging. It is in the process of installing AirFuel wireless chargers with Qi standard across 50 restaurants in the U.K. The Qi standard wireless charges are being widely adopted by smartphone manufacturers such as Apple, Samsung, and LG.
- Rising use of Electric Vehicle: Technological developments at a fast pace has led to rising adoption of electric vehicles, which has also resulted in reducing carbon emissions and the toxicity level generated by fuel-based vehicles. According to the IEEE Transportation Electrification Community, wireless charging is being incorporated in electric vehicles in order to reduce the exposure of harmful gases to the humans. Furthermore, the need for electric mobility is increasing in China, Japan, the U.S., and in European countries such as the U.K., Germany and France. These factors are expected to propel the global wireless charging market in the automotive industry.
R&D Investments and Initiatives:
In 2018, Metaboards Limited, an Oxford-based start-up announced that it received an investment of $5m from Oxford Science Innovation (OSI), RT Capital Management Inc., and Woodford Investment Management Ltd., to expand and innovate upon wireless charging technology. In the same year, Reach Labs announced that it received $9m funding for the development of its long-range wireless charging technology.
In January 2019, Volvo Group Venture Capital AB announced an investment in Momentum Dynamics Inc., provider of high-power wireless charging for electric vehicles. This investment is expected to increase the use of wireless charging in vehicles that can be connected to the electrical power grid, without the need for wires and cables. Increasing demand for these electric vehicles is also expected to raise the demand for the wireless charging market.