Market Overview
Wireless charging, a process for the transmission of energy through the air by creating a magnetic field between two circuits, a transmitter and a receiver. It enables the wireless transfer of electrical charge from a charging device or node to the recipient devices. Wireless charging is also known as inductive charging, although it is one of the forms/techniques of this charging.
Moreover, it maintains the continuous transfer of power to ensure all varieties of devices such as smartphones & tablets, wearable devices, and other devices are charged and readily available to use. Radio Frequency, inductive and resonant is the different technologies used in wireless charging.
The wireless charging market is growing owing to various factors such as, increasing demand for smart devices worldwide, growing focus on improving customer experience, and Growing adoption of electric vehicles worldwide.
Market Dynamics
Drivers
- Increasing demand for smart devices worldwide
- Growing adoption of electric vehicles worldwide
- Growing demand for multi chargeable devices
Restraints
- Lower efficiency when compared with wired charging
Market Segmentation
The Radio frequency technology market was valued at USD 3,664.59 million in 2018 and the market is estimated to grow at a CAGR of 18.78% in the forecast period to reach a market value of USD 12,225.50 million by 2026.
Radio frequency (RF) wireless charging technology is unique, and uses electronic waves or radio frequencies versus magnetic fields to charge a device. An Radio frequency transmitter transmits RF waves and a receiver embedded within a device picks them up, and converts them into electricity, and powers the device. It can power devices at a distance ranging from a few centimeters to a few meters. Radio Frequency can charge numerous devices through a defined charging zone using a single UTx.
Geographical Analysis
The North America market for wireless charging market was valued at USD 4,390.38 million in 2018 and the market is estimated to grow at a CAGR of 16.80% during the forecast period to reach a market value of USD 14,404.92 million by 2026.
North America comprises developed countries, such as the US and Canada. These countries have invested significantly in Research and Development (R&D) activities, thereby contributing to the development of innovative technologies. The wireless charging market in North America is highly competitive, as countries such as the US and Canada are focused on R&D and innovation. These countries are early adopters of technologies in various applications. The US and Canada are also the leading countries in Smartphones & Tablets, wearable devices and other industries, such as electric vehicles and manufacturing. Various factors led to increased adoption of wireless charging major developed countries in North America includes high per capita oncome, and cost-effective nature over currently available alternative technologies.
Competitive Landscape
The leading companies are focusing on strategic partnership and mergers & acquisitions to gain a competitive edge and increase market share. The key players operating in the marine Technology Wireless Charging market includes Qualcomm Technologies, Inc., SonicEnergy, Inc., Powermat, Witricity Corporation, and Toshiba Electronic Devices and Storage Corporation.
The Global Wireless Charging Market is characterized by technologies, application and components provided to the clients.
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