Market outlook of the global wireless charging market
Technavio’s market research analyst predicts the global wireless charging market to grow at an impressive CAGR of more than 33% by 2020. The augmented adoption of wireless computing devices like tablets and smartphones will necessitate the need for wireless charging devices as they help in charging devices wherever and whenever required; thus, eliminating the need for charging cables.
The integration of wireless charging for smartphones in automobiles will drive market growth during the forecast period. With the integration of wireless charging pads in automobiles, the consumer no longer needs to keep a charger in the car or worry about plugging their device into the vehicle. Since this technology is estimated to become prevalent across all vehicle segments during the forecast period, their augmented incorporation in all variants of automobiles will lead to market growth.
Application-based segmentation of the wireless charging market
Technavio Announces the Publication of its Research Report – Global Wireless Charging Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Wireless Charging Market: Duracell, Fulton, Qualcomm and WiTricity
Other Prominent Vendors in the market are: Anker, Energizer Holding, LS Cable & System, Oregon Scientific, Pure Energy Solutions, Texas Instruments, Wisepower, and Leggett and Platt.
Commenting on the report, an analyst from Technavio’s team said: “The global wireless charging market is likely to grow significantly in the future because of certain emerging trends. One such trend is the increased adoption of wireless EV charging, which necessitates wireless technology. The high growth potential of wireless charging has compelled many automobile companies to implement wireless charging systems for EVs and plug-in hybrid electric vehicles (PHEVs).”
According to the report, the increase in virtualization and cloud computing on mobile devices has led to the proliferation of smarter, faster, and more powerful mobile devices offering advanced applications to support networking. As a result, usage of multiple cellphones and other mobile devices like tablets and music players has increased. However, despite the increased operational efficiency of these devices, battery chargers play a major role in their operation. Therefore, the need for conventional chargers to keep such devices functioning increases.
Further, the report states that the main challenge faced by the market is the increase in the cost of the final device integrating wireless charging. Unlike regular chargers, the key components used in the manufacturing of wireless chargers are expensive, adding to the overall manufacturing costs.
Duracell, Fulton, Qualcomm, WiTricity, Anker, Energizer Holding, LS Cable & System, Oregon Scientific, Pure Energy Solutions, Texas Instruments, Wisepower, Leggett and Platt.