The global wireless charging market was valued at $XX billion in 2017 and is projected to reach $XX billion by 2023, registering a compound annual growth rate (CAGR) of XX% between 2018 and 2023. Wireless charging or power transfer takes place when energy is transferred as electromagnetic waves from a transmitter to a receiver. Inductive wireless charging is currently the most adopted solution for wireless charging and accounts for approximately XX% of the global wireless charging market in 2017.
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The global wireless charging market is driven by several factors such as increased shipments of smartphones and other wearable devices, standardization of regulations for wireless charging, and increasing in-built wireless charging options in various applications such as tables, side stools, and in-vehicles. Innovations and ongoing research in the consumer electronic devices such as smartphones and wearable devices have been fuelling the growth for wireless charging market. Wireless charging is the next big thing in the smartphone industry, and many manufacturers have already started manufacturing smartphones enabled with wireless charging. However, the majority of the phones with wireless-enabled technology fall under the premium smartphone category at present. As the market grows and the demand for wireless power transmission increases, the technology will be embedded in more and more devices such as drones, laptops and handheld devices, among othersand mid and low-range devices as well.
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Companies such as Samsung Electronics Co. Ltd., Google LLC, LG Electronics Inc., Microsoft Corporation, Apple Inc., and Motorola Inc., have already incorporated wireless charging in the smartphones. Additionally, the establishment of New Jersey-Based-Wireless Power Consortium (WPC, a multinational technology consortium, estb.2008) has been a landmark in the wireless charging market, as it has paved the way for the manufacturers to get their products certified, which are then accepted globally.
The increasing demand for smartphones in the coming years along with other devices such as a smartwatch, tablets, and laptops is expected to fuel the demand for wireless power transmission in the coming years.
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