Wireless Chargers Market - Global Industry Analysis, Trends, and Forecast 2024
Albany, NY -- (SBWIRE) -- 02/08/2017 -- The process of recharging batteries of various electrical devices without making use of any cables that are connected physically. The communication that takes place between the source of power i.e. transmitter and the device called receiver is generally through electromagnetic induction or microwave. Wireless chargers refer to that device that enables such a charging process.
The market of wireless chargers is driven by the rapid growth in the usage of electric vehicles, small electronic gadgets and computers market. Growing application of communication technology and computer all over the world has been contributing to the growth of the market. Increasing demand of transmission bandwidth and high-speed connectivity are also responsible for the growth of the market of wireless chargers market.
Alternative wireless charging techniques such as solar power or ultrasound have been developed and this acts as restraining factor for wireless chargers that run on electricity.
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However, wireless chargers are costlier options and this is one of the restraining elements of the market of wireless chargers. Wireless chargers, however, takes longer to charge, consumes more electricity and generates more heat. Thus these attributes act as restraining factors for the market.
The market is segmented by application, technology and by geography. By application, the market is divided into consumer electronics, healthcare and automotive. The segment of consumer electronics accounted for the largest market share in 2016. Increasing usage of smartphones, wearables and tablets. These chargers are mostly used in small gadgets such as smartphones, however, laptops, computers also use wireless chargers. These wireless chargers also find its usage in the healthcare department. Gadgets like sugar measuring device use wireless chargers. Increasing usage of these chargers in office automation, medical and communication are also propelling the growth of this segment.
On the basis of technology, the wireless chargers market is divided into magnetic resonance, radio frequency, inductive coupling technology and other microwave optical beam. The inductive coupling category held the largest market share during 2016 and is expected to propel this market over the forecast period. When used in closer proximity, greater efficiency, operational convenience and ease of implementation are responsible for the growth of the market segment of inductive coupling technology.
Geographically, the market is segmented into North America, Asia Pacific (APAC), Europe, Middle East and America (EMEA) and Latin America. North America has been leading the market and accounts for the biggest market share. North America is anticipated to grow substantially during the forecast period of 2016-2024 owing to the increasing demand and usage of small-sized consumer electronics gadgets across the continent. The US accounted for the biggest market share in this geographical segment and is expected to lead throughout the forecast period.
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Europe also accounts for a substantial market share in this market and occupies the second largest market share of wireless chargers market. The region is expected to grow well over the forecast period of 2016-2024. Owing to the increasing penetration of internet and data traffic and high growth of smartphones in the APAC region, the region is set to experience the fastest growth over the forecast period. Also increasing demand of laptops and personal computers in this region has led to the growth of this market. In China, Japan these chargers are increasingly used in electric vehicles. The market of Middle East and Africa is also expected to grow significantly over the forecast period.
Some of the major players of the wireless chargers market Qualcomm Incorporated (the U.S), Energizer Holdings (the U.S.), Evatran (the U.S.), Powermat Technologies Ltd (Israel), WiTricity (the U.S.), Fulton Innovation (the U.S.), Integrated Device Technology, Inc (the U.S.), Texas Instruments Inc. (the U.S.), Leggett and Platt (the U.S.), UBeam (the U.S.) amongst many others.