iCrowd Newswire – Jul 13, 2020
The Global Wireless Charging Market is estimated to grow at a CAGR of 23.4% during the forecast period 2020-2027. As per the detailed market study, the global wireless charging industry is anticipated to reach $49,304.1 million by the end of the year 2027.
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Wireless charging transfer power without any wire or cable connection and allow multiple device connection at the same time. This system work by constituting a charging station or known as transmitter and a receiver (usually integrated inside the devices). Studying about the industry readiness and progress, charging pads and other related technologies have been shipping in volume since 2015.
Ground pads and smart charging mats for electric vehicles are the new trend in the wireless charging industry. Drop and charge is a new trend in the market and a term used to wireless charging. Wireless charging is easily making its way in the manufacturing, automotive and healthcare industries as it offers the advantage of smooth mobility and support for technologically advanced systems such as internet of things (IoT) devices and others. The market is flourished with competing wireless charging standards groups focused on resonance and inductive charging specifications. The standard groups are categorized into Wireless Power Consortium (WPC), Power Matters Alliance (PMA) and Wireless Power (A4WP).
The global wireless charging market is driven by various growth factors such as growth in sales of electric vehicles (EVs), constant growth in demand of wearables and portable electronics in the market and necessity to harvest ambient radiofrequency (RF) energy. Whereas, cost-intensive technology and comparatively slow charging speed to traditional wire-based charging hinders the market growth over the long-term. On contrary, increase in trend of Internet of Things (IoT) and increasing focus of companies and organizations in research and development in far-field wireless charging technologies offer lucrative opportunities for the market players operating in the global wireless charging industry.
Segmentation Overview of the Global Wireless Charging Market
The global wireless charging market is categorized into various market segments such as technology and industry vertical. These major market segments are further categorized into various sub-segments to study the market in detail.
The Technology Segment of the Global Wireless Charging Market is Sub-Segmented into:
- Radio Frequency
The Industry Vertical Segment of the Global Wireless Charging Market is Sub-Segmented into:
- Aerospace & Defence
Competitive Insights of the Global Wireless Charging Market
Fulton Innovation LLC, Sony Corporation, Murata Manufacturing Co. Ltd., Energizer Holdings, Inc., WiTricity Corporation, Powermat Technologies Ltd., Integrated Device Technology, Inc., Texas Instruments, Inc., Qualcomm Incorporated and Samsung Electronics Co., Ltd. are some major key players included in the research study of the global wireless charging market.
Geographical Overview of the Global Wireless Charging Market
The North America wireless charging market dominated the global marketplace in the year 2019, due to growth of the electronics industry in the region and increasing market sale of EVs across North America. While, Europe wireless charging market is growing at a rapid pace following the North America market and is estimated to record a significant market growth, owing to growth in demand for fuel-efficient and durable charging system for electronic products such as portable gadgets and power tools.
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Keywords: Wireless Charging Market