Press release
The Global Wireless Charging Market set to garner $28.61 Billion by 2028
Global Wireless Charging Market
A recent study by Triton Market Research titled ‘Global Wireless Charging Market,’ covers the Global Analysis and Forecast for 2019-2028 by Components (Receivers, Transmitters), by Technology (Inductive, Radiofrequency, Resonant, Other Technologies), by End-user (Automotive, Industrial, Consumer Electronics [Tablets, Smartphones, Wearable Devices, Others], Aerospace & Defense, Healthcare, Other End-users) and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
Wireless charging technology provides a safe, suitable, reliable means to charge and power numerous electronic devices at different locations. It eliminates the need to use physical connectors and cables. The wireless charging method is efficient, user-friendly and also provides cost benefits over traditional charging cables.
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The report on the global wireless charging market shows that the industry would generate $28.61 billion by 2028, with a CAGR of 24.89% over the forecast years from 2019 to 2028. The need for effective, convenient charging systems and the proliferation of smartphones & other wearable devices, along with the growing adoption of electric vehicles, are the primary drivers of the market for wireless charging. However, the slower charging speed provided by this technology is restraining the market growth.
The market for wireless charging is primarily classified into components, technology, and end-user. According to components, it is bifurcated into receivers and transmitters. Based on technology, it is sub-segmented into inductive, radiofrequency, resonant, and other technologies. Whereas, based on end-user, it is sub-segmented into automotive, industrial, consumer electronics aerospace & defense, healthcare, and other end-users. Further, according to consumer electronics, it is divided into tablets, smartphones, wearable devices, and others.
North America has the most evolved EV market at present; this is attributable to the large number of renowned electric vehicle manufacturers that operate in this region. Companies like General Motors and Tesla have pioneered the electric vehicle & electric vehicle battery technology. This has led to the evolution of the automobile industry in the region. This, in turn, has benefitted the market for wireless charging.
TDK Corporation, Texas Instruments Incorporated, Aircharge, Samsung, Qualcomm Technologies Inc, Semtech, ConvenientPower HK Limited, NuCurrent, Infineon Technologies AG, NXP Semiconductors, Belkin International Inc, Powermat, WiTricity Corporation, Renesas Electronics Corporation (Integrated Device Technology Inc), and Energous Corporation are some of the prominent names in the wireless charging market.
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Question & Answer: Wireless Charging Market
Question 1: What are the primary drivers of the wireless charging market?
Answer: The need for effective, convenient charging systems and the proliferation of smartphones & other wearable devices, along with the growing adoption of electric vehicles, are the primary drivers of the market for wireless charging.
Question 2: What is restraining the wireless charging market growth?
Answer: The slower charging speed provided by this technology is restraining the market growth.
Question 3: How is the North America region influencing the growth of the wireless charging market?
Answer: North America has the most evolved EV market at present; this is attributable to the large number of renowned electric vehicle manufacturers that operate in this region. Companies like General Motors and Tesla have pioneered the electric vehicle & electric vehicle battery technology. This has led to the evolution of the automobile industry in the region. This, in turn, has benefitted the market for wireless charging.
Question 4: Which are the prominent names in the wireless charging market?
Answer: TDK Corporation, Texas Instruments Incorporated, Aircharge, Samsung, Qualcomm Technologies Inc, Semtech, ConvenientPower HK Limited, NuCurrent, Infineon Technologies AG, NXP Semiconductors, Belkin International Inc, Powermat, WiTricity Corporation, Renesas Electronics Corporation (Integrated Device Technology Inc), and Energous Corporation are some of the prominent names in the wireless charging market.
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Global Battery Market
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The growth in the demand for energy storage systems (ESS), along with the rising trend of the adoption of UPS systems as an essential power backup, is driving the global market.
Batteries are widely used in automobiles as they deliver high power to start the engine. Batteries provide superior quality, safety, and recycling process. The increased automotive production, mainly in the US, Germany, China, Japan, Malaysia, South Korea, Indonesia, Mexico, and Taiwan, is a major factor driving market growth. Therefore, the rising demand from the automobile sector is contributing to the studied market’s growth.
Automobile companies are investing heavy sums for developing batteries to be used in the electric vehicles manufactured by them. Therefore, the growth in EV sales is expected to instigate the demand for batteries. The rising number of electric vehicles will thus propel the growth of the global battery market.
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