Rising Smartphone Market to Drive the Wireless Charging Market at a CAGR of 48% between 2015-2020

 

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Wireless Charging is a method of transferring electric current from charger to device without need of any physical connection. The market for wireless charging has been forecast till 2020 based on various segments which include type of mode, type of range, applications and geography. The total value for Wireless Charging Market is expected to reach $15.2 Billion by 2020 with a CAGR of 48.68%. The wireless charging equipment market has been prominently segmented on the basis of type of mode and range they serve. Under type of mode, the wireless charging equipment market has been classified into three broad categories: inductive mode which uses electromagnetic induction, resonant mode which uses electro magnetic resonance and frequency mode which uses different waves like radio, micro and ultrasound. Under the range category this market has been further segmented into three segments: short range, medium range and long range

Subsequently, the wireless charging market has been exhaustively covered on the basis of its applications. This section covers the market for wireless charging under different product segments such as automotive, consumer electronics, industrial products, health care devices and many others. Each of these product segments are further classified into several type of devices to offer an extensive overview of the market.

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The market is majorly driven by increasing sales of smartphones across the geographic regions. Since the consumer electronics market is the major end user industry of wireless charging equipment, the occurrence in the market would directly impact the wireless charging market as well. As of 2014, nearly 117 million wireless charging enabled smartphones were shipped and this number is likely to grow exponentially till 2020. This market is predominantly dominated by the inductive charging products as a result price of wireless charging products are stable from 2012. But, these prices are projected to decline in forecast period. The main reasons for the price fall are introducing of resonant products commercially, increasing the usage of products and entering of new players into this market. Due to these factors to withstand in the competition the inductive charging products manufacturers will decrease their margins to grab the untapped market.

The core products involved in wireless charging equipment are transmitter and receiver which are manufactured by the notable players in the market. Since different manufacturers are involved in manufacturing, the products OEMs need to adhere with the harmonization standard for compatibility with each other. WPC and PMA+A4WP are working to develop harmonized standards within the industry and as of now are competing to gain critical market share among users individually.

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