Sellbyville, DE -- (SBWIRE) -- 03/12/2019 -- Wireless Charging Market Growth will be driven by increasing demand of the technology across the automotive sector owing to rising pollution concerns as well as depleting fossil. Manufacturers have recognized that consumers are increasing their spending capacity and are ready to invest in premium products. Several automotive manufacturers such as Audi, BMW, Daimler and Toyota are actively researching the technology. The industry is characterized by a considerable amount of R&D, which is expected to contribute to overall growth.

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One of first officially commercialized wireless charging device was the Oral-B rechargeable toothbrush. Since then, wireless charging market has been witnessing a plethora of developments with regards to battery recharge in electrical devices. Recently, the electronics giant Sony patented a unique technology that can harness power from a range of devices such as smartphones, laptops, TVs, washing machines, and refrigerators. Another notable development observed in wireless charging industry in 2016 was the launch of LG G6 and Galaxy S8, sporting wireless charging technology.

Nowadays, the Qi technology is being commonly incorporated in wireless charging products. With the implementation of Qi technology and standards, in 2012, Google's Nexus 4, Nokia's Lumia 920 & 820, and many other smartphone models were launched with the inclusion of inductive charging, thereby depicting that a high degree of digitization has phenomenally impacted the commercialization matrix of global wireless charging market in recent years. Global Market Insights Inc., in fact, estimates wireless charging market size to be worth more than USD 14 billion by the end of 2024.

Pertaining to the surging adoption of consumer electronic devices such as smart phones, tablets, and mobiles, tech magnates have been focusing on the implementation of new technological features in their products to widen their consumer base. For instance, Apple's iPhone series has been incorporated with wireless charging. As consumers seek the implementation of periodic upgrades in the preceding devices, consumer electronics manufacturers have been looking forward to investing heavily in research and development activities to innovate efficient technologies for wireless charging. In 2016, consumer electronics alone covered 55% of wireless charging industry share. The growth of this segment is inherently dependent on the support provided by various regional governments for intensive R&D programs.

Resonant technology accounted for more than 25% of the wireless charging market share in 2016. The technology does not require direct contact for charging of devices and allows several devices to be charged simultaneously. It has a competitive advantage over the inductive technology as it offers wireless transfer of power at a long range for multiple devices. The technology is anticipated to become more widely available at coffee-shop tables and in offices under the desks.

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U.S. wireless charging market is the largest regional segment, and has witnessed considerable government support. The incentives provided by the U.S government for the development and the usage of the devices include competitive programs to help encourage suppliers and manufacturers investment in R&D and infrastructure. For instance, the Obama Administration announced in November 2016 the establishment of more than 45 national EV corridors which would act as wireless charging networks on highways

The players operating in the wireless charging market include WiTricity Corporation, Integrated Device Technology, Inc., Texas Instruments, Inc., Qualcomm Inc., Energizer Holdings, Inc, PowerbyProxi Ltd., Powermat Technologies, Powercast Corporation among others. The industry is extremely competitive in nature, which has led several manufacturers to develop and commercialize several key technologies that are implemented in smart devices and contribute towards the end-user demand.

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