Wireless Charging Market Worth About USD 1.87 billion By 2024

 Industry Insights

The global wireless charging market size was valued at USD 1.87 billion in 2014 and is expected to reach USD 22.25 billion by 2022. Future growth opportunities seem to positive on account of increasing adoption of consumer electronic devices such as laptops and smartphones that employ the new technology of wireless charging. Rising need for wireless and hassle-free methods to power different devices amongst end users in industrial sectors including healthcare, automotive, defence and industrial markets is expected to propel market growth in the next eight years. This market is in the growing phase and is observed to experience a wide range of innovations and provide several opportunities to new entrants.

In order to improve existing operations and functionalities, heavy investments are made by major market players on research and development. Key emphasis is laid on enhancing and refining the power transmission range that can enable wireless charging of devices for long distances.

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Few Associations such as WPC and PMA specialize in inductive technology, and A4WP’s Rezence is specialized in resonant technology. However, in June 2015, PMA announced its merger with A4WP and PMA and named it Air Fuel Alliance in November 2015. Hence, WPC and its Qi platform was the sole effective platform for inductive technology.

The merger proved to simplify decision making for hardware developers relieving them from the task of complying with three different standards. However, the combined body of A4WP and PMA poses few technical challenges. Qi, similar to PMA, uses closely connected inductive solution in addition to the newly added specification that employs resonance technology and provisions backward compatibility for Qi receiver devices such as laptops, smartphones and tablets.

Technology Insights

Latest technology including resonant and radio frequency (RF) is anticipated to materialize into one of the attractive technologies in the industry. Resonant technology is portable and doesn’t require a direct contact thus providing convenience to customers. It also assists in powering devices within small distances. Multiple-device charging in a single go is also a feature of RF-based technology. Owing to its ability to eliminate alignment in case of small devices such as medical implants and wearables, RF-based technology is projected to achieve some prominence over the forecast period. On account of its perceived advantages, several organisations including Humavox have been heavily investing in this technology.

Nearly 50% of the overall share by revenue was contributed to by inductive technology which is relatively older to others. Inductive technology is employed by leading standards and technologies such as PMA and WPC which use Qi technology. Inductive has thereby spurred market growth significantly in 2014. Additionally, Electric Vehicles (EVs) also employ inductive technology for charging purposes.

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Hybrid electric vehicle market is anticipated to be a promising segment for the wireless charging market. Additionally, it is expected to gain prominence over the forecast period in the consumer electronics industry owing to the growing demand for laptops and smartphones. As of 2014, Asia Pacific contributed to approximately 35% of the global revenue.

U.S emerged as the major regional market in North America on account of consumers’ growing inclination towards spending more for powering options, particularly for tablets, laptops and smart devices. Untapped markets such as Africa and Latin America are anticipated to experience a growing adoption of cordless charging over the forecast period hence opening new avenues for wireless charging networks industry.

Competitive Market Share Insights

Key market players in this domain include Qualcomm, WiTricity Corporation, Integrated Device Technology (IDT) and Power by Proxi. Latest developments by various companies include a new launch by Qualcomm in November 2015 that showcases a wireless docking station 802.11ad WiGig dock that is coupled with Snapdragon 820 processor. This device has the potential to initiate power back up when docked on the station.

On the other hand, introduction of new charging techniques that support multiple applications such as automotive, medical, consumer electronics and automotive simultaneously was developed by WiTricity. Further, in December 2015, Qualcomm entered into an agreement with Efacec for Wireless Electric Vehicle Charging (WEVC). It plans to provide powering alternatives for all-electric hybrid vehicles and plug-ins.