Press release
Sustainable Innovation Recharging the Wireless Charging Market with Outstanding CAGR of Over 23%
The global wireless charging market is expected to witness strong growth, with an outstanding CAGR of over 23% during the forecast period 2019-2029 . This growth is due to increased adoption of efficient and ecological electrical technologies worldwide. In parallel, market participants in the wireless charging market are focusing on R&D activities to develop innovative products to reduce operating costs and improve production processes.
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Company Profile:
Qualcomm Technologies
Semtech
Texas Instruments Inc.
Integrated Device Technologies, Inc.
Energizer Holdings
Leggett & Platt, Incorporated
power mat technology
WiTricity Corporation
Convenient Power HK Limited
Mojo Mobility
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Inductive charging remains the preferred type of technology
The global wireless charging market is estimated to provide a total incremental opportunity worth nearly US$ 40,000 Mn during the forecast period 2019 to 2029. In the global wireless charging market report, Persistence Market Research has segmented the global wireless charging market by component, application. , technology and region. Inductive charging technology for wireless charging is a prominent segment of the global wireless charging market and is expected to continue to dominate over the forecast period when compared to resonant inductive charging and other technologies.
On the basis of components, the global study on wireless charging has been segmented into transmitters and receivers. The increasing efficiency of wireless charging and advances in technologies that provide opportunistic charging are driving the market demand for transmitters significantly. Disconnection from plugs and wires and the opportunity to charge charging devices anytime, anywhere are the reasons for the growth of the transmitter sub-segment. Due to these factors, the transmitter subsegment is expected to be a prominent area in the wireless charging market and will create new business opportunities for wireless charging technology providers.
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Markets benefit from surge in sales of smartphones and other mobile devices
On the basis of application, the wireless charging market has been segmented into consumer electronics, automotive, medical, industrial and other. The growing use of smartphones is expected to drive the growth of the consumer electronics segment in the global wireless charging market. In addition, technological advances in mobile devices, such as embedded wireless charging technology, are increasing awareness of wireless charging among consumers. A growing number of mobile device vendors are integrating wireless charging into high-end models of smartphones, wearables, laptops and notebooks, driving adoption of the technology.
The wireless charging market in North America is characterized by attractive incremental opportunities during the forecast period, and the East Asia market is estimated to follow. In North America, the United States is a prominent country in the wireless charging market. The presence of various key players and the development of various industries are key factors supporting the US reputation in the North American wireless charging market during the forecast period.
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The South Asian wireless charging market is estimated to register a high CAGR and follow the North American and East Asian markets. Regional governments in East Asia are taking practical initiatives in the form of regulations and policies to help stimulate sales of electric vehicles in the region. The initiative aims primarily at reducing emissions of greenhouse gases and pollutants, helping to stabilize human-induced environmental losses.
South Asia is witnessing technological advances in areas such as IT, manufacturing and industrial sectors. At the same time, the Indian government is encouraging foreign investors in various fields. Due to these factors, the Indian wireless charging market is creating potential opportunities for the wireless charging market.
Market participants are adopting product diversification strategies to strengthen their market presence. Emerging companies are also making significant investments in the development and launch of new products to maintain market presence. Key Players in the Global Wireless Charging Market Research Report include QUALCOMM Incorporated, Semtech Corporation, Texas Instruments Incorporated, Integrated Device Technology, Inc., Energizer Holdings, Inc., Leggett & Platt, Incorporated, Powermat Technologies, WiTricity Corporation, ComfortPower. HK Limited and Mojo Mobility, Inc.
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