Wireless Charging market size was around $6 billion to $7 billion in 2018, and its value is estimated to grow with a buoyant CAGR of 30% during the forecast period 2019-2025, according to a newly compiled business intelligence report from IndustryARC. The report is titled: “[URL=https://industryarc.com/Report/7384/wireless-charging-market-report.html]Wireless Charging Market[/URL]: By Standards (WPC, PMA A4WP, Open Dots); By Type (Resonant, Radio Wave, Micro Wave, Others); By Range (Short, Medium, Long); By Applications (Consumer Electronics, Industrial, Automobile, Healthcare); By Geography - Forecast (2019-2025).” Wide range applications of wireless charging in consumer electronics, healthcare, automobile, and industrial sectors are highlighted by the analyst of the report to cater continued demand in the near future.Wireless Charging Market Product Analysis:
Future of mobility is clearly electric and autonomous. According to the International Energy Agency, the number of on-road electric and plug-in hybrid cars exceeded 3 million in 2017, with China accounting for nearly of the demand, followed the US with 280,000 purchases. To sustain this explosion of demand, charging infrastructure is paramount, and wireless charging can be the potential solution that offers convenience as well as time-saving. The wireless world is widely adopted these days as it offers more convenience and comfort through cable-free charging to electronic devices. Thus, it eradicates the disturbance of connecting cables. Wireless charging is also known as inductive charging, which uses electromagnetic induction to enable the power transmission between a transmitter and receiver as a part of the modern charging process.
Wireless Charging Market Segment Analysis:
Consumer electronics is the primary application which holds a major share in the wireless charging market and is projected to grow at a brilliant CAGR of 25% over a forecast period 2019 – 2025. Smartphones, laptops, wearable electronics, and portable devices are utilizing wireless charging solutions more effectively and emerging at a faster pace.
On the basis of geographical analysis provided by the IndustryARC report, Asia-Pacific occupies the largest share of the pie, contributing about 32% of the total demand in the global wireless charging market. Government support and regulations for the employment of EVs to balance pollution and energy consumption is anticipated as the prominent driver.
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Wireless charging is a creative solution which provides a lot more comfort and convenience to the user in technology evolving modern era. Increasing usage of consumer electronics and growing adoption of wireless charging in automotive applications will continue elevating the growth of the wireless charging market in the near future.
About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.