This research predicts that the global market for wireless charging would witness a CAGR of 24.89 % over the forecast period 2019-2028.
The rising need for convenient and effective charging systems is driving the growth of the global market. Further, the growing usage of smartphones & other such wearable devices, along with the strong growth of the electric vehicles market, is fuelling the market growth. There is an increasing preference for smart homes & smart offices of late. Also, various industries have been designing products with in-built wireless charging.
These factors are creating some opportunities for market growth. However, wireless charging-enabled devices charge at a slow speed. They are less efficient and costly, as well. This is restraining the market growth. Moreover, the lack of a proper EV charging infrastructure is creating further obstacles for growth.
The global market spans across the regions of North America, Latin America, Europe, the Middle East and Africa, and the Asia-Pacific.
The Asia-Pacific is estimated to be the fastest-growing region in the global market over the estimated period. The growth in this market can be attributed to the high consumer demand for automobiles in the region. Four out of the top ten globally-renowned automobile manufacturers are located in the region, and thus, the market for electric vehicles in APAC is also strong. The growing populace, rapid urbanization, and rising disposable incomes have been instrumental in the growth of the EV market. The growth in the regional EV market, in turn, spells growth for the wireless charging market in the Asia-Pacific during the forecast period.
- Need for Convenience & Effective Charging Systems
- Rising Number of Smartphones & Other Wearable Devices
- Growth of Electric Vehicles
- Slower Charging Speed Compared to Counterparts
- High Price & Lower Efficiency
- Adoption of Smart Homes & Smart Offices
- In-Built Wireless Charging Options in Various Applications
- Absence of Unified Standards in Relation to Conformity
Lack of Proper Electric Vehicle Charging Infrastructure
- Belkin International Inc
- Convenientpower Hk Limited
- Energous Corporation
- Witricity Corporation
- TDK Corporation
- Texas Instruments Incorporated
- Qualcomm Technologies Inc
- Infineon Technologies Ag
- NXP Semiconductors
Renesas Electronics Corporation (Integrated Device Technology Inc)
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