Press release
Wireless Charging Industry in Asia Pacific to grow at 34% CAGR from 2016 to 2023
Global Market Insights
Qi is the most common technology found in wireless charging products. With the adoption of Qi technology and standards, in 2012, Nokia’s Lumia 820 & 920, Google’s Nexus 4 and many other smartphone models featured inductive charging. High degree of digitization and commercialization has impelled global wireless charging market.
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Growing smartphone penetration particularly in India, China, and South Korea is likely to propel the Asia Pacific wireless charging industry to register a whooping CAGR of 34% over the period of 2016-2023. Considerable proliferation of wireless charging technology across various application segments is also a major growth driver.
Wireless charging technology is set to bring a notable surge in wearable devices. Consumer applications dominated the wireless charging industry, with target revenue slated to reach USD 15.8 billion by 2023, owing to increased purchasing parity of consumers and seamless charging experience. Healthcare is another attractive application foreseen to grow at a rate of 37.5% from 2016-2023. Miniaturization of products and the possibilities of performing operations without the use of batteries has led the growth of wireless charging market in healthcare applications. Wireless charging market is set to experience a boom in vehicle-charging, defense, and industrial sectors, subsequently expanding the application base.
Wireless charging industry has established three major technology standards in order to provide compatibility across devices, which includes Alliance for Wireless Power (A4WP), Power Matters Alliance (PMA) and Wireless Power Consortium (WPC). WPC and PMA technology standards specialize in inductive technology, whilst A4WP uses resonance technology.
Inductive wireless charging industry is anticipated to exceed USD 10 billion by 2023, owing to its popularity across the automotive industry. RF wireless charging technology can power more than one device simultaneously, as opposed to its counterpart. RF wireless charging market is projected to exceed USD 3 billion by 2023 with a CAGR of 40.5% over the period of 2016-2023.
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Consumers today are becoming increasingly tech-savvy and are willing to spend more on wireless charging devices. This has largely contributed in the growth of U.S. wireless charging market, which held the largest regional industry share in 2015.
This market is fueled by adoption of novel technologies by the market giants. Many biggies have already implemented wireless charging in their flagship phones, whilst the smartphone market hulk – Apple, is also expected to switch gears and implement this technology. This industry may witness several players competing for standards, licensing agreements, and technological innovations. Major participants in the wireless charging industry include Qualcomm, PowerbyProxi, WiTricity Corporation, and IDT.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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