The Wireless Charging Market is expected to show impressive growth during the next five years.
The report published by Knowledge Sourcing Intelligence titled “Wireless Charging Market - Forecasts from 2018 to 2023” studies the various factors affecting the demand for wireless charging solutions worldwide. The report has been segmented by component (hardware, software, services), technology (inductive charging, resonance charging, radio charging), and application (smartphones and wearables, laptops and tablets, medical devices, automotive, home appliances, others).
In addition, the demand for wireless charging solutions has been estimated based on the geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions. The demand for this technology would be primarily be driven by increasing research and development expenditure and high demand from consumers with smart devices supporting wireless charging technology. In addition, the trend towards the integration of wireless charging across industry verticals including automotive and healthcare will further boost the demand for these solutions. However, availability of substitutes and cost-sensitive consumers in developing economies will restrict the growing demand for wireless charging solutions over the forecast period.
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By component, the demand for hardware is projected to hold substantial market share in the wireless charging market in 2018.
It is estimated that the demand for hardware in the wireless charging market will hold a significant market share in 2018 owing to the rising sales of smart electronics. In addition, new product launches along with increasing research and development expenditure to market effective wireless chargers will boost the demand for hardware. Furthermore, wireless charging offers more convenience and flexibility to its consumers, which will add to its growing demand. This market is currently is in the introductory phase, which implies that the share of hardware in the total cost of ownership will be higher in the short run. Introduction of state-of-the-art products and new players entering the market to capture a significant share in the market will augment the demand for wireless charging solutions throughout the forecast period.
The North America region is estimated to hold the substantial market share in the wireless charging market throughout the forecast period.
Developed regions such as Europe and North America held a significant share in the market owing to the early adoption of technology. In North America, there is a high demand for technologically intensive products due to better consumer convenience and a higher disposable income as compared to developing economies. In addition, the presence of major market players in the region coupled with the maturity of the smartphone market in some of the North American countries will act as a catalyst promoting the demand for wireless charging solutions till 2023.
This report also includes a study of strategies and product portfolios of some of the leading companies in the wireless charging market. It consists of company profiles of the leading companies such as Toshiba Electronic Devices and Storage Corporation, WiTricity Corporation, Powermat, Qualcomm Technologies, Inc., TDK Corporation, Samsung Electronics Co., Ltd., Semtech, UBeam and PowerCast Corp.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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