A new report published by Allied Market Research, titled, "Wireless Charging Market-Global Opportunity Analysis and Industry Forecast, 2014-2022", projects that the global wireless charging market is expected to reach $37.2 billion by 2022, growing at a CAGR of 44.7% during the forecast period (2016-2022).
Wireless charging is a reliable, convenient, and safe technology to power and charge electrical devices. Rise in sales of electric vehicles (EVs), advancement in portable electronics & wearables market, and necessity to harvest radio frequency (RF) energy are the factors that drive the growth of the market. However, technology being expensive to integrate and comparatively slower charging restrain the market growth.
Inductive charging technology is an innovative and most preferred EV and electronic device charging technique as compared to other wireless charging technologies. Inductive wireless charging is anticipated to drive the market significantly by 2022, maintaining its dominance in the market. On the other hand, other technologies such as radio frequency (RF), microwave, and laser are expected to exhibit a faster growth, owing to its accurate sensing of the object feature.
Wireless charging technology has its penetration in wide range of industries such as electronics, automotive, industrial, healthcare, and aerospace & defense. In 2015, wireless automotive industry segment held 36.2% market share in the overall wireless market size. The manufacturers of EVs are incorporating wireless charging technology to maintain a competitive advantage. The aerospace & defense is expected to be the fastest growing segment, growing at a CAGR of 46.2%, due to the increased investment in the wireless charging market by players, as it increases the durability of the device.
Wireless charging market share of Asia-Pacific was highest in 2015, i.e., 36.4%. However, Europe emerged as a prime region for wireless charging with a high growth rate, exhibiting an increased demand due to rapid rise in electric vehicles and smartphone. In addition, Europe's largest semiconductor chip makers are entering into partnership with wireless power technology providers to develop integrated circuits for wireless power transfer. Wireless charging market players are conducting R&D activities to design a system, which is cost-effective and compatible with all types of exiting smartphones, electronic gadgets, and electric vehicles. Numerous EV manufacturing companies such as Mercedes, BMW, and Nissan are collaborating with semiconductor companies to develop wireless charging system for their products. States Ayushi Bajpai, Research Associate, Semiconductor and Electronics at AMR.
Key findings of the study
•In the year 2015, inductive wireless charging accounted for the highest share of 57.3% in the overall market
•Upcoming wireless charging technologies such as radio frequency (RF), microwave, and laser are expected to exhibit a faster growth
•Automotive industry contributed over 36.2% of the overall market in 2015, and is expected to grow with a CAGR of 45.2% during the forecast period
•LAMEA is expected to be the fastest growing wireless charging market, and is expected to grow at a CAGR of 48.2% during the forecast period.
Summary of the Wireless Charging Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/wireless-charging-market