Wireless or inductive charging works using electromagnetic fields in order to transfer energy between two objects, mostly with help of charging stations. The wireless charging technology has witness major developments since the past few years. Strong advancements in the technology, the global wireless charging market is expecting major growth opportunities across different parts of the world. User friendly and convenient nature of this technology is a promising advantage driving more consumers towards this market. Growth in demand from the emerging markets is also expected to boost this market in the next few years to come.
Scope of Research – Segmentation
In order to understand the restraints, drivers, and growth trends, researchers segment the wireless charging market on the basis of the types of technologies, transmission range, applications and geographic regions. The technologies in this market include radiation, induction, radio frequency and laser based transfer, and such other technologies. Based on the range of transmission, researchers segment the global market into mid-range, short range and long range chargers. The applications segment of this market is constantly growing with innovative technologies. Basic applications of these products range across healthcare, consumer electronics, industrial, automotive, defense and such other segments. Based on geographic regions, the market is segmented into North America, Asia Pacific, Europe and rest of the world, which includes South America, Africa and Middle East.
Wireless Charging devices Market Trends
As per the researchers, the global wireless charging market is expected to be driven by rising demand for the advanced technologies in this market. This demand is driven by several vital driving factors. These factors include user friendliness of the devices, rising use of smartphones and demand for wireless charging, and ability to charge multiple devices with help of these chargers. Major restraining factors for the market include lack of standards and interference with various other electronic devices. Compatibility issues, lack of awareness and inadequate government regulations are also expected to be major challenges for this market. However, increasing efficiency, advancing technologies and widening application segments are expected to create growth prospects for this market.
As per the latest research reports, the wireless charging market is estimated to be worth $13.78 billion by the end of the year 2020. During the time frame of the next four to five years (2014-2020) the global market is expected to grow at an exponential CAGR of over 60%. At such an impressive growth rate, researchers are expecting strong investment opportunities for the established players in the market. North America is expected dominate the global market in terms of market share. However, emerging regions like Asia Pacific and Middle East and expected witness growth at the highest CAGR during the forecasting period.
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