Global wireless charging market could be worth over US$30 billion by 2024
A prediction of the global value of the wireless charging industry has clearly demonstrated the belief that this technology is going to witness rapid and widespread growth over the next five years. The Research and Markets report claims the sector will enjoy a Compound Annual Growth Rate (CAGR) of 25.03%, making 2018’s US$7.897 billion value pale into comparison to 2024’s estimated US$30.164 billion value.
Causes for the rapid growth include uptake with smartphone manufacturers, increasing usage in electric vehicles, wireless charging healthcare-related uses (medical implants), and even in simple toys. Smartphone users expect wireless charging technology in flagships such as the Samsung Galaxy S10 and Huawei Mate 20. The technology can even be found in furniture.
There are many advantages to wireless charging, which no doubt will contribute to its massive growth rate and global market value. With the increase in electronic devices found in a typical household that require charging, reduction in cable clutter is always a positive. There’s a lower risk of electrical faults and increased durability due to the absence of cables. Technological improvements will help increase the speeds of wireless charging products, as wireless methods continue to replace wired connections.
DUBLIN--(BUSINESS WIRE)--The "Wireless Charging Market - Forecasts from 2019 to 2024" report has been added to ResearchAndMarkets.com's offering.
“Wireless Charging Market - Forecasts from 2019 to 2024”
The wireless charging market is projected to grow at a CAGR of 25.03% to reach US$30.164 billion by 2024, from US$7.897 billion in 2018.
Wireless charging market will grow owing to its rising popularity in the consumer electronics segment due to high integration with smartphones and wearable devices. In addition, the technological advancements in the wireless charging technology have led to its usage in various other appliances such as automobiles, medical implants, toys, among others, which will result in an increase in the demand for wireless charging in the next 5 years.
The North American and European region will hold substantial shares in the market due to the early adoption of technology and high investment in electric automobile and healthcare industries. The Asia Pacific market will witness many growing occasions due to improvement in standards of living and the expanding consumer electronics market, especially smartphones, tablets and laptops.
Major industry players profiled as part of the report are Toshiba Electronic Devices and Storage Corporation, WiTricity Corporation, Powermat, Qualcomm Technologies, Inc., TDK Corporation, among others.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market.
The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research.
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.6. Base and Forecast Years Timeline
2. Research Methodology
2.1. Research Design
2.2. Secondary Sources
3. Executive Summary
4. Market Dynamics
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter's Five Force Analysis
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. Wireless Charging Market by Component
6. Wireless Charging Market by Technology
6.1. Inductive Charging
6.2. Resonance Charging
6.3. Radio Charging
7. Wireless Charging Market by Application
7.1. Smartphones and Wearables
7.2. Laptops and Tablets
7.3. Medical Devices
7.5. Home Appliances
8. Wireless Charging Market by Geography
8.1. North America
8.2. South America
8.4. Middle East and Africa
8.5. Asia Pacific
9. Competitive Intelligence
9.1. Competition and Offerings Analysis of Key Vendors
9.2. Recent Investment and Deals
9.3. Strategies of Key Players
10. Company Profiles
10.1. Toshiba Electronic Devices & Storage Corporation
10.2. Witricity Corporation
10.4. Qualcomm Technologies Inc.
10.5. TDK Corporation
10.6. Samsung Electronics Co. Ltd.
10.9. Powercast Corp.
10.10. Integrated Device Technology Inc.
For more information about this report visit www.researchandmarkets.com/research/jsw72s/global_wireless