Wireless power transmission has vast range of application in consumer goods, automotive, healthcare, defence, industrial and others. Further, consumer electronics segment is heavily adopting wireless power transmission device for the charging of the smart phones and wearable devices.
The global wireless power transmission market is anticipated to witness a substantial compound annual growth rate (CAGR) of 20.7 per cent over the forecast period, according to Research Nester. Further, global wireless power transmission market is projected to reach $12.43 billion by the end of 2024.
In 2016, the revenue generated from wireless power transmission products accounted for $2.43 billion. This significant growth of the market can be attributed to various factors such as rising disposable income of the population and rapid technological advancement of wireless power transmission devices.
Geographically, Asia-Pacific dominated the global wireless power transmission market and is expected to continue its dominance over the forecast period owing to the penetration of electronic industries and rising electronic business in the region.
Rising disposable income of the population has resulted in the increased demand for the wireless power transmission devices and products. Further, rising automotive industry is making inroads for the growth of wireless power transmission market.
Europe accounts for the second highest market share in overall market of wireless power transmission across the globe. Europe is expected to showcase a modest growth rate over the forecast period due to the surge in the electric vehicle market in the region.
Further, increasing market of hybrid vehicles, electric vehicles and mobile devices such as smart phones, wearable technology and others is expected to positively impact the growth of wireless power transmission market in the region.
North America is expected to witness a robust growth over the forecast period as they are early adopters of the technology. Further, massive research and development projects in wireless power transmission have been observed in North American region. Moreover, increasing adoption of wireless power transmission by healthcare and defence sector in the US is escalating the wireless power transmission market.
Rising disposable income coupled with increasing penetration of consumer electronics are two major factors which are expected to drive the global wireless power transmission market over the forecast period. Further, the consumers’ preference for the wireless power transmission products over wired transmission products as it offers convenience features has increased the growth of wireless power transmission market over the past few years.
Apart from this, penetration of new wireless power transmission technologies such as laser charging technology, multi charging technology and others are gaining traction among users.
Increasing demand and sale of hybrid and electric vehicles is expected to intensify the growth of wireless power transmission market. Wireless power transmission chargers have witnessed an increase in its usage in public transports such as bus owing to the government regulation in order to curb the environment pollution. For instance, in March 2017, Ministry of Environment’s Law Carbon Technology planned to test the Toshiba’s wireless bus charger to replace the diesel buses and curb the CO2 emission in the region.
However, high cost associated with the wireless power transmission technology is anticipated to hinder the development of the wireless power transmission market. Further, availability of low priced and cheap wireless chargers from the local vendors is projected to dampen the growth of global wireless power transmission market.
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