According to a market intelligence report by BIS Research titled "Global Wireless Charging Market – Analysis and Forecast, 2019-2024", the global wireless charging market was valued at $3.82 billion in 2018 and is projected to grow at a CAGR of 41.79% during the forecast period from 2019 to 2024. The market is expected to grow over $33.48 billion by 2024. Increase in concerns for low-battery anxiety among the smartphone users and rise in shipments of smart handheld devices are fueling the market demand of wireless chargers at a greater extent.
The market demand for a convenient and hassle-free charging system has led to the adoption of wireless charging technology. The market has been majorly driven by the increase in the number of shipments of wireless charging-enabled smartphones and wearable devices. Standardization of regulations for wireless charging by Wireless Planning and Coordination (WPC) and an increase in several embedded wireless charging solutions have acted as key drivers for this industry. However, inefficiency when it comes to fast charging and high price associated with wireless charging have served as key challenges for the market.
Based on region, Asia-Pacific is expected to be the fastest growing market during the forecast period from 2019 to 2024. This is on account of the increasing dominance of wireless charging in the consumer electronics industry. Additionally, recent hike in the demand for electric vehicles and in government initiatives toward the reduction of the use of fossil fuels are a few other factors propelling the demand for wireless charging in the Asia-Pacific region.
Additionally, the presence of countries such as India and China, which are known for their positive outlook toward upgraded technologies, is expected to further drive the market demand. The market demand in European countries is mainly driven by the rising adoption of wireless charging solutions in automobiles such as wireless charging solutions for car's cabin. According to European Union (EU) Member States, 262 million cars were registered in the region by the end of 2017.
According to Faisal Ahmad, CEO at BIS Research, "With the changing paradigm of consumer thinking, the demand for consumer goods, such as smartphones, laptops, and wearables, among others, is rapidly increasing. The proliferation of smartphones and smart devices in everyday life is creating a surge in the demand for more capable smart electronics devices. The rising data exchange through these smart devices is subsequently demanding more power to execute tasks at higher speeds without any information lag or slowdown. This has further led to an increase in battery capacities, leading to bigger battery size, thereby increasing overall dimensions of the device. These issues can be resolved by opting wireless charging solutions that resolve the problem of low-battery anxiety among consumers by giving a portable and tangle/wire-free experience."
The BIS Research report provides an in-depth analysis of the emerging trends influencing the global wireless charging market, along with a comprehensive study of future trends and developments. It also includes supply chain analysis, target audience, opportunity matrix analysis, emerging market trends, and country share analysis, and varied perspectives of market key opinion leaders.
Further, the report includes a detailed SWOT analysis of the market considering both internal and external factors in/or against the favor of market demand. The overall market has been classified based on the technology, implementation, and application. Additionally, the report includes a comprehensive segment on the regional analysis, which has been sub-segmented into four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World.
This report is a rigorous compilation of research on more than 500 major players in the wireless charging space. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors. Attributing to the gradual increase in the wireless charging solutions in various applications, predominant players, including Aircharge, Belkin International Inc., Convenient Power Limited, and Energous Corporation, are competing to further increase their respective market shares. The report further includes a detailed analysis of key strategies, such as mergers & acquisitions, product launches, and partnerships and collaboration, opted by the wireless charging manufacturers to cope with the competition in the market.
Key Questions Answered in the Report: