The global wireless chargers marketisexpected to reach USD 9.36 billion by 2020, growing at a CAGR of more than 33%, according to Technavio's latest report.
In this report, Technavio covers the market outlook and growth prospects of theglobal wireless chargers market for 2016-2020. On the basis of application, the market can be classified into the following segments: consumer electronics, automotive, and others. Others include the industrial application and healthcare portable devices segments.
Technavio's research study segments the global wireless chargers market into the following regions:
Americas: largest market for wireless chargers
The growing awareness of wireless power technology among consumers and increased adoption of wireless charging for industrial applications and in the healthcare sector drive the wireless chargers market, especially in the US. The increased concentration of leading suppliers of wireless charger ICs like Integrated Device Technology (IDT), Intel, and Qualcomm is a growth factor in the country.
Also, OEMs in the US like Duracell Powermat are investing heavily in R and D projects that include providing wireless charging pads in public places such as shopping malls, metro stations, and restaurants. In the consumer electronics segment, vendors like Apple, Google, and Microsoft are investing significantly in wireless charging techniques. "Google's parent company Alphabet has filed documents with the Federal Communications Commission for the testing of its wireless charging solution for its self-driven electric cars," says Sunil Kumar Singh, a lead analyst at Technavio for embedded systems
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Wireless chargers market in APAC
The increased focus of suppliers on developing wireless power charger ICs is the major factor contributing to the growth of the wireless chargers market in APAC. Various companies like Toshiba and Panasonic are developing ICs that are smaller and have higher energy-transfer efficiency. For instance, Toshiba's IC model TB6865AFG is a transmitter that can generate power from 5W to 10W and supports Qi version 1.1.2 for single and double charging. Samsung has come up with a wireless charger that supports both WPC and AirFuel alliance.
Various companies in South Korea such as the Electronics and Telecommunications Research Institute, Hanrim Postech, the Korea Communications Commission, LG Electronics, and Samsung Electronics established the Korea Wireless Power Transfer Forum for the standardization of wireless electricity transmission technology. This forum also helps to develop and introduce new service models in the global wireless chargers market.
Wireless chargers market in EMEA
EMEA accounts for the lowest market share due to the low adoption of consumer electronic devices compared to other regions. In 2015, the consumer electronics segment accounted for 89% of the market and the majority of the revenue for this segment was generated from the Americas and APAC. The economies of countries like the UK, Ireland, Spain, and Portugal are reviving. "This leads to an increase in real incomes, a better job market, and a rise in inflation, which, in turn, results in an increase in consumer purchasing power. This will propel the demand for wireless chargers for smartphones and other electronic devices that work on rechargeable batteries," adds Sunil.
Lack of awareness about wireless chargers for consumer electronics and EVs in Africa is a major threat to the market in EMEA. Countries like the UK, Germany, Portugal, and France will be encouraging consumers to adopt electric vehicles during the forecast period, which will contribute to revenue growth in the wireless chargers market in EMEA.
Some of the top vendors in the global wireless chargers market highlighted in the report are:
" Duracell Powermat
" Fulton Innovation
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.