Persistence Market Research delivers pertinent insights on the growth of the Wireless Charging Market and identifies key market dynamics impacting this growth.
New York, NY -- (SBWIRE) -- 03/09/2017 -- As we head towards an era where wires won't necessarily be a requisite for powering up devices, tech companies from around the world are intensifying their efforts towards production of advanced and immaculate wireless charging systems. Innovative technologies supporting the working mechanism of wireless charging devices is also piquing the curiosity of tech enthusiasts as well as common consumers. From green vehicles to smartphones, Persistence Market Research has published its research study on how wireless charging is spanning the globe as the next-gen mode of charging electric devices.
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According to Persistence Market Research, the global market for wireless charging is currently valued over US$ 2.6 billion. By the end of 2024, revenues emanating from global sales of wireless charging devices & services will grow at an exponential CAGR of 34% and bring in revenues worth over US$ 27 billion.
The report further reveals the significance of components in driving the sales of wireless charging devices. Considering that wireless charging systems will eventually put an end to wired chargers, the components used in such systems will play an instrumental role in shaping up the future of wireless charging. Much like today, the feature of charging multiple devices at same time will continue to trend in the long run. In the global market for wireless charging, components used as power transmitters will garner a dominant position. In 2017 and beyond, transmitters are expected to account for more than three-fourth of global wireless charging revenues. Nevertheless, surplus power transmission will necessitate the use of advanced receiver components – revenues from which are projected soar at highest CAGR of 35.2%.
Promising Future for Resonance Charging Technology
A key challenge faced by manufacturers of wireless charging systems hovers around the selection of suitable charging technology to assure compatibility with all electronic devices in the world. Availability of diverse electric devices brings uncertainty over expanding product portfolio of wireless charging systems. Research findings compiled in the report suggest that consumers of wireless charging devices are growing more inclined towards devices that use resonance charging technology. After accounting more than US$ 800 million revenues in 2016, the resonance charging technology will continue dominating the global wireless charging market by procuring nearly 40% value share through 2024. The global demand for inductive charging technology will incur a major downtrend, while revenues accounted by radio frequency (RF) charging technology will soar at nearly 40% CAGR during the projected period.
Growing Need for Wirelessly Charging Electric Vehicles
While every other wireless charging device sold in the world will be used for powering smartphones, tablets, laptops and other consumer electronics, the report projects a lucrative growth for automotive application of wireless charging systems. During the forecast period, revenues procured from sales of wireless charging devices in the global automotive industry will be elevated at a staggering 42.1% CAGR. Rampant sales of electric vehicles will be factoring this growth, making automotive the most favorable application of wireless charging. Additionally, complications and hazards arising from wired power cables in manufacturing plants will also propel the demand for wireless charging in industrial applications. Through 2024, more than US$ 5 billion worth of wireless charging devices are likely to be consumed by industries across the globe.
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Additional Highlights of the Report include:
-Asia-Pacific will be the largest consumer of wireless charging systems in the world
-Sales of wireless charging devices in North America and Europe will procure more than 60% of global revenues throughout the forecast period
-Tech giant, Apple Inc., recently made the news for joining the Wireless Power Consortium (WPC) to be a part of the global organization that develops widely-used wireless charging standard for smartphones and other electronic devices
-The report has profiled similar tech companies that are partaking in the growth of global wireless charging market, which include – Qualcomm Technologies, Inc., Texas Instruments, Inc., Leggett & Platt, Inc., Energized Holdings, Inc., Integrated Device Technology, Inc., WiTricity Corporation, ConvenientPower HK Limited, PowerbyPoxi, and Powermat Technologies Ltd.
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