Wireless Charging Market Applications, Recent Developments, Manufacturing Demand, Growth Opportunities and Industry Forecast Report 2022-2029
Asia-Pacific wireless charging market is expected to produce the highest CAGR from 2022 to 2029, owing to the occurrences of emerging countries such as India and China.
Wireless Charging Market Outlook 2022-2029:
wireless charging market is expected to grow at a likely CAGR of 30% over the forecast period of 2022 to 2029.
Wireless charging is the method of electrically charging battery-powered devices and equipment without the need for a wired electrical connection. Plus, it maintains continuous power transfer to ensure all varieties of devices such as smartphones, wearables, and more are charged and easily usable. Radio frequency, inductive and resonant are the different technologies used in wireless charging.
The wireless charging method is a useful, reliable and secure technology for charging electrical devices. Additionally, wireless chargers offer cost-effective, capable, and safer advantages over traditional charging technique by eliminating the use of physical cables and connectors.
Rising acceptance of wireless techniques in the consumer electronics industry and rising revenue from EVs (electric vehicles) are some of the major elements driving the growth of the global wireless charging market. Additionally, the increasing use of wireless to charge warehouse trucks will create many opportunities for wireless charging in the years to come.
The rise of electric vehicles, the continued growth of portable electronic devices and wearable device market, and the constant demand for agricultural ambient RF power is expected to drive the market growth over the forecast period. The inductive wireless charging segment controlled the wireless charging market in the revenue share position in 2019 and is expected to continue the same growth over the forecast period. The electronics segment recorded the largest market share in 2019, and the healthcare segment is expected to show the highest growth rate from 2022 to 2029.
Generally, wireless power transfer is used in smartphones, portable electronic devices, wearables, and other electronic devices. An increase in the acceptance of efficient charging methods for portable devices and portable electronics will increase device life and is expected to confirm the significant growth of the electronics wireless charging sector. In addition, the Internet of Things is becoming trendy.
In addition, wireless charging is the initial need for portable electronics focused on IoT products such as digital cameras and camcorders, smartphones, laptops and tablets, portable electronics and home electronics. . Therefore, the growing popularity of the Internet of Things market is expected to benefit from an opportunity for global market growth.
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Impact of COVID-19 on the industry:
At the time of the rapid spread of COVID 19, the governments of several countries have put in place certain restrictions to control the spread of the coronavirus, such as confinement and temporary business closure. COVID 19 has affected several industries such as automotive, manufacturing, consumer electronics, and transportation. Close manufacturing actions have impacted the manufacture of smartphones, laptops, vehicles, drones, wearable devices and wireless charging, which significantly affects the wireless charging industry .
Regional Sharing Insights:
Asia-Pacific wireless charging market is expected to produce the highest CAGR from 2022 to 2029, owing to the occurrences of emerging countries such as India and China. The Asia-Pacific region is an important production location for raw materials for the automotive, consumer electronics and healthcare segments. Although due to the covid-19 pandemic several economies have declared a lockdown which has halted manufacturing activities, interrupted supply chain activities and loss of revenue, these factors have affected several industries such as the wireless charging market in the Asia-Pacific region in 2020.
North America recorded the largest share due to improving electronics market and increasing sales of electronic vehicles.
The Europe region was the second largest revenue generator and the region is expected to show significant growth during the forecast period, owing to the increase in demand for fuel-efficient and long-life charging systems for products. electronics such as portable gadgets and power tools. Furthermore, the rugged automotive sector will also contribute to the growth of the market in the European region during the forecast period 2022-2029.
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The Middle East and Africa
Rest of the world
Competitive Analysis and Key Companies Featured in the Market:
Leading companies acquire collaboration, agreements, and partnerships as their major growth strategies to enhance market revenue and develop new products to advance their product portfolio. Some of the top companies listed below are; Qualcomm Technologies, Inc, Ubeam, Powermat, Semtech, Toshiba Electronic Devices and Storage Corporation, Integrated Device Technology, Inc., Powercast Corp and Samsung Electronics Co., Ltd., Witricity Corporation and Tdk Corporation are the major key players.
The full report contains the information below.
- The report offers a comprehensive valuation of the market in terms of market value (USD) and annual growth rate (%). It does this by using in-depth qualitative insights, historical data (2020-2021) and verifiable projections of the market size over the forecast period (2022-2029).
- Visualize the composition of the Wireless Charging market segmentation by technology, component, application, and region, highlighting major assets and business players.
- By technology
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- Identify business opportunities in the market by analyzing trends and co-development agreements.
- The report also covers data insights on various industry forces such as carrier’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and price analysis.
- Excel data sheet with thousands of market level 4/5 segmentation data points.
- PDF report with the most relevant analysis convincingly assembled after exhaustive qualitative interviews and in-depth market research.
- Product mapping in Excel for key product of all major market players
- The report will provide access to approximately 50+ market data tables, over 40 figures and nearly 180 pages.
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