Wireless charging as an innovative technology has made consumers’ life easy and providedthem with comfort and convenient lifestyle as it is increasingly replacing the cable charging system used in various electronic items. For many years, the technology has been limitedly used and its usage were largely restricted to a few consumer electronic items such as electric toothbrush.
Over the last few years,several enterprises across industries including electronics, automotive, and healthcare have started developing and manufacturing wireless charging devices as they are moreaware of the benefits and advantages of the innovative charging system. At present, wireless charging becomes a fashionable trend for a large number of items ranging from small kitchen appliances to heavy automotive vehicles and soon it will become the most adopted technology for every consumer electronic item.Although at slow rate, the wireless model is increasingly adopted in medical devices including smart wearables and tablets as well as electric vehicles.
What is a Wireless Charging?
Wireless charging allows the process of charging a smart device or equipment such as smartphone or vehicles without using the cablesor wires. Unlike cable-based charging system, the wireless charging does not require the adaptor or connectors used to plug in or unplug each time rather devices are placed on top of the wireless charging pads and it gets charging.There are two components for each wireless charging devices namely a transmitter and a receiver; the former unit is a charging station that transmits the energy and the latter unit will receive the energy and get the battery charged.
It is based on the electromagnetic induction concept, in which an electric current is passed through a coiled wire, creating an electromagnetism field surrounding the magnet, and the power generated is then used to transmit charge.Wireless charging has numerous advantages including cost-effective, safer due to the absence of sparks or electrical shock, and rust-free due to its water-repellent properties. In comparison to a cable charger, it consumes less energy for charging and many innovative systems have been integrated for easy charging. The wireless model is considered to be more reliable and convenient for customers as it can fit in all types of personal assistance devices including heavy vehicles. However, slow charging speed of the model remains a major challenge that can hamper the market expansion in the coming years.
Latest Development of the Wireless Charging Market
One of the latest developments of the wireless charging is the increasing integration of the technology in electric vehicles. In October 2019, a US-based developer of wireless power solutions, WiTricity Corp. entered into a deal to transfer and licensing technology with Green Power, a major South Korea-based provider of wireless charging systems. The agreement aimed at boosting technology designs used for WiTricity’s wireless electric vehicle charging systems. That same month, the company raised USD 34 million to leverage its wireless power platform for electric vehicles. At present, it has several patent over wireless charging technology and licenses its patented magnetic resonance technology in various products ranging from wind turbines to robotics.
However, the smartphone segment has been the leading sector that extensively use the model for product development and is expected to dominate the wireless charging market in the near future. In the smartphone sector, Nokia Corp. (Nokia) and Samsung Electronics Co., Ltd (Samsung) have been leading competitors in the market as they are the pioneers of using the Qi-support technology in developing their wireless charging products especially smartphones. In September 2012, Nokia introduced its first commercially successful smartphone model, the Nokia 920 that offered built-in wireless charging using the Qi system. Soon, Apple Inc. (Apple) also started using Qi-technology in some of their products such as iPhone X and has emerged as a strong rivalry in the market.
In 2017, Apple launched its first two iPhone models i.e. the iPhone 8 and iPhone X as wireless charging devices. Recently, a handful of giant tech players are increasingly entering in the market with their robust products and devices to compete the existing powers. Some of the new players for the market competition are OnePlus, Huawei, and Motorola. In April 2020, OnePlus, a China-based electronic manufacturer announced the launching of its latest smartphone and first wireless charging phone, the OnePlus 8-series. The smartphone would be introduced along with the Warp Charge 30 wireless charging support. The smartphone wireless charging device is also known as Drop & Dock wireless charging system.
Trend and Structure of Wireless Charging Market
Growing access to Internet of Things (IoT) and wide use of electronic gadgets such as smartphone, laptops, wearable electronics, and portable devices open up several opportunities to fuel the expansion of the wireless charging market. Wide penetration of IoT for personal use devices, high adoption of digital camera or CCTV for surveillance purposes, and increasing use of smart household appliances are major trends that propel the market. Moreover, extensive spending on R&D programs to expand far-distance charging technology and rising integrated electronic system for IoT are further shaping the current market trends. Several players are heavily investing to enhance the use of magnetic resonance technology to expand the wide-range power transmission between the charging station and portable devices. Additonally, increasing focus on development of radio frequency (RF) technology and constant expansion of electric vehicles along with the increasing adoption of IoT present another key aspect that can fuel the market.
As per the latest report published by Growth Market Reports, the global wireless charging market is projected to register a substantial CAGR during the forecast period, 2021-2028. The wireless charging market has two key segments namely applications and technology. On the basis of applications, the market is divided into consumer electronics, defense, automotive, industrial, and healthcare. Based on technology, the market is segmented into resonant, inductive, and RF. In terms of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
To mention a few of key players competing in the global wireless charging market are Integrated Device Technology, Inc.; Qualcomm; PowerbyProxy; and WiTricity Corp. Some of these players have adopted various business development strategies including partnerships, collaborations, and mergers & acquisitions in order to enhance their product reach and expand their customer base. Moreover, launching of new products and investing in R&D activities for development of innovative products are two other key methods used by players to gain competitive advantage over their competitors.
Wireless charging has made its inroads in several industries especially in the healthcare and manufacturing to enhance the mobility of portable devices and easy process of charging the equipment and devices. Several of these manufacturers have been experimenting several tests to expand the use of the wireless devices including introducing wireless charger technology in airports and coffee shops such as Starbucks and McDonald’s. Moreover, several players started offering numerous charging points at hotels, cafes, and airports in Europe. Additionally, many key players have started various pilot projects to offer loosely coupled charging platforms at a maximum facility to allow easy charging system for consumers in any commercial or public places.