Wireless Charging Market Revenue Will To Surpass $20 Billion By 2024 - Hexa Research
Global wireless charging market was valued at approximately USD 1.90 billion in 2014 and it is projected to grow at an approximate CAGR of over 60% over the forecast period of 2016 to 2024.
Wireless Charging Market is expected to grow beyond USD 20 billion by 2024. Elimination of cables allows clutter-free charging, which has impelled the consumption levels. Another growth driving factor for the global market includes the growing demands for smartphones, specifically in India, China, and South Korea. The rise in infrastructural development, digitization, and network communications has also driven the growth. Moreover, rising demands across the automotive industry on account of the increased sales of electric vehicles is also a key market driver. The global market is segregated as applications, technologies, and regions.
The application sector includes defense, consumer, automotive, healthcare, and industrial. The consumer application sector led the global market and is expected to generate a revenue share of more than USD 16 billion by 2024. Rising demands for wireless chargers is likely to augment the segment. The healthcare sector is projected to be the most lucrative application sector, with a CAGR of over 38 % over the forecast period (from 2016 to 2024).
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The technology sector comprises resonant, Radio Frequency (RF), and inductive. Inductive wireless charging market led the overall technology sector, particularly in the automotive industry, in 2015. However, this technology is inconvenient for a multi-device ecosystem since it permits just a single device to be charged per coil. The RF technology sector is expected to exceed USD 3.5 billion by 2024 growing at a CAGR of over 45 % from 2016 to 2024. This is mainly because it eradicates the necessity for appropriate alignment in case of any small devices.
Regionally, the United States occupied over 30 % of the total revenue in 2015. High tendency to spend on these devices because of the high levels of technological awareness and advancements are anticipated to favorably impact the market growth. In addition to this, significant technological proliferation across various application sectors is also likely to be a key growth driver. The Asia-Pacific wireless charging market is projected to reach USD 12 billion by 2024 growing at a healthy CAGR of over 35 % during the estimated years.
The major companies in the global market include WiTricity Corp.; PowerbyProxi Ltd.; Qualcomm Inc.; and Integrated Device Technology Inc. (IDT). New players generally work together with technology providers and then launch their products. However, huge set-up costs may pose a challenge to these new companies that want to establish and develop their market presence.
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