Rising electric vehicle sales owing to low fuel consumption, efficient performance and lower taxes is anticipated to drive the market growth during the forecast period. Apart from this, an increase in the sales of smartphones with wireless charging feature is further predicted to boost the market growth in the near future.
Owing to space constraints and safety issues, many medical therapies require wireless charging for the devices and other medical equipment. Wireless charging system technology has become increasingly reliable and efficient over the years upon usage of cutting edge technology. This is anticipated to drive the market growth during the forecast period.
Governments across the world have been promoting electric vehicles in order to meet their carbon emission targets. Electric vehicle companies are trying to make the charging process swifter and convenient. Many of them have developed cutting edge wireless charging technology. Owing to these factors, the wireless charging system market is expected to attain a significant CAGR during the forecast period 2020-2028. The market is segmented by industry into consumer electronics, defense, automotive, aerospace, healthcare and others. Out of these segments, the consumer electronics segment is anticipated to grow at the highest rate on the back of rising smartphone sales and growing popularity of wireless charging pads for smartphones.
When the technology involved in developing the wireless charging system becomes increasingly developed, the cost of innovation is estimated to increase significantly. The cost of the skilled labor involved in developing such technologies may also increase in the coming years which is further predicted to negatively affect the market growth in the next few years.CLICK TO DOWNLOAD SAMPLE REPORT
Longer charging time taken for charging electric vehicles and other heavy machinery could make the technology unattractive for the industry. Further, wireless charging stations and pads for charging various devices are often stationery and lack mobility. This is predicted to hamper the market growth over the forecast period.
Our in-depth analysis of the wireless charging system market includes the following segments:
On the basis of regional analysis, the wireless charging system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region out of which, the market in North America is anticipated to hold the leading share on the back of high investments in wireless charging system technology in the region. On the other hand, the market in Asia Pacific is anticipated to record the highest CAGR on the back of high adoption rate of electric vehicles and smartphones in the region.
The global wireless charging system market is further classified on the basis of regions as follows:
Author Credits: Abhishek Verma, Hetal Singh