Wireless transfer of power or electrical charging of battery-powered equipment and devices without the requirement of wired electric connection is termed wireless charging. It is often referred to as inductive charging, in which power is transferred wirelessly through electromagnetic induction.

In the case of inductive charging, electromagnetic waves are used instead of conventional wired cables to transfer energy. In the present scenario, wireless chargers are easily compatible with numerous consumer devices, such as smartphones. The only condition to be fulfilled is the outward design and technical similarity of communication models.

Wireless charging offers several benefits including easy charging without plug-in, no tangled wires, charging in public places or in cars, reliability in rugged environments, charging several devices at the same time, and avoiding plug compatibility problems, among others.

As per the market intelligence published by BIS Research titled Global Wireless Charging Market – Analysis and Forecast, 2019-2024, the wireless charging market registered $3.82 billion revenue in 2018 and is projected to grow at a CAGR of 41.79% during the forecast period from 2019 to 2024. The market is projected to reach $33.48 billion by 2024.

Based on the regional segmentation, the market is categorized on the basis of North America, Europe, Asia-Pacific, and Rest-of-the-World. The region of North America was leading the market in 2018 with a market share of 39.08% of the global market. The market of North America is projected to grow at a significant CAGR during the forecast period. The Asia-Pacific market currently follows North America in terms of revenue share, as it accounted for $1.14 billion in 2018 and is expected to grow at the highest CAGR among all the regions during the forecast period.

Source: marketresearch.com – 22^nd April 2020

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