"Smart Strategies, Giving Speed to your Growth Trajectory"
Wireless charging is becoming one of the popular emerging trends used to transmit energy wirelessly from a source to a power-consuming device. With the growing proliferation of wireless portable devices, the wireless charging systems' demand has been escalated. These wireless charging encompass a charging station, an energy source, and a receiver that receives the energy and charges the battery.
It is a convenient, safe, cost-effective, efficient, and reliable technology to power and charges electrical devices that offer various advantages over the traditional charging systems. It eliminates the use of physical wires, connectors, and cables. Thus, the advantages and convenience offered by the wireless charging systems will drive the adoption. Due to low fuel consumption and performance benefits, the adoption of Electric Vehicles (EVs) has been escalated over the years. Also, the government globally is showcasing strong support for electric vehicle adoption. Thus, the popularity of electric vehicles would be likely to drive the wireless charging market.
The growing acceptance of wireless technology in the consumer electronics industry will support the wireless charging market growth. The ability of wireless charging systems to charge multiple devices is likely to fuel the market growth. Moreover, the government in various countries has imposed strict rules and policies to keep safe atmospheres in all manufacturing industries. Thus, the government's favorable policies will support companies in the wireless charging ecosystem.
The excessive use of the internet has created a problem of charging in many smartphones & portable devices. A fast wireless radio frequency energy-base charger can be useful to resolve this problem. Thus, the cumulative demand for efficient charging systems for mobile and portable devices is probable to drive the wireless charging market's growth during the forecast period. Besides, the internet of things is gaining much popularity in the past few years. Likewise, a wireless charging system is the key requirement of movable IoT infrastructure products such as smartphones, tablets, laptops, digital cameras, wearables, and other electronic devices. Thus, the growing popularity of the internet of things (IoT) market is likely to offer an opportunity for the wireless charging market growth.
Key Market Driver -
• Growing demand for Electric Vehicles (EV) would be likely to drive the wireless charging market • Constantly rising adoption of portable devices will accelerate demand for wireless charging
Key Market Restraint -
• Higher integration costs and longer charging time is limiting the adoption of wireless charging
The prominent market players have adopted various business growth strategies, such as new product launches, product portfolio expansion, agreements, and others to increase their market penetration. Substantial investments in research and development activities are being made by various prominent market participants, where vendors focus on enhancing the power transmission range. The global wireless charging market is fragmented and embraces start-up firms and well-established market players. The market perceives intense competition among market players based on the product quality, pricing, and features.
Wireless charging manufacturers focus on strategic alliances with the consumer electronics market players to enhance their products' features. In October 2017, Apple Inc. acquired a New Zealand-based wireless power product manufacturer named PowerbyProxi Limited. The acquisition aimed to develop wireless charging features in Apple Inc's products such as watch series, smartphones, and AirPods. Manufacturers in the wireless charging market are collaborating with technology providers to improve the product's efficiency.
The key players operating in the global wireless charging market include Samsung Electronics Co. Ltd., Qualcomm Incorporated, Texas Instruments, Integrated Device Technology Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings Inc., Murata Manufacturing Co. Ltd., Sony Corporation, and Fulton Innovation LLC, among others.
North America is anticipated to hold the largest share in the global wireless charging market owing to significant technological developments in the region. The growing adoption of wireless charging systems for industrial applications is driving the growth of the market. Widened usage of smartphones and other portable devices would further likely impact market growth across North America. The rapidly growing popularity of the internet of things-based applications across North American countries will drive market growth. The rising awareness of wireless power technology amongst customers propels the wireless charging market growth in North America.
Cumulative adoption of electric vehicles to conform to government policies regarding environmental sustainability will support the market growth in Europe. Sufficient demand for wearables and wireless communication technologies would likely drive the wireless charging market in the coming years.
The Asia Pacific would likely witness a significant growth rate due to increasing demand for Electric Vehicles, wearables, and consumer electronics devices. The rapidly developing consumer electronics industry across the Asia-Pacific would be anticipated to drive market growth. Business expansion strategies by prominent industry players to reach the untapped Asian Market will fuel the market growth. For instance, In October 2019, WiTricity Corporation has announced a strategic partnership with a South Korean high-power wireless charging system supplier called Green Power Ltd for expanding its presence in the Asian market. The partnership permits the transfer of licensing and technology between companies.
To gain extensive insights into the market, Request for Customization
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry