The wireless charging market is growing continually, mainly due to the proliferation of smartphones. Besides, the increasing uptake of other smart connected devices, such as wearables, wireless-charging devices, and advancements in technologies, are influencing the market growth, positively. The market is booming and expected to garner exponential gains over the forecast period.
According to Market Research Future (MRFR), the valuation of Wireless Charging global Market would reach over USD 24.05 BN by the end of 2023. MRFR also confirms that during the forecast period (2017-2023), the market would register a whopping, double-digit CAGR of 32.56%. Improving economic conditions that are enhancing consumers purchasing power is a key driving force behind the growth of the market.
Rising disposable income is leading to increased expenditure on high-end electronic products, including the purchase of smartphones and wearable devices. Increasing consumer awareness, penetration of multiple wireless-charging devices, and the demand for wireless charging are some of the factors driving the growth of the market. Substantial penetration of wireless charging technology into consumer, industrial, and medical sectors is providing a considerable impetus to the growth of the market.
Chargers designed for public infrastructures, such as those in Hotels and Universities are anticipated to observe a rise in the next six years. Newly launched product in the mobile phone and laptop markets foster the demand for wireless charging. Additionally, increasing usages of mobile phones, laptops, and wearable devices would promote market growth. Receiver unit sales are expected to surge with the increased demand.
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The prominent players in the market of Wireless Charging market are – Samsung Electronics Co Ltd. (South Korea), Texas Instruments Inc. (U.S.), Integrated Device Technology, Inc. (U.S.), NXP Semiconductors (Netherlands), Powermat Technologies Ltd (Israel), WiTricity Corporation (U.S.), PowerbyProxi (New Zealand), Qualcomm Inc. (U.S.), TDK Corporation (Japan), Convenient Power HK Limited (China) among others.
The report is segmented into four key market dynamics to widen the scope of understanding,
- By Technology: Inductive Coupling and Capacitive Coupling, among others.
- By Component: Transmitters and Receivers.
- By Application: Smartphones, Tablets, Consumer Electronics, Wearable Devices, Healthcare, Aerospace, Defence, Automotive, and Industrial, among others.
- By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
The Asia Pacific region dominates the global wireless charging market. The region holds immense growth potential to grow further exponentially. Furthermore, the rapidly growing consumer electronics sector drives the regional market growth, creating a massive demand in the market.
Availability of charging devices at a much affordable cost and the presence of many electronic devices manufacturing companies foster the regional market. China, Japan, and India have been leading the APAC wireless charging market in terms of market share, and this trend would continue in the upcoming years. The market is further expected to generate a substantial revenue pocket through 2018-2023.
The wireless charging market in North America takes the second lead, globally. The region is a hub for technological advances, and the presence of a well-established infrastructure supports market progress, allowing early implementations of advanced technologies. The North American wireless charging market demonstrates a vast revenue generation potential, particularly from the automotive and consumer electronics industry verticals.
The US and Canada account for significant contributors to regional market growth. Moreover, the presence of major manufacturers, increasing demand for digital technologies, and growing technological advancements are some of the factors boosting the size of the regional market.
European wireless charging market is growing rapidly, mainly due to the huge uptake of various electronics devices across the region. Perceiving a huge demand, the market in this region is expected to grow at a considerable CAGR throughout the review period. The burgeoning electronics industry, especially in the UK and Germany, is contributing to the market growth in the region majorly.
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TABLE OF CONTENTS
List of Tables
Table 1 Devices With Built-In Wireless Charging 12
Table 2 Market Factor Analysis 19
Table 3 Global Wireless Charging Market, By Technology (Usd Million) (2016-2023) 20
Table 4 Inductive Coupling Wireless Charging Market, By Region (Usd Million) 22
Table 5 Capacitive Coupling Wireless Charging Market, By Region (Usd Million) 24
Table 6 Others Wireless Charging Market, By Region (Usd Million) 25
Table 7 Global Wireless Charging Market, By Components (Usd Million) (2016-2023) 26
Table 8 Transmitters Wireless Charging Market, By Region (Usd Million) (2016-2023) 28
Table 9 Receivers Wireless Charging Market, By Region (Usd Million) (2016-2023) 29
Table 10 Global Wireless Charging Market, By Application (Usd Million) (2016-2023) 32
Table 11 Consumer Electronics Wireless Charging Market, By Products (Usd Million) (2016-2023) 34
Know More about this Report @ http://www.marketwatch.com/story/wireless-charging-market-size-trends-growth-analysis-development-strategy-sales-revenue-competitive-landscape-future-plans-and-regional-forecast-2023---16-jul-2019-2019-07-16
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