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Global Wireless Charging Market to Reach $20.97 Billion by 2023
January 18, 2019 | PRNewswireEstimated reading time: 1 minute
The global wireless charging market is anticipated to reach $20.97 billion by 2023, registering a compound annual growth rate of 40.97% between 2018-2023, according to a new market intelligence report by BIS Research, titled 'Global Wireless Charging Market - Analysis and Forecast, 2018-2023'. In 2017, the wireless charging market was valued at $2.57 billion.
The growth in global wireless charging market can be attributed to the increased shipments of smartphones, smartwatches and other wearable devices, global standardization of regulations for wireless charging, and increased in-built wireless charging options in various applications such as furniture and in-vehicles. The rising demand for convenient and fast-charging solutions' and tremendous progress in the Research & Development (R&D) for wireless charging technologies to overcome the current technical challenges are expected to drive the global market for wireless charging during the forecast period, 2018-2023.
A noteworthy reason for the global wireless charging market to grow is the Qi standard for wireless technology, established by the New Jersey-based World Power Consortium (WPC, established in 2008, a 250-company membered multinational technology consortium), is rapidly gaining momentum. The establishment of a globally acknowledged standard, i.e., Qi, and its acceptance by the prominent players, such as Apple Inc., and Samsung Electronics Co. Ltd. (who have launched their devices that are Qi standard enabled), which is in fact, a big boost for the entire wireless charging market, as a global standard of certification attracts consumers to the market.
"Smartphones and other consumer electronics are among the early adopters of wireless charging technology, courtesy convenience of this technology, among other reasons. Additionally, the wireless charging technology has tremendous potential for the automotive sector. Additionally, the recent hike in the demand of electric vehicles and favorable government initiatives are factors propelling the demand of wireless charging in the global market", says Yash Agrawal, Senior Analyst, BIS Research.
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