Wireless Charging System Introduction
Wireless charging system or wireless energy transmission is the transfer of electrical energy without any physical link. In this system, a transmitter generates an electromagnetic field which is transmitted across space to a receiver device, which supplies it to a connected electrical load. Therefore, it eliminates the need for physical wires increasing the mobility, safety and convenience of an electronic device. It is extremely useful in cases where connecting devices using wires is not safe or not possible. Different companies have started testing various methods of using wireless charging in automotive and defense sectors. Wireless charging pads for smartphones are already popular but are available only as the premium segment products.
Market Size and Forecast
Governments across the world have been promoting electric vehicles in order to meet their carbon emission targets. Electric vehicle companies are trying to make the charging process swifter and convenient. Many of them have developed cutting edge wireless charging technology. Owing to these factors, the wireless charging system market is expected to attain a significant CAGR during the forecast period 2020-2028. The market is segmented by industry into consumer electronics, defense, automotive, aerospace, healthcare and others. Out of these segments, the consumer electronics segment is anticipated to grow at the highest rate on the back of rising smartphone sales and growing popularity of wireless charging pads for smartphones.
Growth Drivers
Rising Electric Vehicle and Smartphone Sales
Rising electric vehicle sales owing to low fuel consumption, efficient performance and lower taxes is anticipated to drive the market growth during the forecast period. Apart from this, an increase in the sales of smartphones with wireless charging feature is further predicted to boost the market growth in the near future.
Increasing Need for Wireless Charging In Medical Therapies
Owing to space constraints and safety issues, many medical therapies require wireless charging for the devices and other medical equipment. Wireless charging system technology has become increasingly reliable and efficient over the years upon usage of cutting edge technology. This is anticipated to drive the market growth during the forecast period.
Restraints
High Cost of Technology
When the technology involved in developing the wireless charging system becomes increasingly developed, the cost of innovation is estimated to increase significantly. The cost of the skilled labor involved in developing such technologies may also increase in the coming years which is further predicted to negatively affect the market growth in the next few years.CLICK TO DOWNLOAD SAMPLE REPORT
Longer Charging Times
Longer charging time taken for charging electric vehicles and other heavy machinery could make the technology unattractive for the industry. Further, wireless charging stations and pads for charging various devices are often stationery and lack mobility. This is predicted to hamper the market growth over the forecast period.
Market Segmentation
Our in-depth analysis of the wireless charging system market includes the following segments:
By Application:
- Home Unit
- Public Unit
- Commercial Unit
By Charging System:
- Inductive Power Transfer
- Capacitive Power Transfer
- Inductive Power Transfer
By Distribution Channel:
- Original Equipment Market
- After Market
By Industry:
- Consumer Electronics
- Healthcare
- Automotive
- Aerospace
- Defense
- Others
By Region:
On the basis of regional analysis, the wireless charging system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region out of which, the market in North America is anticipated to hold the leading share on the back of high investments in wireless charging system technology in the region. On the other hand, the market in Asia Pacific is anticipated to record the highest CAGR on the back of high adoption rate of electric vehicles and smartphones in the region.
The global wireless charging system market is further classified on the basis of regions as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top featured companies dominating the market
- Samsung Electronics Co.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Sony Corporation
- Apple Inc.
- Texas Instruments Inc.
- LG Electronics Inc.
- Xiaomi Corp.
- Huawei
- Qualcomm Incorporated
- Powermat Technologies Ltd.
