Allied Market Research published an exclusive report, titled, “Wireless Charging Market Size, Share, Competitive Landscape and Trend Analysis Report by Technology and Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2020-2027”.
The global wireless charging market size was valued at $6.51 billion in 2018, and is expected to reach $40.24 billion by 2027, growing at a CAGR of 22.2% from 2020 to 2027.
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Wireless power transmission transfers electrical power from transmitter to receiver without any wire connection. Wireless charging technology allows multiple devices to connect wirelessly. Inductive charging is the most extensively used technology, owing to its increased incorporation in wireless charging systems for the automotive sectors. Laser and microwave wireless charging technologies are projected to exhibit highest growth in the market, owing to their focus on narrow beam capability, comparatively higher frequencies which allow broad bandwidth, and high-power transmission rate
The constantly evolving portable electronics and wearables majorly drive s the growth of the wireless charging market, owing to flexibility and hassle-free charging. Moreover, the necessity to harvest ambient RF energy and increase in sales of electric vehicles are expected to boost the market growth. Furthermore, excessive research in far-field wireless charging technologies and trending internet of things (IoT) are expected to provide lucrative growth opportunities. However, technology is expensive to integrate and comparatively slower charging is expected to hinder the growth of the wireless charging industry.
Key Market Players:
The wireless charging size report offers an in-depth analysis of the 10 prime market players that are active in the market. Moreover, it provides their thorough financial analysis, business strategies, SWOT profile, business overview, and recently launched products & services. In addition, the report offers recent market developments such as market expansion, mergers & acquisitions, and partnerships & collaborations. The prime market players studied in the report are Samsung Electronics Co.
Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC.
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Segmentation Analysis:
The wireless charging is segmented into ss. The report offers an in-depth study of every segment, which helps market players and stakeholders to understand the fastest growing segments and highest grossing segments in the market.
The wireless charging is analyzed across the globe and highlight several factors that affect the performance of the market across the various region including North America (United States, Canada, and Mexico), Europe (Germany, France, UK, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa).
The wireless charging report provides thorough information about prime end-users and annual forecast during the period from 2022 to 2030. Moreover, it offers revenue forecast for every year coupled with sales growth of the market. The forecasts are provided by skilled analysts in the market and after an in-depth analysis of the geography of the market. These forecasts are essential for gaining insight into the future prospects of the Wireless Charging industry.
The inductive technology segment contributed the maximum in terms of revenue to the market and accounted for 54.7% share in 2018. Factors such as hassle-free and enclosed connections offered by the inductive charging technology propels the market sales. However, between 2018 and 2027, radio frequency technology is expected to grow at a faster rate, by 25.6% in comparison to other technologies. RF charging has greater opportunities as compared to induction as it possesses stronger technical areas. With Far-Field RF wireless charging, the device need not to be pressed on a panel; radio waves emitted in near area charge the smartphone.
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The electronics segment was the largest contributor of revenue in 2018, and is expected to grow at a CAGR of 22.8% from 2020 to 2027. Increase in demand for efficient charging system for portable electronics is the prime reason for such growth. The healthcare industry vertical is the second largest contributor of revenue in 2018 and consumes 22.7% market share. Surging adoption of wearable devices such as medical equipment, defibrillators, exoskeletons, pacemakers, and wheelchairs in the healthcare industry is one of the major factors for this growth.
The research operandi of the global wireless charging includes significant primary as well as secondary research. When the primary methodology encompasses widespread discussion with a plethora of valued participants, the secondary research involves a substantial amount of product/service descriptions. Furthermore, several government sites, industry bulletins, and press releases have also been properly examined to bring forth high-value industry insights.
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