Future of Global Wireless Charging Market Along with Key Drivers, Major Manufactures, Business Insights, Trends and Forecast 2025
Infinium Global Research has added a new report on Global Wireless Charging Market. The report covers the analysis of global as well as regional markets of wireless charging. Moreover, the report gives insights into the factors that affect the global as well as regional performance of the market in the short run and in the long run. According to the report, the global wireless charging market is projected to grow at a CAGR of 38.74% over the forecast period of 2019-2025.
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Development of wireless and connected devices have changed the dynamics of information technology and telecommunication industry. The advent of portable devices has increased demand for charging devices. As technology advances, new and innovative charging devices are developed. Wireless chargers are developed due to high convenience. The wireless charging market is fragmented with the number of small cap players competing with the big players in the market. The leading market players including Qualcomm Incorporated, Texas Instruments, Inc., Integrated Device Technology, Inc., Sony Corporation and others are developing innovative charging technologies for the fast and effective charging process.
Wireless Charging Market: Drivers, Restraints & Opportunities
The rise in demand for efficient charging system for portable electronics and wearable is majorly driving the wireless charging market. Moreover, the growing preference of automotive players towards wireless electric vehicles is expected to boost the growth of the wireless charging market. However, the slower speed of charging compared with other charging technologies is the major restraining factor for the growth of the wireless charging market. Nevertheless, the growing popularity of the IoT is expected to offer lucrative opportunities for the key players in the Wireless Charging market.
Wireless Charging Market: Segmentation
The wireless charging market is segmented on the basis of technology, and application. The technology of wireless charging is classified into inductive, resonant, radiofrequency and other technologies. Among the technology, the inductive segment dominated the market owing to growing use in several applications including electronics, and automotive. The application of the wireless charging includes electronics, automotive, industrial, healthcare, aerospace & defense and other applications. The electronics segment among the application held the highest market share owing to the high penetration of smartphones and constant technological advancements in wearable electronic devices.
Regionally, North America held the highest market share, dominating the global wireless charging market. The dominance of North America attributed to the growing adoption of wireless charging for industrial applications and rise in the awareness of wireless power technology among consumers in this region. Moreover, the higher penetration of smartphones and connected devices and the presence of major market players are expected to boost the growth of the wireless charging market in North America.
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