According to a report published by Allied Market Research, the global wireless charging industry was pegged at $6.51 billion in 2018 and is expected to reach $49.30 billion by 2027, registering a CAGR of 23.4% from 2020 to 2027. The rise in sales of electric vehicles (EVs), constantly evolving portable electronics & wearables market, and the necessity to harvest ambient RF energy is driving the growth of this market. In addition to this, the development in far-field wireless charging technologies and the emergence of the Internet of Things are expected to create multiple opportunities in the industry.
Based on technology, the inductive segment contributed to more than half of the global wireless charging market share in 2018 and is expected to lead the trail by 2027. This is attributed to the easy, convenient, and wireless use of the charging system. However, the radio frequency segment will grow is expected to grow faster at a CAGR of 26.8% throughout the forecast period. The stronger technical qualities of radio frequency solutions over other technologies will make it the fastest-growing segment.
The Electronics Segment to Dominate During the Estimated Period
Based on industry vertical, the electronics segment accounted for more than two-fifths of the global wireless charging market revenue in 2018 and is anticipated to maintain the lion's share until 2027. This is attributed to the increasing adoption of wireless chargers for portable electronics such as smartphones, laptops, wearables, and handheld electronics. The healthcare segment, on the other hand, would cite the fastest CAGR of 25.5% during the study period. The ability of wireless charging to charge devices even during their use increases its adoption in healthcare equipment which, in turn, boosts the segment growth.
North America to Rule the Roost
Based on geography, North America held the highest share in 2018, generating more than one-third of the global wireless charging market. The rise in demand for portable & wireless devices and technological advancements across the industry have contributed to the growth of the wireless charging market in this region. At the same time, the Asia-Pacific would portray the fastest CAGR of 25.3% by the end of 2027. An increase in the adoption of fuel-efficient electric vehicles and a surge in demand for advancement in the charging system for portable electronics fuel the market growth.
According to the Report, the frontrunners in the Industry are Qualcomm, Fulton Innovation, Integrated Device Technology, Powermat Technologies, Energizer Holdings, WiTricity, Samsung, Murata, Texas Instruments and Sony.
The report is titled, Wireless Charging Market By Technology (Inductive, Resonant, Radio Frequency, and Others) and Industry Vertical (Electronics, Automotive, Industrial, Healthcare, and Aerospace & Defense): Global Opportunity Analysis and Industry Forecast, 2020-2027. Click here to read more about the report.
