Global Wireless Charging Market is Growing at a CAGR of 24.4% During the Forecast Period 2019-24

(IT-NEWSWIRE.COM, June 19, 2019 ) According to the latest report by IMARC Group, titled “Global Wireless Charging Market Research Report and Forecast 2019-2024”, the global wireless charging market reached a value of US$ 6.9 Billion in 2018, growing at a CAGR of 24.6% during 2011-2018. Wireless charging is the process of charging battery-operated appliances without plugging them to a live power source. It operates on the principle of electromagnetic induction which constitutes a transmitter to conduct the energy and a receiver to charge the battery. Wireless charging is a convenient and reliable technology that eliminates the need for power connectors and cables, thus providing a portable and cost-effective alternative to traditionally wired charging systems. Catalyzed by a rise in the utilization of electronic devices such as smartphones, laptops, wearable and household electronics, the demand for wireless charging has been witnessing strong growth.

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Market Drivers:

A major factor driving the growth of the global wireless charging market is the convenience of charging electronic devices at any time. Wireless charging systems ensure hassle-free portability of appliances and eliminate the need of bulky power and charging devices. Owing to these benefits, wireless charging devices have penetrated various industrial sectors such as consumer electronics, industrial equipment and automotive. The growth of these end-user industries are likely to drive the growth of the wireless charging market over the coming years. Moreover, technological advancements in the industry are expected to improve the power transmission range of the existing wireless charging devices by enabling them to charge over longer distances, thereby enhancing the utility for the customer. Looking forward, the market value is projected to exceed US$ 25.8 Billion by 2024, expanding at a CAGR of 24.4% during 2019-2024.

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Market Summary:

Insights on Market Segmentation:

Market Breakup by Technology:

1. Inductive Charging
2. Resonant Charging
3. Radio Frequency Based Charging
4. Others

The report has segmented the wireless charging market by technology into inductive, magnetic resonance, radio frequency and others. Currently, inductive technology is the most popular technology used in wireless charging devices, accounting for the largest market share.

Market Breakup by Application:

1. Consumer Electronics
2. Automotive
3. Healthcare
4. Industrial
6. Defense
7.Others

Wireless charging is used across consumer electronics, defense, healthcare, industrial and automotive segments. Amongst these, consumer electronics dominate the market, holding the leading share.

Market Breakup by Transmission Range:

1. Short Range
2. Medium Range
3. Long Range

The market has also been categorized on the basis of transmission range into short range, medium range and long-range wireless chargers. Short range transmission is currently the most popular segment.

Market Breakup by Region:

1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America

Region-wise, the market has been segmented as North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, Asia pacific represents the leading market for wireless charging on account of high demand for electronic devices in countries such as Japan, South Korea, China, and India.

Competitive Landscape:

The competitive landscape of the global wireless charging market has also been examined with the profiles of the leading market players. Some of the key players operating in the market include ConvenientPower HK Limited, Energizer Holdings, Inc., Integrated Device Technology, Inc., Leggett & Platt, Incorporated, Murata Manufacturing Co., Ltd, Powermat Technologies Ltd., Qualcomm Incorporated, Texas Instruments Incorporated, WiTricity Corporation and Samsung Electronics Co., Ltd.

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Global Wireless Charging Market is Growing at a CAGR of 24.4% During the Forecast Period 2019-24