The wireless charging market is
anticipated to reach around USD 95.6 billion by 2026 according to a new
research published by Polaris Market Research. In 2017, the consumer
electronics segment dominated the global market in terms of revenue.
Asia-Pacific is expected to be the leading contributor to the global wireless
charging market revenue during the forecast period.
The wireless charging market has
substantial potential for the present and future applications, owing to the
rise in the mobile phone usage across the world, especially emerging regions
such as India, China and South-East Asia. The growing demand for mobile devices
and consumer goods drives the growth of the market during the forecast period.
The wireless charging market is expected to grow significantly during the forecast
period owing to increasing popularity of electric vehicles. Wireless charging
has multiple applications in the EV technology including fuel supply, and
in-car electronics. However, factors such as lack of standardization of mobile
devices and their charging potentials, longer charging duration, and limited
portability hamper the market growth to a certain extent. Growing demand from
emerging economies, increasing adoption of IoT and smart devices are expected
to provide numerous growth opportunities in the coming years.
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Asia-Pacific
generated the highest revenue in the market in 2017, and is expected to lead
the global wireless charging market throughout the forecast period. The
economic growth in countries such as China and India, leading to rising living
standards and high disposable income has increased the penetration of smart
phones and other mobile devices in the region, thereby increasing the demand
for wireless charging. The increasing environmental concerns and depletion of
traditional fuel sources have encouraged consumers to use electric vehicles in
the region. China exhibits the highest penetration of electric vehicles, which
supports market growth of wireless charging.
The key players operating in the
market include Integrated Device Technology, Mojo Mobility, Powercast Corp.,
Texas Instruments, Energizer Holdings, Leggett & Platt, Incorporated,
Qualcomm Incorporated, Powermat Technologies Ltd., ConvenientPower, and Murata
Manufacturing Co. Ltd. These companies launch new products and collaborate with
other market leaders to innovate and launch new products to meet the increasing
needs and requirements of consumers
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