LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global wireless chargers market to post a CAGR of close to 20% during the period 2018-2022, according to their latest report. However, the growth momentum of the market will decelerate due to a decrease in the year-over-year growth.
In this report, Technavio highlights over-the-air wireless charging as one of the key emerging trends in the global wireless chargers market. Devices are placed on top of a charger pad, which is used for connection purposes, in a conventional wireless charging. When the device is removed from the charging pad and the connection is lost, the phone stops charging. In such cases, companies are focusing on developing over-the-air wireless charging, wherein technology converts wireless signals into electricity to charge phones, tablets, and other small gadgets. This enables the phone to be charged from any place if it is connected to the wireless charger.
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In this report, Technavio analysts highlight the increasing adoption of the Qi standard as a key factor contributing to the growth of the global wireless chargers market:
Increasing adoption of the Qi standard
One of the key factors driving the market is the higher adoption of the Qi standard compared with other standards by several firms globally. Qi wireless charging technology makes electronic devices and chargers from different manufactures compatible with each other. The only criteria is that both the device and the charger (receiver and charger) needs to fulfill the Qi specification. This standard, therefore, allows every Qi-enabled device to be compatible with every Qi charging transmitter, regardless of the manufacturer of the device. Various companies are developing products that comply with the Qi standard. As a result, these products can be charged at any Qi charging station.
According to a senior analyst at Technavio for embedded systems, “Companies such as Apple have adopted the Qi standard and is a major driver for the market. Apple announced its favor for the Qi standard by releasing its products, such as the iPhone X and iPhone 8, to support the standard. The iPhone X and iPhone 8 models are popular smartphones. Along with top companies such as Apple adopting the Qi standard over PMA, more number of firms are expected to adopt this technology. This can be attributed to the consumer electronics market being highly competitive, and firms need to be on par with competitors by providing the newest features.”
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Global wireless chargers market segmentation
This market research report segments the global wireless chargers market into the following technologies (inductive, magnetic resonance, and radio frequency), applications (consumer electronics and automotive) and key regions (the Americas, APAC, and EMEA).
Of the three major technologies, the inductive segment held the largest market share in 2017, accounting for nearly 85% of the market. The market share for this technology is expected to increase nearly 8% by 2022.
APAC was the leading region for the global wireless chargers market in 2017, accounting for a market share of nearly 51%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
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