In 2014, the worldwide wireless charging market contributed USD over 1.85 billion. Rising adoption of this technology in consumer electronics devices such as tablets and smartphones is expected to augment the industry demand further. Furthermore, other sectors such as defense, automotive, industrial and healthcare are anticipated to boost the market growth over the coming years. To enhance existing functionalities and features, market players are investing heavily on R&D activities which will impact the overall demand.
Consumer electronics contributed over 60% of the worldwide share in 2014 and is anticipated to dominate in terms of market size by 2022.Unavailibity of electric points coupled with elimination of hassles caused owing to wired chargers have increased in prominence of cordless power.
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Defense and healthcare are anticipated to be the promising application sectors over the coming years. Furthermore, PMA and WPC specialize in inductive technology and announced their merger in June 2015, after a year of discussion. In Addition, they formed a new entity in November 2015, after their mergers were named Airfuel alliance.
Based on technology, Inductive has penetrated significantly into the industry and accounted for over 50% of the revenue share in 2014.Additionaly, Electric vehicles use inductive technology for powering. Radio frequency and resonant are anticipated being the most lucrative technologies over the forecast period.
Resonant technology does not require direct contact and aids in powering of devices, it also increases convenience. Furthermore, this technogy also provides multiple devices to be charged concurrently. RF-based technology eliminates the need for proper alignment in case of small devices like medical plants and wearables. Several advantages which are offered by technology are making firms like humavox to invest more in the industry.
Asia Pacific is the promising regional sector for hybrid electric vehicles and lucrative industry for consumer electronics devices like laptops and smart phones .The region contributed over 35% of the total market share in 2014. Furthermore, North America is the major regional segment owing to consumer’s inclination towards investing more on tablets and Smartphone’s has increased in the region. Africa and Latin America are comparatively untapped markets and are estimated to undergo augmented adoption of cordless charging over the coming years.
Integrated Device technology, WiTricity Corporation, PowerbyPRoxi and Qualcomm are some of the major companies operating in the wireless charging market. WiTricity has developed charging technologies for numerous applications involving medical, automotive, and industrial and consumer electronics.
Information Source: Grand View Research