Wireless Charging Market: Segmented: By Technology (Inductive, Resonant, Radio frequency and others); By Application (consumer electronics, medical, healthcare, automotive, industrial and defense) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Wireless Charging Market size was valued at USD 11 billion in 2019 and is estimated to grow at a CAGR of 45.8% from 2020 to 2030.
The process of recharging batteries from a power source to a consuming device without any physical contact is referred to like wireless charging. It comprises an electric current that is passed between objects through coils to induce an electromagnetic field that charges the battery. Wireless charging provides an efficient, convenient, reliable, cost-effective, and safer charging of devices over the traditional physical cable charging method.
Wireless Charging Market is expected to project a CAGR of 45.8% during the forecast period, 2020-2030
Features such as ease of handling devices, mobility, electric shock protection, flexibility, convenience, and efficiency are most likely to contribute to the growth of this market. The increase in the demand for fuel-efficient electrical vehicles is also anticipated to be a growth driver in the market.
it can be further categorized into consumer electronics, medical, healthcare, automotive, industrial, and defense. Consumer electronics are likely to dominate the application segment in the forecasted period due to the high demand for wireless smartphones in the market.
Based on technology
the wireless charging market is segmented as Inductive, Resonant, Radiofrequency, and others. Inductive technology holds high demand in the market due to its universal application. Resonant technology is used by companies such as Qualcomm and Samsung that allows charging multiple devices simultaneously and is likely to take over inductive technology by the forecasted period.
Mobility, Flexibility, and efficiency will act as growth drivers
Features such as ease of handling devices, mobility, electric shock protection, flexibility, convenience, and efficiency, contribute to the growth of this market. The increasing demand for power for devices and the problem of carrying multiple chargers are key drivers in this market. Additionally, an increase in the internet of things is also boosting the demand for wireless charging. It is also expected to rise in electrical vehicles with the government taking measures to switch consumers to electric hybrid cars.
Inefficiency and high prices will restrict the growth of the global wireless charging market
Inefficiency in fast charging and high prices of wireless chargers are key challenges in the market. It does not provide efficient charging while at a distance which acts as a restraint in the market. Another cause is the expensive technology and slower charging rates which hinders the growth of the market and is likely to be fixed in the upcoming years.
The APAC emerges as the global leader in the wireless charging market recording a market share of 38% in the year 2018 due to the high demand for electronic devices such as laptops and smartphones. Whereas North America and Western Europe are also expected to witness significant growth over the years due to the growing preference of consumers and the pace of buying quality products in the market. On the other hand, developing countries such as China, India, and Japan hold the maximum number of electronics manufacturers which is going to foster the market because of the rising demand for electrical vehicles and charging systems for portable electronic gadgets.
Business Strategy, Key Product offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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