Rising use of Smart Phones has Driven the Wireless Charging Market at a CAGR of 30% : IndustryARC

To access / purchase the full report browse the link below To access / purchase the full report browse the link below https://www.industryarc.com/Report/7384/wireless-charging-market-report.html Wireless chargers are used across a range of low-power (<100watts) appliances to high-power (>1kW) appliances. Low-power appliances include small and medium sized consumer electronics, such as smartphones, laptops, and other handheld devices, which usually charge at a power wattage below...

To access / purchase the full report browse the link below

https://www.industryarc.com/Report/7384/wireless-charging-market-report.html

Wireless chargers are used across a range of low-power (<100watts) appliances to high-power (>1kW) appliances. Low-power appliances include small and medium sized consumer electronics, such as smartphones, laptops, and other handheld devices, which usually charge at a power wattage below 100 watts.

On the other hand, high-power appliances include devices whose batteries are to be charged at more than 1kW wattage. The most common high-power application of wireless charging is for automobiles such as electronic cars, trucks and buses.

Wireless charging is a global phenomenon now, and latest technological advancements have led to the adoption of wireless charging devices. Organizations like the Wireless Power Consortium (WPC) have developed Qi (chee) standard which is applicable for electric power transfer over a distance of 40millimeters. Some of the other standards developed, such as Power Matters Alliance and Alliance for Wireless Power (A4WP), are for accelerating wireless charging. The Qi standard wireless chargers are becoming popular owing to adoption in restaurants, trains, and are also being developed for use in other infrastructures. Increasing demand for smart devices, coupled with the ease of availability to charge these devices, has led to the customer electronics sector emerging as the fastest growing segment, with a CAGR of 28%, in the wireless charging market for the forecast period 2019-2025.

The Asia Pacific (APAC) region was the major contributor to the wireless charging market with a 34.5% market share in 2018, with countries like Japan, South Korea, and China which are still driving innovation in the field of wireless charging to increase applications across various industries. These factors will provide increasing opportunities for the APAC Wireless Charging Market.

Wireless Charging Market Growth Drivers:

R&D Investments and Initiatives:

In 2018, Metaboards Limited, an Oxford-based start-up announced that it received an investment of $5m from Oxford Science Innovation (OSI), RT Capital Management Inc., and Woodford Investment Management Ltd., to expand and innovate upon wireless charging technology. In the same year, Reach Labs announced that it received $9m funding for the development of its long-range wireless charging technology.

In January 2019, Volvo Group Venture Capital AB announced an investment in Momentum Dynamics Inc., provider of high-power wireless charging for electric vehicles. This investment is expected to increase the use of wireless charging in vehicles that can be connected to the electrical power grid, without the need for wires and cables. Increasing demand for these electric vehicles is also expected to raise the demand for the wireless charging market. 

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The Major Players in this Market Include:

The key players in the Wireless Charging market include WiTricity Corporation, Texas Instruments Inc. ConvenientPower HK Limited, Qualcomm Technologies Inc. Murata Manufacturing Co. Ltd. and others.

In 2018, ON Semiconductor announced a strategic collaboration with Convenient Power Systems (CPS). Through this collaboration, CPS plans to design and develop in-vehicle wireless charging solutions using ON Semiconductor's NCV6500 power management controller.

In February 2019, Qualcomm Technologies Inc. announced the Qualcomm Quick Charge technology for wireless power, which is another leading innovation in the wireless charging industry. Qualcomm's Quick Charge technology will provide power to mobile devices and will be deployed in restaurants, hotels, and airports through the online retail outlets.

Conclusion:

The market for wireless charging is expected to grow rapidly in the coming years. Thus, due to the need for electric vehicles and the need for smart solutions for smart homes and smart devices is set to drive the wireless charging market. Moreover, the development of wireless charging standards such as Qi (chee) standard, Power Matters Alliance, and so on will lead to an increase in the adoption of wireless charging at a global scale.

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