Wireless Charging Market is anticipated to reach US $95.6 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the study, rise in number of smartphone users worldwide will drive wireless charging market growth in the upcoming years. In terms of revenue, the consumer electronics segment dominated the global industry in 2017. Growing traction in mobile phones and other consumer electronic devices is estimated to foster industry size over the forecast period.
Increasing demand for electric vehicles will open new growth avenues for the wireless charging industry. The technology has multiple applications in electric vehicles including fuel distribution and in-car electronics.
Rising environmental concerns and depletion of traditional fuel sources have encouraged consumers to opt for electric vehicles especially across developing nations. According to credible reports, China exhibits the highest penetration of electric vehicles, which is likely to further increase in the coming years, supplementing wireless charging market growth.
Factors like lack of standardized mobile devices, lower charging potentials, longer charging time, and limited portability might hamper industry growth to some extent. Rising demand from emerging economies along with increasing adoption of IoT and smart devices is expected to accelerate product penetration, cites the study.
Geographically speaking, Asia-Pacific is anticipated to hold a major market share during the forecast period. In terms of revenue, the region was the biggest contributor in 2017, and is expected to dominate the global market throughout the projected timeframe. Increasing disposable income and rise in standard of living, especially across countries like China and India, has augmented the demand for smartphones and other consumer devices, thereby expanding APAC market size.
Major players operating in wireless charging market include Texas Instruments, Integrated Device Technology, Powercast Corp., Mojo Mobility, Energizer Holdings, Incorporated, Leggett & Platt, Qualcomm Incorporated, ConvenientPower, Powermat Technologies Ltd., and Murata Manufacturing Co. Ltd.
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Companies are actively launching new products to enhance their footprint in this thriving market. They are also engaging in partnerships with other market leaders mainly to innovate and launch new products that can effectively meet customer demands and requirements. The company profiles of leading firms are summarized in the report along with recent developments, product benchmarking, business overview, and financials.
The report offers a brief synopsis of wireless charging market with respect to Porter’s five forces, industry trends, market forces, ecosystem analysis, competitive ranking analysis, and PEST analysis.
It also offers an extensive quantitative and qualitative analysis of potential trends and growth prospects of wireless charging market between 2018-2026.