PORTLAND, Ore., Aug. 25, 2020
- Rise in sales of electric vehicles (EVs), constantly evolving portable electronics & wearables market, and necessity to harvest ambient RF energy drive the growth of the global wireless charging market.
PORTLAND, Ore., Aug. 25, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Wireless Charging Market By Technology (Inductive, Resonant, Radio Frequency, and Others) and Industry Vertical (Electronics, Automotive, Industrial, Healthcare, and Aerospace & Defense): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global wireless charging industry was pegged at $6.51 billion in 2018, and is expected to hit $49.30 billion by 2027, registering a CAGR of 23.4% from 2020 to 2027.
Drivers, Restraints, and Opportunities
Rise in sales of electric vehicles (EVs), constantly evolving portable electronics & wearables market, and necessity to harvest ambient RF energy drive the growth of the global wireless charging market. On the other hand, expensive technology involved in the process curbs the growth to some extent. Nevertheless, development in far-field wireless charging technologies and emergence of Internet of Things are expected to create multiple opportunities in the industry.
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The Inductive Segment to Lead the Trail By 2027
Based on technology, the inductive segment contributed to more than half or the global wireless charging market share in 2018, and is expected to lead the trail by 2027. This is attributed to the easy, convenient, and wireless use of the charging system. Simultaneously, the radio frequency segment would grow at the fastest CAGR of 26.8% throughout the forecast period. The stronger technical qualities of radio frequency over other technologies have made it the fastest growing segment.
The Electronics Segment to Dominate During the Estimated Period
Based on industry vertical, the electronics segment accounted for more than two-fifths of the global wireless charging market revenue in 2018, and is anticipated to maintain the lion's share till 2027. This is attributed to increasing adoption of wireless chargers for portable electronics such as smartphones, laptops, wearables, and handheld electronics. The healthcare segment, on the other hand, would cite the fastest CAGR of 25.5% during the study period. The ability of wireless charging to charge devices even during their use increases its adoption in healthcare equipment which, in turn, boosts the segment growth.
North America to Rule the Roost
Based on geography, North America held the highest share in 2018, generating more than one-third of the global wireless charging market. Rise in demand for portable & wireless devices and technological advancements across the industry have contributed to the growth of the wireless charging market in this region. At the same time, the Asia-Pacific would portray the fastest CAGR of 25.3% by the end of 2027. Increase in adoption of fuel-efficient electric vehicles and surge in demand for advancement in the charging system for portable electronics fuel the market growth.
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