New wireless charging tech may enhance your next phone
Global Wireless Charging Market: Overview
When the microUSB was introduced almost half a decade ago, industry experts and consumers alike believed it couldn’t get any better. However, today, wireless charging has emerged as one of the most transformational technologies in the mobile world. Superior to the microUSB in terms of speed, comfort, and usability, wireless charging is now high on the list of must-haves for new devices, be it tablets, smartphones, smartwatches, or portable speakers.
The wireless charging market is a relatively new industry in its growth phase. Players operating in the global wireless charging market have been investing significantly in research and development activities in order to improve the current functionalities and features. With end users exhibiting a tendency toward eliminating the hassles of wired electronics devices, the market for wireless charging is projected to witness significant growth in the next few years.
The major technologies used in wireless charging devices include radiation and inductive technology. Wireless charging – long-range, medium-range, and short-range solutions – find application in a number of industries and verticals such as defense, automotive, consumer electronics, health care, and industrial. The global wireless charging market comprises four major regions: North America, Asia Pacific, Europe, and Rest of the World.
The report covering the global wireless charging market studies the major factors driving and hampering its growth over the forecast period. The leading technology, application, and geographical segments have been examined in detail to highlight where the global market’s strengths and weaknesses lie. Tools such as SWOT analysis, Porter’s Five Forces analysis model, and value chain analysis have also been used to give readers a 360-degree overview of the worldwide wireless charging market.
Global Wireless Charging Market: Key Trends and Opportunities
The global market for wireless charging is driven by a host of factors. These include the ability of wireless charging solutions to charge multiple devices, rising demand for wireless charging enabled smartphones, user-friendliness of wireless charging devices and solutions, and growing consumer inclination toward wireless connectivity. The increasing efficiency of wireless charging devices and surging prospects for new applications are anticipated to present major opportunities for players in the wireless charging market. On the flip side, the lack of awareness, inadequacy of government regulations for the wireless charging market, lack of standards, and various compatibility issues act as impediments to the global wireless charging market.
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Inductive technology is the most commonly used technology for wireless charging owing to the fact that most wireless charging enabled devices such as mobile phones, MP3 players, iPods, tablets, and laptops are developed based on the resonance technology. This is also a major reason why the consumer electronics market accounts for the largest share in terms of demand for wireless charging solutions. Asia Pacific is a prominent market for consumer electronics and the adoption of new technologies by end-users is increasingly high. Demand for wireless charging is also likely to increase in the health care sector, considering the growing use of electronic medical devices.
Global Wireless Charging Market: Region-wise Outlook
Given that Asia Pacific is one of the most lucrative markets for hybrid vehicles and consumer electronics devices such as laptops and smartphones, the market for wireless charging holds significant promise in this region. In terms of revenue, Asia Pacific accounts for the major share of the global wireless charging market. North America is also a major wireless charging market with the U.S. being a leading segment owing to the increased consumer inclination toward tablets and smartphones. Research indicates that the markets in Rest of the World such as Africa and Latin America are largely untapped and the demand for wireless charging is expected to rise during the forecast period.