According to a new research published by Polaris Market Research, the wireless charging market is anticipated to reach around USD 95.6 billion by 2026.
In 2017, the consumer electronics segment dominated the global market in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global wireless charging market revenue during the forecast period.
The wireless charging market has substantial potential for present and future applications, owing to the rise in mobile phone usage across the world, especially in emerging regions such as India, China and South-East Asia.
The growing demand for mobile devices and consumer goods drives the growth of the market during the forecast period. The wireless charging market is expected to grow significantly during the forecast period owing to the increasing popularity of electric vehicles.
Wireless charging has multiple applications in EV technology including fuel supply and in-car electronics. However, factors such as lack of standardization of mobile devices and their charging potentials, longer charging duration, and limited portability hamper the market growth to a certain extent. Growing demand from emerging economies, increasing adoption of IoT and smart devices are expected to provide numerous growth opportunities in the coming years.
Asia-Pacific generated the highest revenue in the market in 2017 and is expected to lead the global wireless charging market throughout the forecast period. The economic growth in countries such as China and India, leading to rising living standards and high disposable income has increased the penetration of smartphones and other mobile devices in the region, thereby increasing the demand for wireless charging.
The increasing environmental concerns and depletion of traditional fuel sources have encouraged consumers to use electric vehicles in the region. China exhibits the highest penetration of electric vehicles, which supports the market growth of wireless charging.
The key players operating in the market include Integrated Device Technology, Mojo Mobility, Powercast Corp., Texas Instruments, Energizer Holdings, Leggett & Platt, Incorporated, Qualcomm Incorporated, Powermat Technologies Ltd., ConvenientPower, and Murata Manufacturing Co. Ltd.
These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.