Phones and smart watches are said to be the most common wireless charging options currently. According to the experts, over 40 percent of the wearable devices dispatched in future will have wireless charging. In 2016, BA T announced its novel wireless device charging technology for DekTek. DekTek can charge up 3 devices at the same time. Its key attributes comprise 40 mm vertical range, automatic multi device charging, and easy installation. The global wireless charging market was estimated at US$ 2.6 billion and is further expected to reach over US$ 27 billion. It will grow at the exponential CAGR of 34% during the forecast period (2016-2024).
Players to offer enhanced services for wireless charging
Consumer electronics are said to be the biggest end-user for wireless charging market. Top most wireless charging manufacturers are continuously investing in building novel solution in order to provide more improved wireless charging services essentially for consumer electronics fragment. This segment was estimated at US$ 1,000 million in 2015 and will accumulate substantial shares during the evaluation period. Today, most of mobile devices that are launched are equipped with wireless charging. Thus, this is expanding consumer awareness across several industry verticals significantly. Top most mobile vendors are integrating wireless feature in several superior models of notebooks, smartphones, and wearable devices. This is significantly stimulating the implementation of wireless charging technology, thereby, driving the market demand further. Furthermore, rising demand for internet of things (IoT) is significantly impacting the consumer electronics segment. Sometimes, IoT devices are not attuned with electric charging procedures. Thus, this is compelling people to adopt wireless charging method in order to power the IoT network.
Automotive applications to gain significance further
Automotive applications are said to observe considerable growth in the near future on account of rising use of laptops, tablets and smartphones for wireless charging purpose. Wireless charging devices revenues in automotive applications are said to rise at the beneficial CAGR of 42.1 % during the assessment period. Although, selection of charging technology which is suitable in order to maintain compatibility with different electronic devices across the globe is the major hindrance for the market players.
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Asia Pacific to view high demand for consumer electronics
The rising use of mobile phones across the globe is propelling the demand for electronics amongst consumers at the lucrative pace. Asia Pacific is the biggest region for wireless charging. This owes to the constant rise in the populace along with growing adoption of wearable and smartphones devices. Players in South Korea, China, and Japan are spending in wireless charging technology mainly for consumer electronics, driving the segment demand in Asia Pacific. APAC consumer electronics segment contributed for a relatively high revenue share and was valued at more than US$ 350 million in 2015. Latin America’s consumer electronics segment crossed US$ 70 million in the same year.
Consumer electronics is anticipated to be the leading application segment in North America. In terms of infrastructure development, the wireless charging market of North America is comparatively developed than Asian market. Countries with lesser GDP are anticipated to observe financial issues to produce the demand. Also, high price is one of the chief challenges of this market.