The global wireless charging market size is expected to reach USD 22.25 billion by 2022, according to a new study by Grand View Research, Inc.
Shift towards charging pads to avoid the hassles caused by entangling of wires, malfunctioning ports after constant usage, and electric sockets’ scarcity in public places are some of the factors responsible for wireless power’s increasing popularity. Emerging adopters of this technology such as healthcare and military are expected to open new avenues for industry growth.
Manufacturers and developers are expected to face certain issues to come up with solutions compatible with the current wireless charging standards such as Wireless Power Consortium (WPC) and AirFuel Alliance. Both these standards have significant amount of reputed members under them, with some established players such as Broadcom, Qualcomm, and Samsung supporting both standards.
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Further key findings from the study suggest:
- Inductive technology accounted for nearly 50% of the market share in 2014, which can be attributed to high penetration of WPC’s Qi platform in consumer electronics as well as Electric Vehicles (EVs) using inductive wireless power. Resonant and RF technologies are expected to gain prominence and considerably capture inductive’s market share over the forecast period. Resonant technology facilitates multi-device charging simultaneously, whereas RF technology is tailor-made for small devices such as wearables.
- Consumer electronics contributed to over 60% of the overall revenue share in 2014 on account of high adoption of this technology by smartphones and tablets. Healthcare is expected to emerge as a lucrative application domain and is poised to grow at a CAGR of over 40% from 2015 to 2022. Development of a new technique by Stanford University’s researchers to charge cybernetic implants and sensors wirelessly has made possible the deployment of ultra-small devices deep into the body.
- Asia Pacific occupied a significant portion of the revenue share in 2014, which can be attributed to high proliferation of smartphones and tablets in the region along with a potentially favorable market for EVs. The U.S. and Western Europe constitute key regional markets owing to consumers’ inclination to spend more on premium consumer electronics products coupled with food chains such as Starbucks and McDonalds offering charging hotspots and powering mats to customers.
- The industry is characterized by heavy investments by industry participants for enhancing existing functionalities, which can be attributed to favorable venture capital support. Key players include Integrated Device Technology (IDT), Qualcomm, PowerbyProxi, WiTricity Corporation, Samsung, and Broadcom.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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