Growing With A CAGR of 37.2% During the Forecast Period of 2018-2025, Says Esticast Research and Consulting
In 2017, the electronics segment generated the highest revenue share in the global wireless charging market. Among major regions, Asia Pacific was the highest revenue generating market, holding more than 34% of the overall market share, in 2017.
“Increasing penetration of IoT and inclining trend of people towards digitalization has brought a considerable rise in the adoption of of battery operated devices such as smartphones, tablets, wearable watches and others. The development of wireless charging technology, which is yet in its nascent stage, is expected to provide a high level of convenience to the consumers, by outmoding the requirement of carrying multiple chargers, for different devices, which is itself a hectic task.”
On the basis of industry vertical, the electronics segment held the largest revenue segment accounting for nearly 40% of the global market in 2017
Electronics has emerged out to be the most lucrative industrial segment for the wireless charging market. Increasing adoption of wearable devices and smartphones is the major catalyst which has generated a high demand for wireless charging systems, especially among the tech savvy customers. As per a research done in 2017, 77% of the U.S. adults own a smartphone. Apart from that, the emergence of strategic collaborations and partnerships within the smartphone manufacturers and electronics component vendors has created a lucrative platform for the wireless charging market to flourish globally. For instance, Logitech and Apple have recently gone through a strategic partnership in order to develop as wireless charging stand for iPhone 8, iPhone 8 Plus and the iPhone X which will allow users to use their smartphone while charging. However, uncertainty issues regarding the compatibility of wireless chargers with electronic devices can create various difficulties for the market players to expand their product portfolio. Moreover, excessive heat dissipation and lower efficiency as compared to conventional chargers can act as the major restraints for the growth of the very market segment.
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Owing to high concentration of electronics industry, Asia pacific dominated the global wireless charging market in 2017
Countries such as India, China, Taiwan, Japan and Hong-Kong are cumulatively the largest hubs for consumer electronics production as well as sales, having the presence of some of the most prominent market giants including HTC, LG, Lenovo, Panasonic, Samsung, and Sony. The presence of such high volume of electronics devices such as smartphones and laptops in Asia Pacific are expected to bring the most promising demands for wireless charging devices in the near future. As per the data revealed by IBEF, by 2020, the electronics market in India is expected to increase with a CAGR of 24.4 per cent to USD400 billion. Apart from that in rise of IT and telecom industry in India and Japan will also act as a boosting factor for the growth of the wireless charging market in the region.
The Asia Pacific market leads the overall market by holding more than 1/3rd of the total market revenue in 2017, and is expected to grow with the fastest CAGR in the near future as well. North America will follow the Asia pacific market in terms of revenue generation in and is also expected to grow with an impressive growth rate over the next few years. Various automobile companies in countries such as Japan and China are going through strategic collaborations in order to expand their business portfolio, which will eventually boost the market for E-vehicle wireless charging systems. Electronics parts maker TDK has recently declared that the company will work with automakers to develop a wireless charging system for electric vehicles, with an eye toward making easy cable-free charging a commercial reality by 2021.
The major players of the market include Qualcomm Incorporated, Integrated Device Technology, Inc., Powermat Technologies Ltd., WiTricity Corporation, Energizer Holdings, Inc., Murata Manufacturing Co. Ltd., Sony Corporation, Texas Instruments, Inc., Samsung Electronics Co., Ltd., and Fulton Innovation LLC.