The Global Wireless Charging Market is estimated to grow at a CAGR of 41.13% between the forecast periods of 2019 to 2027. The growing demand for smartphones & other wireless computing devices and the rising necessity for common charging platform are chiefly responsible for driving the market growth. Also, factors such as the rising demand for electric vehicles, Internet of Things (IoT), and the semiconductor market are highly aiding the market growth.
The global wireless charging market is segmented on the basis of components, applications, and technology. Wireless charging technology is increasingly finding popularity among consumers. High demand for smartphones is one of the major driving factors for this market. Other than smartphones, wireless computing devices are also driving the demand for wireless charging.
With the increased adoption of wireless charging technology, newer challenges have been introduced in the market. Lower efficiency when compared with wired chargers, compatibility issues, different technologies, the absence of firm market standards, additional costs related to technology and continual technological changes are some of the major challenges that are profoundly pulling back the wireless charging market.
Geographically, the global wireless charging market encompasses regions such as North America, Europe, Asia-Pacific and the Rest of World. The Asia-Pacific region is currently leading the global market. Because of the presence of major manufacturers such as HTC, Fujitsu, LG, Meizu, Lenovo, Panasonic, Sony, Samsung, and Xiaomi, the region is predicted to exhibit the fastest growth over the forecast period.
Partnerships, merger & acquisition, agreements, contracts, and new product launch are some of the major strategies adopted by the market players. Some of the eminent companies in the global market include NXP Semiconductor N.V., Qualcomm Inc., Energizer Holdings, Inc., Samsung Electronics Co., Ltd., Convenient Power HK Limited, WiTricity Corporation, Powermat Technologies Ltd., Kube Systems, Murata Manufacturing Co., Ltd., Texas Instruments Inc., TDK Corporation, Apple Inc., Infineon Technologies AG, Integrated Device Technology Inc., and Oregon Scientific Inc.