Quantitative Increase in Smartphone Users and Rising Demand for Electric Vehicles (EVs) is supporting the Growth of Wireless Charging Market.
New York, July 03, 2019 (GLOBE NEWSWIRE) -- Persistence Market Research recently published a market research report titled “Wireless Charging Market – Global Industry Analysis 2014 – 2018 and Opportunity Assessment 2019 – 2029.” A major trend in the wireless charging market is that the leading market participants are emphasizing research and development of improved wireless charging infrastructure and government regulations for increasing the adoption of electric cars.
The global wireless charging market is expected to witness strong growth during the forecast period, 2019-2029, at a stellar CAGR of more than 23%. This growth is attributed to the increasing adoption of efficient and ecological electrical technologies across the globe. In parallel, market participants in the wireless charging market have been emphasizing on research and development activities for innovative product development and to improve the production process in order to decrease operational costs.
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Inductive Charging Remains Preferred Technology Type
The global wireless charging market is estimated to offer a total incremental opportunity worth nearly US$ 40,000 Mn during the forecast period of 2019 to 2029. In the global wireless charging market report, Persistence Market Research has segmented the global wireless charging market by component, application, technology, and region. Inductive charging technology for wireless charging is a prominent segment in the global wireless charging market, and is expected to remain prominent throughout the forecast period as compared to the resonant inductive charging and other technologies.
Based on component, the global study of wireless charging has been segmented as transmitters and receivers. With the increasing efficiency of wireless charging, and the advancement of technology providing opportunistic charging, the market demand for transmitters is increasing significantly. Disconnected from plugs and wires, and having opportunities to charge the charging devices anywhere, anytime, are the reasons behind the growth of the transmitters sub-segment. Due to such factors, the transmitters sub-segment is expected to be a prominent area in the wireless charging market and will create new business opportunities for the wireless charging technology providers.
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Surging Sales of Smartphones and Other Mobile Devices Benefit Market
On the basis of application, the wireless charging market has been segmented into consumer electronics, automotive, healthcare, industrial, and others. Increasing usage of smartphones is anticipated to drive the growth of the consumer electronics segment in the global wireless charging market. In addition, technological advancements in mobile devices such as embedded wireless charging technology are creating awareness about wireless charging among consumers. An increasing number of mobile device vendors are incorporating the wireless charging feature in high-end models of smartphones, wearable devices, laptops, and notebooks, which is driving the adoption of this technology.
The wireless charging market in North America is estimated to feature attractive incremental opportunity during the forecast period, followed by the East Asia market. In North America, the U.S. is a prominent country in the wireless charging market. The presence of various key players and advancements in various industries are the key factors, which will support the prominence of the U.S. in the North American wireless charging market during the forecast period.
South Asia wireless charging market is estimated to record a high CAGR and follow North America and East Asia markets. Governments in the East Asia region are taking substantial initiatives in the form of regulations and policies to help promote the sales of electric vehicles in the region. The initiatives are primarily aimed at reducing the emissions of greenhouse gases and pollutants, thereby helping stabilize human-induced losses to the environment.
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The South Asia region is witnessing technological advancements in the field of IT, manufacturing, industrial sectors, and others. In parallel, the government of India is encouraging foreign investors in different sectors. Due to these factors, the Indian wireless charging market is creating potential opportunities for the wireless charging market.
Market participants are adopting a product diversification strategy to enhance their market presence. Moreover, emerging companies are significantly investing on new product development and launches to sustain their market presence. Some of the key players in the global wireless charging market research report include Qualcomm, Semtech Corporation, Texas Instruments Incorporated, Integrated Device Technology, Inc., Energizer Holdings, Inc., Leggett & Platt, Incorporated, Powermat Technologies, WiTricity Corporation, ConvenientPower HK Limited, and Mojo Mobility, Inc.
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