22-Oct-2021 | Zion Market Research
Major companies in Wireless Charging market are WiTricity Corporation, Convenient Power HK Ltd., Integrated Device Technology, Inc., Texas Instruments Inc., Oregon Scientific, Energizer Holdings Inc., Duracell Powermat, Qualcomm and Murata Manufacturing Co. Ltd.
According to analysts at Zion Market Research, the Global Wireless Charging Market accounted for more than USD 5.79 Billion in 2020 and is expected to reach more than USD 25.47 Billion by 2028, growing at a CAGR of more than 21.9% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Wireless Charging Market By Implementation (Transmitter and Receiver), By Technology (Resonant, Inductive, Radio Frequency and Others) and By Application (Consumer Electronics, Healthcare, Automotive, Industrial, Defense and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2021 – 2028.
Growth and Development in phone market to Spur Growth
The major factor that has contributed to the growth of the Global Wireless Charging Market is the growth and the development in the phone market. The key drivers for the growth of the global market are the increasing demand for the sealed devices, the demand for the power for devices and the problem of carrying multiple chargers for different devices. The application segment that has contributed the major share to the market growth is the consumer electronics. The healthcare and the defence segment are also a promising segment in terms of market growth. Lack of investment and standardization and the expensive infrastructure required for the technological developments pose a challenge to the market growth. The other factor is the compatibility issues with the standards of the solutions set up by the Air Fuel Alliance and Wireless Power Consortium are influencing the distributors and manufacturers over the period of time.
Growth of the consumer electronics industry in the region support Asia Pacific dominance
A huge contribution to the market share is provided by the Asia Pacific region owing to the growth of the consumer electronics industry, which includes the smartphones and laptops. However, comparatively, the North American market appears to be more mature than the Asian market. The growing consumer preferences and inclination to spend on the electronics and buying quality products is one of the main reasons why the Western Europe and the North American market is growing significantly. Africa and Latin America are also showing a significant market growth in the coming years.
Browse the full “Wireless Charging Market By Implementation (Transmitter and Receiver), By Technology (Resonant, Inductive, Radio Frequency and Others) and By Application (Consumer Electronics, Healthcare, Automotive, Industrial, Defense and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/wireless-charging-market
The Global Wireless Charging Market is segmented as follows:
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