Wireless Charging Technology – Analyzing the Market Drivers and Restraints

Wireless charging technology eliminates the use of wires to power devices and enables a device to be charged automatically when placed near a transmitter. The wireless charging technology is however, not new in the world of technology, rather, has been in existence since the late 1800s. With the incorporation of the technology in smartphones, it has been experiencing a massive boost in
popularity.

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According to the latest market intelligence report by BIS Research titled “Global Wireless Charging Market - Analysis and Forecast (2018-2023),” the market was valued at $2.58 billion in 2017 and is projected to grow at a CAGR of 40.97%, during the forecast period and reach $20.97 billion by 2023. The market is estimated to witness the highest growth in the Asia-Pacific (APAC) region during the forecast period (2018-2023).

The wireless charging technology is not only limited to the smartphone industry, but various other sectors, namely healthcare, automotive, defence, aerospace, and electronics industry are also exploring this technology. From the automotive industry, some of the leading companies in the electric vehicle market are offering wireless charging systems to its consumers, for example 530e model offered by BMW in the U.S. Various other leading companies are also investing in the wireless charging technology, namely Samsung’s Galaxy smartphones, the Apple Watch, and Apple’s battery cases with wireless charging support for iPhone XS, XS Max, and XR.

The Qi standard introduced in 2008 is the most widely accepted standard for wireless power transmission. The report published by BIS Research states that with finalization of the Qi standard, the adoption of wireless charging technology has increased significantly. Other factors such as increased shipment of smartphones and other wearable devices and in-built wireless charging options across devices have been fueling the growth of this market. Also, the report highlights the growth potential for other technologies, such as wireless charging for electric vehicles, and possibilities of far-field charging. However, factors such as lack of fast charging options in wireless charging systems, low efficiency, and high cost pose as restraints for the overall growth of the market.

The market research report published by BIS research has analyzed the driving factors, current and future trends, challenges, potential opportunities and the growth of the wireless charging industry. All these factors and opportunities clearly indicate that there is tremendous potential in the wireless charging market.

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