According to a new report by ResearchAndMarkets, the global wireless charging market is expected to witness strong growth from 2017 to 2025.
Wireless charging technology is one of the emerging technologies poised to revolutionize the electronics industry by meeting the prevailing need for efficient charging with safe and portable charging. Rising demand for portable devices is one of the key factors driving the global wireless charging market forward. There is a huge demand for portable electronics with key concerns being the battery life of these devices. The wireless charging eliminates the need to carry multiple chargers, thereby driving adoption of wireless charging infrastructure for portable electronic devices. Youths are thriving towards new technologies and there has been a significant growth in the purchasing power, which are the major trends supporting the growth of wireless charging market.
However, there are many challenges that the wireless charging technology is currently facing. One of the major challenges is that the wireless charging technology is not compatible with many existing devices. Relatively slow charging speed than wired charging is another challenge inhibiting the market growth.
Currently, North America is the largest wireless charging market worldwide. The U.S. represents the largest market for portable electronics owing to greater technology penetration, acceptance, and presence of large number of established players (Microsoft, Dell, Apple and Google) that are focusing on developing state-of-the art portable electronics. Moreover, the region has established infrastructure for the emerging technologies in terms of charging and connectivity.
On the other hand, rising youth population and their evolving digital habits is expected to drive demand for mobile devices and consequent need for wireless charging in Asia Pacific during the forecast period. Countries like India and China have large base of youth population. This, coupled with rise in disposable income will further drive adoption of portable electronics and wireless chargers in the region.
The industry has witnessed huge R&D spending in the last few years. Some of the major players investing in this technology include Sony Corporation, Qualcomm Technologies, and Texas Instruments. Smartphone manufacturers, laptop manufacturers, and wearable device manufacturers are offering wireless charging feature in high end models. Moreover, the wireless charging solution providers are collaborating with consumer electronics manufacturers to develop wireless charging enabled devices.
For example, Texas Instruments supplies wireless charging to Samsung Galaxy's S6 since 2015. Similarly, Renault has recently entered into a partnership with Qualcomm Technologies and Vedecom to explore wireless electric vehicle charging at a rate as high as 20 kilowatts (kW). Qualcomm signed a Wireless Electric Vehicle Charging (WEVC) agreement with Efacec in December 2015 with an aim to improve sales of its wireless charging products for electronic vehicles.
Click here to read the full report on the projected growth of the wireless charging sector.
