Wireless charging is a process of recharging batteries of electrical and electronics devices without physically connected electric cables. Global wireless charging market is expected to have 34% of CAGR during the forecast period 2016-2023. The various benefits that wireless charging provides are convenience; integration with multiple devices, mobility, flexibility etc. has led to the increase in demand of wireless chargers across the globe. However, comparative slower charging rates than conventional charging systems and lack of standardization restrains the growth of global wireless charging market.
Geographically, Asia Pacific held the major share for wireless charging market, in terms of revenue, in 2016. Asia Pacific is expected to dominate the wireless charging market during the forecast period by accounting for the largest market share. It is expected to have the highest CAGR during the forecast period. The increasing demand for consumer electronics in the Asia Pacific region is driving the growth of wireless charging market. Also, rising demand of smart devices, such as tablets and smart phones are responsible for growth of wireless charging market.
The growth in global wireless charging market is also influenced by the presence of major players such as Convenient Power HK Ltd. (Hong Kong), Energizer Holdings (U.S.), Integrated Device Technology Inc. (U.S.), NXP Semiconductors (Netherlands), Panasonic Corporation (Japan) etc. Product launches, mergers & acquisitions, collaborations etc. are some of the crucial strategies which are adopted by the major market players of the global wireless charging market to gain competitive advantage.
Global wireless charging market report covers segmentation analysis of technology, transmission range and applications. Based on technology, the market is segmented into inductive technology, resonant technology and others (laser beam). Inductive charging held the highest wireless charging market share in terms of revenue in 2016 and is expected to dominate the market during the forecast period owing to its high utilization in wireless charging systems for electric vehicles and smart phones. Furthermore, the market is categorized on the basis of transmission range that includes short range, medium range and long range. Wireless charging market is also segmented on the basis of applications that include consumer electronics, defense, health care, automotive and industrial applications. Consumer electronics accounted for the highest wireless charging market share in terms of revenue in 2016. However, automotive industry is expected to dominate the market during the forecast period owing to depleting fossil fuels as well as growing concern to control the increasing pollution.