The presence of a large pool of participants, such as Qualcomm Technologies, Texas Instruments, Energized Holdings, Leggett & Platt, Integrated Device Technology, ConvenientPower HK, WiTricity Corp., Powermat Technologies, and PowerbyPoxi, points towards a fragmented and a highly competitive structure of the global market for wireless charging, states a research report by Persistence Market Research (PMR).
These participants are concentrating on innovation and technological advancements of their products in order to meet the demand of their consumers. Going forward, they are projected to shift their focus towards mergers, acquisitions, and alliances in an effort to expand their consumer base across various regions in the near future.
Researchers expect the rivalry between the key participants to intensify in the years to come. The global market for wireless charging is expected to progress at an exceptional CAGR of 34% over the period from 2016 to 2024 and increase to US$2.6 bn by the end of the period of the forecast, notes the research study.
Rising Penetration of Mobile Devices to Boost Market’s Growth
“The rising penetration of mobile devices is the key factor behind the significant growth of the global wireless charging market,” says an analyst at PMR. Including embedded wireless charging technology, the technological advancements in mobile devices are influencing the demand for wireless charging solutions remarkably across the world, while creasing awareness among consumers regarding this technology.
The rising number of mobile device manufacturers and vendors, globally, are integrating the wireless charging feature in their high-end smartphone modals, notebooks, laptops, and wearable devices, which is propelling the uptake of this technology. This, as a result, is likely to boost this market in the years to come. Apart from this, the ongoing expansion in the electric vehicle market is also projected to support this market over the next few years.
On the other hand, the manufacturers of wireless charging solutions may face difficulty in finding the suitable charging technology in the years to come due to the uncertainty over the expansion of their product portfolios, since they keep on hovering around the selection of appropriate charging technology to ensure the compatibility with all the electronic devices available across the world, states the research report.
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Presence of Technologically Advanced IT Infrastructure to Ensure North America’s Dominance
Geographically, the global market for wireless charging registers its presence into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Thanks to t a large population base and the high number of mobile device users, Asia Pacific has emerged as the leading geographical segment of this market. The regional market is projected to retain its leadership throughout the forecast period on the ground of the heavy investments of leading companies in the emerging economies, especially, China, South Korea, and India.
Amongst other regional markets, Europe and North America are likely to register a steady surge in their respective markets for wireless charging over the years to come. North America is expected to gain from the presence of an advanced IT infrastructure, whereas, Europe will benefit from the large number of established companies headquartered in this region, notes the research report.