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Wireless Charging Market by Regional Revenue & Growth Forecast To 2026 | Convenient Power, Energizer Holdings, Evatran, GETPOWERPAD, Integrated Device Technology, Leggett & Platt, MediaTek, Mojo Mobility

03-18-2020 02:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

Wireless Charging Market

Wireless Charging Market

The voracious inclination toward consumer electronics such as smartphones is the driving force for wireless charging market. Most tech moguls have been striving to implement wireless charging in their devices with an aim to increase the product's brand value and presence in the core business. One of the most popular and acclaimed instances testifying the validity of the aforementioned statement is Apple's recent launch of the iPhone 8 series. The fact that the iPhone 8 would be endowed with wireless charging has been on the news bulletin for a considerably long while, much prior to the product launch. And yet, its introduction in the mainstream arena has created quite a stir in the tech cosmos. The company has apparently chosen 7.5 W of power transfer for iPhone 8 and the much-awaited iPhone X.

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Pertaining to the surging adoption of consumer electronic devices such as smart phones, tablets, and mobiles, tech magnates have been focusing on the implementation of new technological features in their products to widen their consumer base. For instance, Apple's iPhone series has been incorporated with wireless charging. As consumers seek the implementation of periodic upgrades in the preceding devices, consumer electronics manufacturers have been looking forward to investing heavily in research and development activities to innovate efficient technologies for wireless charging. In 2016, consumer electronics alone covered 55% of wireless charging market share. The growth of this segment is inherently dependent on the support provided by various regional governments for intensive R&D programs.

Apart from consumer electronics, healthcare sector is another domain that would impel wireless charging market share, owing to the miniaturization of products and the possibilities of performing operations without the use of batteries. In addition to this, the increasing deployment of this technology in vehicle-charging, defense, and industrial sectors, will also leave a subsequent impact on the wireless charging industry application landscape.

In a bid to reduce the utilization of unwanted cables, one of the globally renowned automotive market giants, BMW has recently launched a wireless charging pad for cars, which may allow passengers to charge their smartphones very effectively. Taking into account the future scope of wireless charging, BMW has also been evaluating and testing this technology further, which is likely to have a considerable impact on wireless charging market trends in the years ahead.

Strategic collaborations have been one of the major growth tactics underlining the competitive landscape of wireless charging market. In this regard, one such major instance was the PowerSphyr-Gill agreement. The California-based wireless charging technology giant, PowerSphyr Inc. acquired Gill Electronics, in a bid to fetch the engineering and production capabilities of the latter in-house. Reportedly, the deal enabled PowerSphyr Inc. to serve a broad range of OEM customers spanning across healthcare, industrial, and automotive sectors.

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The proliferation of advanced technology and the substantial rise in the tech-savvy populace are deemed to act as major drivers for wireless charging market. Major tech giants along the likes of WiTricity Corporation, Energizer Holdings, Inc., Powercast Corporation, Integrated Device Technology, Inc., Convenient Power Ltd., Murata Manufacturing Co. Ltd., Texas Instruments, Inc., Mojo Mobility, Inc., Qualcomm Inc., PowerbyProxi Ltd., Leggett & Platt Inc., and Powermat Technologies partaking in wireless charging industry share have been pushing themselves to brainstorm and develop contemporary technologies that could make wireless charging even more convenient to access. Given that consumers have been demanding a hassle-free charging experience, companies have been prioritizing the manufacture of non-removable batteries and limited battery space in products. This dynamic transformation of tactic adoption would ultimately augment the demand for this service, inherently propelling wireless charging market size.

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