Global Wireless Charging Market to Grow from $2 Billion to $21 Billion by 2023
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. Click here to read more.
