In recent years, technological advancement in electronics technology made life easier. There has been development in the process of recharging the batteries of electrical devices using wireless technology. The electromagnetic induction or microwave helped the communication between the transmitter and the receiver. This technological advancement of the wirelessly chargeable devices has avoided the necessity of carrying multiple chargers for various devices. It finds a gamut of applications in various sectors such as automobile, healthcare, and industries. Additionally, the demand for electric vehicles is expected to surge during the next few decades, which in turn will boost the demand for wireless charging.
Rapidly Increase in smartphone users and other Portable electronics devices drive the Wireless Charging Market. Mostly wireless power transfer is generally utilized in electronic devices such as smartphones, laptops, wearable electronics, portable devices, and wearable, which can potentially increase the durability of the device is expected to ensure significant growth of the electronics wireless charging market. In addition, the strategic alliances between smartphone manufacturers like Samsung and Power by Proxi are likely to boost the market growth.
“The Wireless Charging market was valued at USD 7.22 billion in 2018 and it is expected to reach more than USD xx billion by 2025, likely to grow with the CAGR of 35.8% during the forecast period.”
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By industry vertical, the electronics segment is expected to witness the highest growth in the Wireless Charging market across the globe. In terms of applications, the market is primarily dominated by the consumer electronics industry, which accounted for a market share of around 57% in the year 2018. The rapid increase in the manufacturing of consumer electronic devices is expected to drive the market. Most wireless charger manufacturers target portable rechargeable electronics such as smartphones and laptops, which need frequent charging.
On the other hand, the Automotive segment is expected to be the fastest-growing over the forecast period. The wireless charging market is expected to experience a boom in electric vehicles. according to the World Bank, the need for electric mobility in China, the U.S., and Europe is catapulting. These factors will continuously propel the global wireless charging market in the automotive industry.
The inductive technology segment is dominating the growth of the Wireless Charging Market and expected to remain prominent during the forecast period. Continues adoption of inductive technology in electric vehicle charging, the inductive technology is expected to generate incremental opportunity over USD14,500 Million during the forecast period. In May 2018, Germany, BMW launched its wireless electric car charging system.
The Asia Pacific to dominate the Wireless Charging Market during the forecast period. Geographically, Asia Pacific is the Leading in the wireless charging market. In the year 2018, it accounted for 38% of the market share. Moreover, Asia Pacific is anticipated to be the fastest-growing regional market too. Rapidly growing smartphone penetration, increasing adoption of wireless computing devices, and a large user base for consumer electronics are the primary reasons for the Asia Pacific to be the top revenue generator.
However, the North American market appears to be more mature than the Asian market. The United States is the largest regional market for wireless charging. An increase in the adoption of wireless charging for industrial applications and growing awareness of wireless power technology among consumers is one of the main reason why Western Europe and the North American market is growing significantly.
Integrated Device Technology, Inc., which is one of the market leaders in wireless charging, is to be acquired by Renesas Electronics Corporation is approximately USD6.7 billion.
Some key players operating in the market are Samsung Electronics, TDK Corporation, Qualcomm Inc., Texas Instruments, Inc., Integrated Devices Technology, Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings, Inc., Murata Manufacturing Co. Ltd.,and Sony Corporation.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
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