Global Wireless Charging Market is estimated to grow at a CAGR of 32.56% from 2023

The wireless charging market will witness a healthy growth from 2017 to 2023, a research report suggests. Growing at a CAGR of 32.56%, the market is projected to reach USD 24.05 billion by 2023. High demand for smartphones is expected to support the market growth along with strong demand for smartphones. As predicted by analysts, lower efficiency than the conventional wired method will negatively affect the market’s performance from 2017 to 2023. During the forecast period, the market will be supported by rising disposable income around the world and high spending on electronic products. The higher cost of production on the other hand will challenge wireless power transmission sector based organizations functioning in the global wireless charging market. 

Analysts have split the market into technology, components, and application segments based on products and services. Wireless power transmission based companies have been profiled. Technical limitations are set to affect the global market during the forecast period 2017 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of wireless power transmission segment based organizations to help new entrants and established businesses. The wireless power transmission sector itself is supported by the purchase of smartphones and wearable devices as well as increasing demand for electric vehicles. During the forecast period 2017 to 2023, the wireless charging market is set to witness a health growth across technology, components, and application segments as well as regional markets. 

Market Segmentation 

The wireless power transmission sector has seen growth across technology, components, and application segments owing to the need for electric mobility and standardization of wireless regulations. To study the market, analysts have further segmented technology, components, and application into technology on the basis of inductive coupling and capacitive coupling. The market is further segmented into the application sub segment which is split into automotive, consumer electronics, industrial, infrastructure, smartphone tablets, wearable devices, and others. Additionally, the wireless charging market on the basis of components is segmented into transmitters and receivers. 

The segmental analysis presented in the report provides wireless power transmission field based organizations insights into key growth factors such as the introduction of next-generation smartphones as well as challenges such as high deployment cost the market will face from 2017 to 2023. The demand for efficient charging infrastructure and the presence of various wireless chargers in the market are some of the key factors having an influence on wireless power transmission industry based companies, suggest analysts as per the wireless charging market report. But the report also identifies increased funding needs and concerns regarding profitability across low budget product segments as major threats companies in wireless power transmission will face till 2023.  

Regional Overview 

Wireless power transmission market based companies in the wireless charging market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Supporting infrastructure will be a key growth driver for regional markets. However, technical complexities will turn out to be a threat. For the forecast period 2017 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and wireless power transmission vertical based companies are spread across the United States, Canada, and Mexico. Lack of R&D will turn out to be a major challenge from 2017 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by increased budget for the development of new products as well as the arrival of new products, suggests the report. Similarly, the wireless power transmission sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the wireless charging market covers the Middle East and Africa. Forecast based on the reports findings are presented for the forecast period till 2023. 

Competitive Landscape 

The global wireless charging market research report brings a comprehensive study of technology, components, and application market segments, regional analysis, and wireless power transmission vertical based company details of key players. As the forecast period 2017 to 2023 will bring new opportunities for the market owing to the launch of new products and the growing smartphone industry, the market is set to grow at a compound annual growth rate of 32.56% and is predicted to reach a value of US$24.05 billion by 2023. With SWOT analysis of wireless power transmission sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of standardized practices and unfavorable policies, companies in the wireless power transmission sector can change the way business is done. 

Industry News 

Wireless Advanced Vehicle Electrification, a privately owned company, has agreed to sell all of its shares to Ideanomics (WAVE). WAVE is a forerunner in the area of inferential loading for medium- and heavy-duty electric vehicles. WAVE's hands-free, fully automatic charging system is based on loading plates embedded in highways that charge automobiles during planned stops. Since 2012, WAVE has shown its ability to incorporate high-power turbo chargers into heavy-duty EVs from a variety of commercial EV manufacturers. WAVE currently provides inductive charging solutions with up to 250 kW of electricity, and larger systems in the works.