According to a recent BIS Research market report, the global wireless charging market is expected to reach USD $20.97 billion by 2023 up from just USD $2.57 billion in 2017. The compound annual growth rate (CAGR) has been projected to be 40.97% between 2018-2023. According to the report, 'Global Wireless Charging Market - Analysis and Forecast, 2018-2023’, the growth 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. A noteworthy reason for the global wireless charging market to grow is the Qi standard for wireless technology, established by the New Jersey-based Wireless Power Consortium (WPC, established in 2008, a 250-company membered multinational technology consortium), is rapidly gaining momentum. The establishment of a globally acknowledged standard (Qi) and its acceptance by the prominent players, such as Apple and Samsung Electronics (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.

According to BIS, 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.

The BIS Research report has analyzed global wireless charging technology through a comprehensive segmentation of the market by technology, implementation, applications, end users and region. A comprehensive section on four major regions North America, Europe, Asia-Pacific and Rest-of-the-World (RoW) is included in the report. The report has identified the strategies adopted by significant players for further development of the market namely, product launches, joint ventures, and partnerships, among others. It also incorporates a detailed chapter on the market dynamics for the global wireless charging market, including the key driving and restraining forces, along with the opportunities for the market in the forecast period, 2018-2023.

The report is a meticulous compilation of research on approximately 50 players in the wireless charging market. Moreover, it draws upon insights from in-depth interviews of key opinion leaders of more than 15 leading companies, market participants, and vendors. It also profiles 15 prominent companies contributing to the market, including Aircharge, Belkin International, Inc., Convenient Power Limited, Energous Corporation, Integrated Device Technology, Inc., Infineon Technologies AG, NXP Semiconductors, NuCurrent Inc., Powermat Technologies Ltd., Qualcomm Incorporated, Samsung Electronics Co. Ltd., Semtech Corporation, TDK Corporation, Texas Instruments, WiTricity Corporation.

The report also includes a competitive analysis of the leading players in the industry, including financials, and their strengths, weakness, opportunities, and trend (SWOT) analysis for the companies profiled. Key questions answered in the report include:

• What is the expected global wireless charging market value by 2023 along with the estimated CAGR?
• What are the driving factors for the global wireless charging market from 2017 to 2023?
• Which factors are impeding the growth of the global wireless charging market?
• What are the recent trends and developments in the global wireless charging market?
• What is the wireless charging market outlook based on the segmentation by implementation (integrated or aftermarket) during the forecast period (2018-2023)?
• Which receiver application is expected to lead the global receiver market by 2023?
• Which transmitter application is expected to lead the global receiver market by 2023?
• Which region is expected to lead the global wireless charging market by 2023?

Read the full report here.