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Wireless charging or inductive charging is a type of cordless power transfer wherein it uses electromagnetic induction to provide electricity to portable devices. Wireless charging is typically used to supply power to smartphones, tablets, and smartwatches. It is based on the principle of inductive power transfer (IPT) wherein an electromagnetic field between two objects is used for transferring energy. Wireless charging is comprised of two components namely receiver and transmitter. Moreover, it uses other technologies such as resonance charging and radiofrequency technology. Wireless charging is also used for charging vehicles, electric toothbrushes, power tools, and medical devices. In this, portable equipment can be placed close to a charging station or inductive pad without the contact or precise alignment. Apart from inductive technology, resonance charging, and radiofrequency technology, laser beam or microwave or conductive technologies are also used for energy transfer.<br><br>
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WIRELESS CHARGING MARKET ANALYSIS • Wireless Charging Market, by component (Transmitters and Receivers), by Technology (Inductive Technology, Resonance Charging , Radio Frequency Technology And Others), by Application (Consumer Electronics, Automotive, Healthcare and Industrial ) and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
Market Overview • Wireless charging or inductive charging is a type of cordless power transfer wherein it uses electromagnetic induction to provide electricity to portable devices. Wireless charging is typically used to supply power to smartphones, tablets, and smartwatches. It is based on the principle of inductive power transfer (IPT) wherein an electromagnetic field between two objects is used for transferring energy. Wireless charging is comprised of two components namely receiver and transmitter. Moreover, it uses other technologies such as resonance charging and radiofrequency technology. Wireless charging is also used for charging vehicles, electric toothbrushes, power tools, and medical devices. In this, portable equipment can be placed close to a charging station or inductive pad without the contact or precise alignment. Apart from inductive technology, resonance charging, and radiofrequency technology, laser beam or microwave or conductive technologies are also used for energy transfer. • The global wireless charging market is estimated to account for US$ 7,139 Mn in 2019 and is expected to grow at a CAGR of 33.5% during the forecasted period (2019-2027)
Market Dynamics- Driver • Increasing sales of electric vehicles worldwide are expected to drive growth of the global wireless charging market during the forecast period • The demand for electric vehicle is increasing rampantly, owing to low maintenance and cost-effective features. According to the Edison Electric Institute (EEI), in 2018, the electric vehicle sales increased by 81% as compared to 2017. Electric vehicles are powered by rechargeable batteries that are charged using electricity. Over the years, automakers have started using wireless charging since it is convenient and easy to use. The driver needs to part their car over the charging pad. This also provides sophisticated experience as there is no need to plug-in charging cables. Furthermore, strict regulatory policies related to harmful emissions have led to increase in adoption of electric vehicles thereby driving growth of the global wireless charging market in the near future. • Growing consumer awareness regarding wireless charging is expected to propel the global wireless charging market growth over the forecast period • Technological advancements in mobile devices such as embedded wireless charging technology have shifted preference of consumers towards wireless charging. Increasing number of mobile device vendors are incorporating wireless charging feature in high-end models of laptops, smartphones, wearable, and notebooks, which in turn, is expected to support the global wireless charging market growth the over the forecast period. For instance, Google Nexus 6 smartphone is enabled with Qi wireless charging technology. • Asia Pacific region dominated the global wireless charging market in 2019, accounting for 32.5% share in terms of value, followed by North America and Europe.
Market Dynamics- Restraints • Unavailability of cohesive wireless charging standards is expected to restrain growth of the global wireless charging market during the forecast period • Presently, there are two standards for wireless charging based on technologies Qi wireless power standard by Wireless Power Consortium (WPC) and Airfuel Alliance. Airfuel Alliance has been formed by the merger of PMA standard by Power Matter Alliance (PMA) and Rezence by All for Wireless Power (A4WP). The wireless charger should be compliant with any of the above standards and it can work only with those devices that support the same standard. Furthermore, the global wireless charging industry is yet to arrive at an agreement for common standard, which is suitable for all technologies. Hence, absence of unified charging standards is expected to restrain the global wireless charging market over the forecast period. • Slow charging rate of wireless charging is expected to hinder the global wireless charging market growth over the forecast period • Wireless charging is slower than conventional charging and takes twice as long as wired chargers to charge a device. This is due to inductive power transfer requiring longer time to induce an electromagnetic field. This further delays transfer of electric current from charging pad to device, extending the overall time required for charging. This leads to consumers preferring wired charging over wireless. Hence, slow charging rate is expected to hinder the market growth over the forecast period.
Market Opportunities • Constant need for power source for IoT network is expected to present major growth opportunity • Increasing adoption of Internet of Things is accelerating the need for constant power source for devices connected to the IoT network. IoT network need to be working constantly and therefore requires a constant power source. As electric charging methods are complicated and sometimes are not compatible with IoT devices, wireless charging is a convenient method to power an IoT network. According to Ericsson networking and telecommunications equipment and service companies, by 2021 the number of IoT connected devices is expected to reach 28 billion. This is expected to create potential market opportunities for wireless charging companies. • Growing need for safe charging industrial applications is expected to provide lucrative business opportunities • There is constant introduction of new technologies such as drones and emphasis on factory automation. Furthermore, the equipment in industrial settings operate in harsh environments and are exposed to heat, moisture, dust, and dirt. Moreover, wireless charging eliminates the requirement for power connectors thereby reducing chances of hazards, which can be triggered due to a stray spark while connecting or disconnecting a current-carrying power cable. Prominent vendors such as Powerbyproxi and WiTricity have already developed wireless charging, which can be operated in harsh environments in industrial setups.
Market Trends • Rampant growth of internet connectivity in emerging economies is expected to boost the demand for wireless charging • There has been tremendous increase in internet connectivity, owing to high adoption of smartphones in emerging economies such as Chile, Mexico, Brazil, and Argentina. According to Cisco Systems, a networking solution provider, in 2015, IP traffic in Latin America grew by 25%, and mobile Internet traffic recorded a growth of 87%. Growth in demand for smartphones will lead to demand for wireless charging, and growth of Internet connectivity will lead to machine-to-machine and IoT connectivity. Since the devices in IoT network require constant power sources, there is a high potential for growth of the global wireless charging market. • Increasing adoption of wireless charging in hospitality and charging industry • Travelers often face charging issues regarding their mobile devices while traveling. Some airport authorities have started providing wireless charging stations for passengers at the airport. For instance, Emirates, a Dubai-based, airline carrier has installed 30 wireless charging valet trays at its first and business class lounges at the Dubai International Airport. Furthermore, in the hospitality industry in the UAE, hotels such as the Sheraton Dubai have set up charging stations for customer convenience.
Competitive Section • Key players operating in the global wireless charging market are Energizer Holding, Inc., PowerbyProxi, Qualcomm Technologies, Inc., ConvenientPower HK Limited, Powermat Technologies, WiTricity Corporation, Integrated Device Technology Inc., Leggett and Platt Inc., and Texas Instruments Inc. • Key Developments • Key players in the market are focused on product launches, in order to expand their product portfolio. For instance, in January 2017, IDT launched 15W turnkey wireless power reference kit. This kit is certified with WPC Qi 1.2.2 and the wireless power transmitter and receiver operate at 87% efficiency. • Key companies in the market are involved in joint venture, in order to enhance their market presence. For instance, in January 2017, WiTricity joined project STILLE, which has been formed through collaboration between renowned automakers such as Audi, BMW, Daimler, Toyota Motorsport, and Toyota Motor Europe. This project aims to create standards for electric vehicles wireless charging through energy transfer systems.
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