#wirelesschargingmarket

Wireless Charging Market

Persistence Market Research recently published a market research report titled “Wireless Charging Market – Global Industry Analysis 2014 – 2018 and Opportunity Assessment 2019 – 2029.” A major trend in the wireless charging market is that the leading market participants are emphasizing research and development of improved wireless charging infrastructure and government regulations for increasing the adoption of electric cars.

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Inductive Charging Remains Preferred Technology Type

The global wireless charging market is estimated to offer a total incremental opportunity worth nearly US$ 40,000 Mn during the forecast period of 2019 to 2029. In the global wireless charging market report, Persistence Market Research has segmented the global wireless charging market by component, application, technology, and region.

Inductive charging technology for wireless charging is a prominent segment in the global wireless charging market, and is expected to remain prominent throughout the forecast period as compared to the resonant inductive charging and other technologies.

Based on component, the global study of wireless charging has been segmented as transmitters and receivers. With the increasing efficiency of wireless charging, and the advancement of technology providing opportunistic charging, the market demand for transmitters is increasing significantly.

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Surging Sales of Smartphones and Other Mobile Devices Benefit Market

On the basis of application, the wireless charging market has been segmented into consumer electronics, automotive, healthcare, industrial, and others. Increasing usage of smartphones is anticipated to drive the growth of the consumer electronics segment in the global wireless charging market. In addition, technological advancements in mobile devices such as embedded wireless charging technology are creating awareness about wireless charging among consumers.

An increasing number of mobile device vendors are incorporating the wireless charging feature in high-end models of smartphones, wearable devices, laptops, and notebooks, which is driving the adoption of this technology. The wireless charging market in North America is estimated to feature attractive incremental opportunity during the forecast period, followed by the East Asia market. In North America, the U.S. is a prominent country in the wireless charging market.

The presence of various key players and advancements in various industries are the key factors, which will support the prominence of the U.S. in the North American wireless charging market during the forecast period.

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According to the new market research report "Wireless Charging for Electric Vehicle Market by Power Supply (3–<11, 11–50, & >50 KW), Application (Home & Commercial), Distribution channel (Aftermarket & OE), Component, Charging system, Propulsion, Vehicle type, & Region - Global Forecast to 2027", published by MarketsandMarkets™, The Wireless Charging for Electric Vehicle Market is projected to grow at a CAGR of 46.8% during the forecast period, to reach USD 234 million by 2027 from USD 16 million in 2020.

Browse and in-depth TOC on "Wireless Charging for Electric Vehicle Market"    

163 - Tables 61 - Figures 203 - Pages

The increasing demand and sales of electric vehicles, government regulations to curb emission, and rapidly developing infrastructure are expected to drive the growth of the Wireless Charging for Electric Vehicle Market. OEMs have partnered with wireless charging technology manufacturers to develop charging infrastructure for the convenience of electric vehicle owners.

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BEV is estimated to hold the largest market share during the forecast period

Government initiatives to promote zero or low-emission vehicles have contributed to the growth of BEVs. The governments of some countries now provide subsidies for environment-friendly cars to encourage the use of BEVs. For instance, the Chinese government provides subsidies of RMB 55,000 on the purchase of a passenger BEV and RMB 30,000 for a PHEV.

Dynamic charging is estimated to be the fastest-growing segment of Wireless Charging for Electric Vehicle Market

Dynamic charging is estimated to be the fastest-growing segment of Wireless Charging for Electric Vehicle Market. With benefits such as no waiting time for charging a vehicle, dynamic charging technology has become popular in the electric vehicle industry. Wireless charging system manufacturer Electreon occupies a 3,000 sqm facility near Tel Aviv with a 260-meter circular test road. The wireless power transfer technology includes a unique DWPT system (Dynamic Wireless Power Transfer) Road infrastructure - coils placed under the road at the center of the traffic lane. Future roads and highways are expected to be equipped with this technology, and drivers would have to pay a tax for entering the lane to charge their electric vehicles on the move.

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Europe is expected to dominate the Wireless Charging for Electric Vehicle Market in 2027

Europe is expected to be the largest market for wireless charging of electric vehicles during the forecast period. The improved infrastructure in this region will enable the easy installation of wireless charging systems for electric vehicles. The presence of leading players such as Robert Bosch GmbH, Continental AG, and HELLA KGaA Hueck & Co. is also expected to drive the growth of Wireless Charging for Electric Vehicle Market in the region. Reduced price of the battery and improving sales of electric vehicles would also contribute to the growth in this region.

The Wireless Charging for Electric Vehicle Market is dominated by globally established players such as Robert Bosch GmbH (Germany), Continental AG (Germany), WiTricity Corporation (US), ZTE Corporation (China), and HELLA KGaA Hueck & Co. (Germany).

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Electric Commercial Vehicle Market by Propulsion (BEV, HEV, PHEV, & FCEV), Vehicle Type (Bus, Truck, Pick-Up Truck, and Van), Component, Range, Autonomous Vehicle, Charging Infrastructure, and Region - Global Forecast to 2025

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The global wireless charging market is projected to reach USD 22.25 billion by 2022. Increase in the demand for hassle-free charging pads is driven by factors including entangling of charging cable, insufficient availability of electric sockets in public places and malfunctioning ports due to continuous usage. These key factors are expected to increase the popularity of wireless power systems. Adoption of this technology in sectors such as healthcare and military services is expected to offer new horizons for market growth and provide new opportunities to expand. 

Compatibility issues with solution standards set up by wireless charging associations, namely Wireless Power Consortium (WPC) and Air Fuel Alliance, are expected to pose a challenge for the manufacturers and distributors over the coming years. Key market players including Samsung, Qualcomm, and Broadcom act as members of these associations and play a vital role in the development of innovative technologies. 

Inductive technology dominated the market with a share of over 50.0% in 2014 owing to increasing demand from Electric Vehicles (EVs) and widespread application of WPC’s Qi platform in consumer durables and electronics. 

RF technologies are expected to witness rapid growth and capture market share of inductive technology over the forecast period. The major advantage of Resonant technology is its capability to charge multiple devices simultaneously thereby gaining an edge over RF technology which is tailored for small devices such as medical implants and wearables. 

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Consumer electronics accounted for over 60.0% share in 2014 owing to increase in adoption of this technology in tablets and smartphones. The healthcare sector is estimated to witness a growth rate of over 40.0% from 2015 to 2022. Deployment of ultra-small devices such as sensory instruments and cybernetic implants into the body has become a simplified procedure owing to its ability to be charged wirelessly. Extensive R&D related to the development of new methodologies and techniques for wireless charging by numerous organizations namely Stanford University is expected to propel growth over the forecast period. 

Asia Pacific accounted for a significant share of the global market, which can be attributed to rising demand for smart devices such as tablets and smartphones and increase in demand for electric vehicles in the region. Western Europe and the U.S. form the key regional markets on account of growing consumer preference and inclination to spend on quality consumer electronic products designed for the niche segment. Increasing adoption of powering mats and charging hotspots for consumers by global food chains including McDonalds and Starbucks is expected to have a positive impact on demand. 

Africa and Latin America are untapped markets and are projected to observe the high adoption of wireless/cordless charging over the next seven years. The wireless charging market is characterized by huge investments by industry players to enhance and optimize existing functionalities. Key players include Qualcomm, Integrated Device Technology (IDT), PowerbyProxi, Samsung, Broadcom, and WiTricity Corporation. 

Qualcomm introduced a new cordless docking station 802.11ad WiGig dock which can be used with snapdragon 820 processor and initiates powering when docked onto the station. Qualcomm entered into a tie-up with Efacec, which plans to launch powering options for electric hybrid vehicles. WiTricity has developed technologically advanced processes to charging in multiple applications including automotive, consumer electronics, medical and industrial.

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