Selbyville, Delaware, July 06, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the wireless charging market which estimates the market valuation for wireless charging will cross US$ 35 billion by 2027. Radio frequency wireless charging technology is not restricted by the dimensions of the charger and the device, enabling it to accommodate devices that induction cannot. The receiver can be integrated into small electronic devices such as hearing aids and wearables. With this technology, there is no need for the accurate placement of device unlike plugs or inductive charging pads. Developments in the RF technology will support the wireless charging market growth.
The expanding consumer electronics market in developing regions in the Middle East & Africa, Latin America, and Asia Pacific will boost the demand for wireless charging solutions. There is a growing adoption of laptops, tablets, and smartphones over the recent years that can be attributed to the improving economic conditions and penetration of digitalization supported by government organizations.
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The outbreak of the pandemic has further boosted the demand for smart devices from the corporate sector and students undertaking remote education. As wireless charging eliminates the hassle of plugging in cables, the technology will witness growing adoption over the coming years. The Wireless Power Consortium has designated Qi as the global mobile charging standard for 5 to 15-watt personal electronics such as smartphones. Wireless charging is now offered for all types of Qi-enabled devices such as smartwatches, phones and earbuds.
The expanding electric vehicle market in North America will offer growth opportunities to the wireless charging industry. In response to the increasing popularity of electric vehicles, government organizations are boosting the EV charging infrastructure. In April 2021, the White House announced advancements on the Administration’s aim to deploy and accelerate electric vehicles and charging stations and enable a clean transportation future. In March 2021, the U.S. passed the milestone of 100,000 public chargers. Similarly, the Canadian Government has set targets of Zero Emission Vehicles (ZEVs) attaining 10% of light-duty vehicles sales by 2025, 30% by 2030, and 100% by 2040. Such initiatives boosting the adoption of electric vehicles will in turn support the demand for wireless EV charging stations, ensuring customer convenience.
Some major findings of the wireless charging market report are:
- The wireless charging market will witness growth owing to the expanding IoT industry globally. The rise in the number of connected devices will support the demand for wireless charging solutions. With the increasing adoption of smart security devices, the wireless charging market will gain traction. The advent of IIoT across the manufacturing sector will further propel the market growth.
- The increasing smartphone penetration globally will spur the demand for wireless charging solutions. Players such as Samsung Electronics Co. Ltd. and Apple Inc. are launching high-end smartphones that integrate wireless charging technology. High demand for hassle free charging solutions for smartphones will fuel the market growth.
- The expanding healthcare sector is boosting the demand for wireless charging solutions for medical devices. With the increasing use of electrical devices to deliver chemical or electrical therapy to patients, wireless charging will play a vital role in enhancing the quality of life of patients. The technology will also play a key role in wirelessly charging IV and EKG machines.
- The expanding automotive industry will spur the demand for wireless charging solutions. Government organizations are encouraging the production and adoption of electric vehicles to ensure cleaner environment. This factor will spur the demand for wireless EV charging stations.
- Resonant wireless charging technology will witness high adoption across the industrial sector to charge machines that require substantial power. Growing penetration of automated machines in industries will spur the demand for wireless charging solutions. Long-range resonant wireless charging systems will witness a high demand from the industrial sector.
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Partial chapters of report table of contents (TOC):
Chapter 3 Wireless Charging Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Marketing
3.2.3.3 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material providers
3.3.2 Component suppliers
3.3.3 Manufacturers
3.3.4 Technology providers
3.3.5 Service providers
3.3.6 Distributors
3.3.7 Vendor matrix
3.3.7.1 Raw material providers
3.3.7.2 Component suppliers
3.3.7.3 Manufacturers
3.3.7.4 Technology providers
3.3.7.5 Service providers
3.3.7.6 Distributors
3.4 Technological & innovation landscape
3.4.1 Autonomous vehicles and Electric Vehicles (EV)
3.4.2 Impact of IoT and Industry 4.0
3.4.3 Wireless charging architecture
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Technological innovations and penetration of IoT globally
3.6.1.2 Growing adoption of smartphones globally
3.6.1.3 Increasing awareness about physical fitness and wearable devices among the population in developing countries
3.6.1.4 Rising investment in auto-tech in North America and Europe
3.6.1.5 Supportive government initiatives in Asia Pacific
3.6.2 Industry pitfalls & challenges
3.6.2.1 High cost restricting the use in underdeveloped countries
3.6.2.2 Mobility issues and longer charging times
3.7 Growth potential analysis
3.8 Porter’s analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
3.9.1 Political
3.9.2 Economic
3.9.3 Social
3.9.4 Technological
3.9.5 Environmental
3.9.6 Legal
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.