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Wireless Charging Market Technological Advancements, Evolving Industry Trends and Insights
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Moreover, the booming demand for consumer electronics, such as smartphones, smartwatches, and earphones, will also contribute to the wireless charging market growth during 2021–2030. According to P&S Intelligence, the market revenue reached $4.1 billion in 2020. In recent years, consumer electronics manufacturers have introduced wireless charging technology in premium smartphones for the convenience of customers. In the coming years, the manufacturers will incorporate this technology in handheld devices, laptops, and drones as well.
Apart from the EV and consumer electronics industries, the healthcare, industrial, and aerospace sectors also use wireless charging technology to improve the efficiency of their final products, which operate on electricity. These end-users deploy magnetic resonance, radiofrequency, and inductive charging technologies to ease the charging of numerous electronic devices. Among the various technologies, end-use industries prefer the inductive charging technology over others. This is why this technology is being widely used in low-power devices, such as fitness bands, smartphones, ear pods, and smartwatches, and medical appliances.
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In the preceding years, the wireless charging market was dominated by North America, due to the presence of a large number of wireless charger manufacturers, such as Qualcomm Technologies Inc. and Plugless Power Inc., in the region. Moreover, the advancements in the charging technology in the medical equipment sector, especially in the U.S., and the expansion of the EV industry will also fuel the usage of wireless charging systems in the region in the forthcoming years. Owing to these reasons, North America will retain its dominance in the coming years as well.
Therefore, the booming demand for EVs and consumer electronics will augment the adoption of wireless charging systems in the foreseeable future.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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