Press release
Innovations will Boost Wireless Charging Market Growth in the Foreseeable Future
According to Persistence Market Research, the global market for wireless charging is currently valued over US$ 2.6 billion. By the end of 2024, revenues emanating from global sales of wireless charging devices & services will grow at an exponential CAGR of 34% and bring in revenues worth over US$ 27 billion.
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Although automotive segment is ahead in terms of CAGR, the consumer electronics segment is the most attractive segment in the global wireless charging market
Consumer electronics segment accounts for comparatively higher revenue share in the global wireless charging market and is expected to remain dominant throughout the forecast period. Leading wireless charging solution providers are offering wireless charging solutions for consumer electronic devices. Also, wireless charging solution providers are entering into partnerships with consumers electronic devices manufacturers to develop wireless charging enabled devices. This segment is projected to be the most attractive segment in the global wireless charging market during the forecast period. Consumer electronics segment was valued at a little more than US$ 1,000 Mn in 2015 and is expected to remain dominant throughout the forecast period, accounting for a revenue share of more than 50% by 2024 end.
Increasing usage of smartphones is anticipated to drive the growth of the consumer electronics segment in the global wireless charging market
Demand for wireless charging is witnessing significant increase owing to rising consumer awareness as more number of mobile devices are being launched with embedded wireless charging technology. Technological advancements in mobile devices such as embedded wireless charging technology are creating awareness about wireless charging among consumers. An increasing number of mobile device vendors are incorporating the wireless charging feature in high end models of smartphones, wearable devices, laptops, and notebooks, which is driving adoption of this technology. As a result, the consumer electronics segment is showing robust growth in the global wireless charging market.
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Wireless chargers enable charging of multiple devices at the same time. These devices can be free positioned, which means there is no particular way a device should be placed or positioned for charging. However, it needs to be kept within a particular range or proximity of the wireless charger. This free positioning feature is enabled by resonant technology. This particular factor is creating a positive impact on the consumer electronics segment. Demand for electronics is rising amongst the consumers globally; particularly there is great demand for mobile phones across the globe. Specifically, Asia Pacific represents a vast potential in terms of growth for the global wireless charging market due to the presence of a large population and wider adoption of mobile devices such as smartphones and wearable devices. Companies in China, Japan, and South Korea are investing significantly in wireless charging technology for consumer electronics, thus driving the growth of this segment particularly in the APAC region.
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