Wireless Charging Market growth will be driven by surging adoption of consumer electronic devices such as smart phones, tablets, and mobiles, tech magnates have been focusing on the implementation of new technological features in their products to widen their consumer base. For instance, Apple’s iPhone series has been incorporated with wireless charging. As consumers seek the implementation of periodic upgrades in the preceding devices, consumer electronics manufacturers have been looking forward to investing heavily in research and development activities to innovate efficient technologies for wireless charging. In 2016, consumer electronics alone covered 55% of wireless charging industry share. The wireless charging market growth of this segment is inherently dependent on the support provided by various regional governments for intensive R&D programs.
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Wireless Charging Market in industrial application segment is expected to witness opportunities due to the need for the technology in highly automated environments such as factories which constantly needs to be charged. With no connectors to be concerned about, a wireless-charging system can be made resistant to stray liquids, dust, or gases. Furthermore, there is no potential risk of an explosion instigated by a stray spark while connecting or disconnecting a current-carrying cable which is providing an impetus to the wireless charging market growth.
Inductive technology has penetrated significantly into the wireless charging market and contributed to more than 50% of the global revenue in 2016. WPC’s inductive Qi standard powers a range of smartphones, accessories and products. It can be implemented for close range wireless charging and is highly efficient, cost effective to deploy and easy to design. The technology is mature and the most preferred technology for charging as compared to other technologies and can be scaled up to support bigger products and EVs. Inductive charging is projected to exist in environments where safety, efficiency, and high power, are necessary.
The voracious inclination toward consumer electronics such as smartphones is the driving force for wireless charging market. Most tech moguls have been striving to implement wireless charging in their devices with an aim to increase the product’s brand value and presence in the core business. One of the most popular and acclaimed instance testifying the validity of the aforementioned statement is Apple’s recent launch of the iPhone 8 series. The fact that the iPhone 8 would be endowed with wireless charging has been on the news bulletin for a considerably long while, much prior to the product launch. And yet, its introduction in the mainstream arena has created quite a stir in the tech cosmos. The company has apparently chosen 7.5 W of power transfer for iPhone 8 and the much-awaited iPhone X.
A major factor aiding the U.S. wireless charging market growth are the incentives provided by its government for the development and the usage of the wireless charging equipment’s. The U.S federal government is providing tax credits of USD 2,500 to USD 7500 for each EV purchased in the country. Increase in adoption of EVs in the country is anticipated to provide the industry several growth prospects. Moreover, several restaurants and coffee shops in the country are implementing the technology to increase the consumer awareness about the brand and provide a hassle-free user experience.
The far-flung expanse of wireless charging market is rather overt from its application extensity, inclusive of some of the most lucrative business spheres, along the likes of the consumer goods, industrial, aerospace & defense, automotive, and healthcare sectors. Despite the fact that much of the popularity wireless charging industry has accrued so far is due to the product’s deployment in consumer goods, the technology has been amassing quite a fortune from other end-use domains as well, the automotive sector being one of most essential ones. BMW, for instance, has been crawling its way into wireless charging market, evidence of the fact being, BMW’s recent partnership with Qualcomm.
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The proliferation of advanced technology and the substantial rise in the tech-savvy populace are deemed to act as major drivers for wireless charging industry. Major tech giants along the likes of WiTricity Corporation, Energizer Holdings, Inc., Powercast Corporation, Integrated Device Technology, Inc., Convenient Power Ltd., Murata Manufacturing Co. Ltd., Texas Instruments, Inc., Mojo Mobility, Inc., Qualcomm Inc., PowerbyProxi Ltd., Leggett & Platt Inc., and Powermat Technologies partaking in wireless charging market share have been pushing themselves to brainstorm and develop contemporary technologies that could make wireless charging even more convenient to access.
Glimpse of Table of Content (ToC)
Chapter 3. Wireless Charging Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Supply chain analysis
3.4. Technology landscape
3.4.1. Wireless charging standards
220.127.116.11. Power Matters Alliance (PMA)
3.5. Regulatory landscape
3.5.1. FCC Part 15
3.5.2. FCC Part 18
3.6. Industry impact forces
3.6.1. Growth drivers
18.104.22.168. Growing smartphone demand in India and South-East Asia
22.214.171.124. High degree of convenience across Europe
126.96.36.199. Technological innovation in the U.S.
188.8.131.52. Rising need for wireless charging for electric vehicles (EV) in Europe and North America
184.108.40.206. Rising penetration in industrial and commercial environments in Asia Pacific
3.6.2. Industry pitfalls & challenges
220.127.116.11. Need for standardization
18.104.22.168. Mobility issues and longer charging times
3.7. Growth potential analysis
3.8. Porter’s analysis
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.9.2. PESTEL analysis
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