The global wireless charging market has witnessed a positive growth on account of factors such as rising investments by manufacturers to improve power transmission range along with an increase in the demand for wireless chargers from the automotive industry.
According to the latest report by IMARC Group, titled “Wireless Charging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global wireless charging market is experiencing a strong growth. Wireless charging enables electrical charge to be transferred wirelessly from a node or charging device to the recipient device. It utilizes electromagnetic field to generate electric current in a metal coil placed inside another device. The popularity of wireless charging can be accredited to the various advantages offered by them, including safety, reliability, cost effectiveness and convenience. As compared to traditional charging systems, wireless systems enable the users to charge different devices which can range from tablets, heavy-duty equipment, handheld industrial devices, laptops, etc. These chargers also ensure that a continuous supply of power is being transferred to these devices.
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Global Wireless Charging Market Trends:
Currently, the manufacturers are making heavy investments in R&D activities in order to improve the power transmission range of wireless chargers. Another trend has been the increasing demand for in-car charging and wireless charging of electrical vehicles in the automotive industry. This can be attributed to rapidly increasing environmental concerns caused by traditional fossil-fuel powered vehicles. Moreover, growing popularity of Internet-of-Things (IoT) has led to the requirement of wireless chargers to power IoT devices. In addition, the penetration of wireless charging is expected to rise in the wearable devices segment as it can enhance the convenience provided by them. However, the global wireless charging market is being impeded by the limited power transmission range of most wireless chargers which restricts the mobility of the users. Despite this challenge, the market is projected to exhibit substantial growth during 2018-2023.
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Global Wireless Charging Market Summary:
- The wireless charging market has been categorized on the basis of different technologies available for the consumers, including inductive, resonant and radio frequency. Amongst these, inductive wireless charging technology represents the largest segment.
- Based on transmission range, the market has been segregated into short range, medium range and long range. Short range is presently the most popular segment, holding the majority of the market share.
- Wireless charging is used across a wide range of applications which mainly include consumer electronics, automotive, healthcare, industrial and defense. Amongst these, consumer electronics dominate the market, accounting for the largest share.
- On a geographical front, Asia pacific represents the leading market for wireless charging on account of high demand for electronic equipment in countries such as Japan, South Korea, China, and India. The other major markets include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Convenient Power HK Limited, Energizer Holdings, Inc, Integrated Device Technology, Leggett & Platt Inc, Murata Manufacturing Co. Ltd, Powermat Technologies Ltd., Qualcomm Inc, Texas Instruments Inc, WiTricity Corporation and Samsung.
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