Wireless Charging Market size worth USD 25.6 billion by 2023
Wireless Charging Market size was USD 2.62 billion in 2015, with revenue forecast of over USD 25 billion by 2023; according to a new research report by Global Market Insights, Inc.
Significant smartphone demand has led to growing adoption of these solutions. Development in telecommunication technologies coupled with increased number of internet users will be particularly beneficial for Asia Pacific wireless charging market size. This trend is further intensified by the burgeoning population base and availability of mobile broadband.
Major mobile communications vendors in countries such as the U.S., Japan, and South Korea provide mobile phones with inbuilt wireless power receiver ICs. Since it eliminates the use of power cables and cords, the technology enables concealment of charging slots in electronic devices, making them waterproof and improving user friendliness. Growing wearables demand will also give impetus to the global wireless charging market size.
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Implants such as embedded neurotransmitters and pacemakers may have bulky batteries, making them cumbersome. Since cords are not feasible for medical devices, products requiring frequent charging need to remain in close proximity to the skin in order to recharge. Ongoing R&D activities have enabled embedded device miniaturization. Wireless charging market share in healthcare applications is poised to grow at 37.5% CAGR from 2016 to 2023.
The industry is characterized by considerable efforts to consolidate on establishing universal standards in order to provide compatibility across all devices. The Power Matters Alliance (PMA) and Wireless Power Consortium (WPC)/Qi technology standards work on the basis of inductive technology.
Browse key industry insights spread across 129 pages with 55 market data tables & 48 figures & charts from the report, “Wireless Charging Market Size By Application (Consumer, Defense, Healthcare, Automotive, Industrial), By Technology (RF, Resonant, Inductive), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, Japan, India, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- RF wireless charging market share will grow at 40.5% CAGR estimations over the forecast timeline. It is more suited for wearables and other small electronic devices that cannot follow the principles of alignment to a specific position as in the case of inductive technology.
- Inductive wireless charging market size is forecast to surpass USD 10 billion by 2023. However, the technology necessitates precise placement of the target device in order to align the coils for initiating and sustaining the charging process. It also allows only one device per coil; for example, users cannot power their smartphone as well as smartwatch or any other wearable at the same time. Resonant technology offers high degree of convenience, since it allows charging several devices concurrently and does not need direct contact.
- Consumer applications will continue leading wireless charging market size in the coming years, with revenue set to cross USD 15 billion by 2023. Apple is working on introducing the technology in its flagship iPhone, which is projected to propel demand across the segment.
- Major OEMs such as General Motors, Toyota, and Audi are working on incorporating the technology in their cars. Increasing electric vehicle sales will drive technology adoption in the automotive space.
- wireless charging market share represented the largest regional industry in 2015. Asia Pacific revenue will benefit from high consumer electronics sales and growing demand for convenience among users.
- Major players include Qualcomm, IDT, PowerbyProxi, WiTricity Corporation, etc. Companies are looking at technological innovation and licensing agreements for strengthening global presence.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.