January 28, 2021
According to a recent study titled ‘Asia Pacific Wireless Charging Market Analysis, 2020’, available with Market Study Report LLC, Asia Pacific wireless charging market to amass significant gains during 2020-2025, registering 40% CAGR throughout.
Increasing government initiatives to accelerate adoption of electric vehicles for reducing pollution from automobiles and technological innovations in wearables are catalyzing Asia Pacific wireless charging market growth.
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Moreover, increased adoption of wireless charging solutions in material handing applications, forestry and construction machinery, and mining are the enhancing the industry remuneration landscape. Further, rising income levels, surging demand for advanced electronic gadgets, and continuous R&D in wireless charging technologies are adding considerable traction to the overall industry growth, cites the study.
Based on application scope, Asia Pacific wireless charging market from consumer electronics is witnessing a strong growth, creditable to proliferation of smartphones, new product launches by technologically advanced products, and high concentration of manufacturers in the region.
Automotive segment is also showing a positive growth trend owing to expected surge in the demand for charging stations in the near future. This can be ascribed to increasing government focus towards EVs in view of rising environmental concerns. Apart from this, industrial and aerospace & defense are the key segments covered in the study.
The research literature also makes inclusion of other industry segments including technology, components, transmission range, and geographical scope.
Elaborating on technology, the industry is divided into radio frequency, inductive, resonant, and others. In terms of component, the industry is split into receiver and transmitter. Moving to transmission range, short range, medium range, and long range the industry segments. Lastly, the geographical segmentation includes China, Japan, India, Australia, South Korea, South East Asia, and others.
Speaking of the competitive arena, top contenders influencing the Asia Pacific wireless charging industry trends are NXP Semiconductors N.V., Qualcomm, Inc., Infineon Technologies AG, Witricity Corp., Texas Instruments Inc., Powermat Technologies Ltd., TDK Corp., Murata Manufacturing Co., Ltd., Integrated Device Technology (acquired by Renesas), and Convenient Power HK Ltd.