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How Wireless Power Transmission Market will Grow at Highest CAGR
Wireless Power Transmission Market
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Moreover, the batteries of wireless chargers don’t get overcharged as the chargers have the feature of sensing the amount of power each electronic device requires. This is anticipated to propel the global market.
Key players operating in the global wireless power transmission cables market are Energizer Holdings, Inc., Murata Manufacturing Co., Ltd., WiTricity, Powermat Technologies Ltd., Qualcomm, Leggett & Platt, Velmenni, Ossia, Convenient Power HK, Texas Instruments, Integrated Device Technology, Inc., Voltserver, Sigfox, Energous Corporation, Plugless Power, and other prominent players.
Growth of Electronic Industry and Rise in Disposable Income to Drive the Market in Asia Pacific
The global wireless power transmission market is geographically divided into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst these, Asia Pacific had been leading the wireless power transmission market since the past few years and Fortune Business Insights predicts that the region will remain in its leading position throughout the forecast period. The growth of automotive and electronics industry in South Korea, Japan, China, Indonesia, and Malaysia in Asia Pacific, is the main factor that will drive the market.
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Additionally, there has been a rise in the disposable income of the middle-class strata of the society in Asia Pacific. This has further resulted in the growth of the wireless power transmission market in the region. Europe, on the other hand, is expected to follow the footsteps of Asia Pacific and remain in the second position. This is due to the growth of the markets of electric vehicles, hybrid vehicles, and devices such as smartphones. The U.S.A., in North America, dominates the wireless power transmission market. A rise in the adoption of wireless power transmission devices in defense and healthcare sectors has resulted in an increasing demand, which is anticipated to contribute to the growth of the wireless power transmission market.
Samsung, Hyundai, and Other Key Players Launch Innovative Products to Increase Sales and Strengthen Their Positions in the Market
Samsung unveiled its new smartphones called S10 and S10plus, in March 2019. A major feature of both these smartphones is reverse wireless charging. Samsung has named the feature Wireless PowerShare. It allows a person to use the back of the phone to Qi charge another phone. The reverse wireless charging was previously placed on the Huawei Mate 20 Pro phone. However, this model was available only in a few territories, excluding the U.S.A. This aided in the sales of Samsung S10 and S10pro worldwide.
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Rohm, an electronic parts manufacturer, based in Japan, announced the development of an automotive wireless charging solution in February 2019. The solution includes an integrated near-field communication system. Such type of communication offers user authentication to allow engines to start, lock and unlock doors, and to share Wi-Fi and Bluetooth communication with infotainment systems. This solution has combined Rohm’s automotive-grade (AEC-Q100Qualified) IC with 8-bit microcontroller (STM8A series) and STMicroelectronics NFC Reader IC(ST25R3914). Hyundai revealed Creta, the ix25 model, earlier in July 2014. This car falls under the SUV segment and unlike its competitor Maruti Suzuki Vitara Brezza, it provides a wireless charging option. The sales of Creta has so far been good.
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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