Global Wireless Charging Market: Overview
When
the microUSB was introduced almost half a decade ago, industry experts and
consumers alike believed it couldn’t get any better. However, today, wireless
charging has emerged as one of the most transformational technologies in the
mobile world. Superior to the microUSB in terms of speed, comfort, and
usability, wireless charging is now high on the list of must-haves for new
devices, be it tablets, smartphones, smartwatches, or portable speakers.
The wireless charging market is a
relatively new industry in its growth phase. Players operating in the global
wireless charging market have been investing significantly in research and
development activities in order to improve the current functionalities and
features. With end users exhibiting a tendency toward eliminating the hassles
of wired electronics devices, the market for wireless charging is projected to
witness significant growth in the next few years.
The
major technologies used in wireless charging devices include radiation and
inductive technology. Wireless charging – long-range, medium-range, and
short-range solutions – find application in a number of industries and
verticals such as defense, automotive, consumer electronics, health care, and
industrial. The global wireless charging market comprises four major regions:
North America, Asia Pacific, Europe, and Rest of the World.
The
report covering the global wireless charging market studies the major factors
driving and hampering its growth over the forecast period. The leading
technology, application, and geographical segments have been examined in detail
to highlight where the global market’s strengths and weaknesses lie. Tools such
as SWOT analysis, Porter’s Five Forces analysis model, and value chain analysis
have also been used to give readers a 360-degree overview of the worldwide
wireless charging market.
Global Wireless Charging Market: Key Trends and Opportunities
The
global market for wireless charging is driven by a host of factors. These
include the ability of wireless charging solutions to charge multiple devices,
rising demand for wireless charging enabled smartphones, user-friendliness of
wireless charging devices and solutions, and growing consumer inclination
toward wireless connectivity. The increasing efficiency of wireless charging
devices and surging prospects for new applications are anticipated to present
major opportunities for players in the wireless charging market. On the flip
side, the lack of awareness, inadequacy of government regulations for the
wireless charging market, lack of standards, and various compatibility issues
act as impediments to the global wireless charging market.
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Inductive
technology is the most commonly used technology for wireless charging owing to
the fact that most wireless charging enabled devices such as mobile phones, MP3
players, iPods, tablets, and laptops are developed based on the resonance
technology. This is also a major reason why the consumer electronics market
accounts for the largest share in terms of demand for wireless charging solutions.
Asia Pacific is a prominent market for consumer electronics and the adoption of
new technologies by end-users is increasingly high. Demand for wireless
charging is also likely to increase in the health care sector, considering the
growing use of electronic medical devices.
Global Wireless Charging Market: Region-wise Outlook
Given
that Asia Pacific is one of the most lucrative markets for hybrid vehicles and
consumer electronics devices such as laptops and smartphones, the market for
wireless charging holds significant promise in this region. In terms of
revenue, Asia Pacific accounts for the major share of the global wireless
charging market. North America is also a major wireless charging market with
the U.S. being a leading segment owing to the increased consumer inclination
toward tablets and smartphones. Research indicates that the markets in Rest of
the World such as Africa and Latin America are largely untapped and the demand
for wireless charging is expected to rise during the forecast period.
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