According to a new report published by Allied Market Research, the global wireless charging market is expected to grow at a CAGR of 38.7% from 2018 to 2025. The market size in 2017 was $5.22 billion and according to the report is expected to grow to $71.21 billion by 2025. Allied Market's new report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
The necessity to harvest ambient RF energy and constantly evolving portable electronics and wearables market have boosted the growth of the global wireless charging market. Also, a surge in sales of electric vehicles (EVs) will further propel the market growth. However, the technology is expensive to integrate and the comparatively slower charging rates hamper growth. Companies are conducting excessive research in far-field wireless charging technologies and trends of the Internet of Things (IoT) are expected to create lucrative opportunities in the near future.
The global wireless charging market is segmented on the basis of industry vertical, technology, and region. Based on industry vertical, the market is divided into electronics, automotive, industrial, healthcare, and aerospace & defense. The automotive segment held the largest share in 2018, accounting for more than one-third of the market. However, the aerospace & defense segment is projected to register 40.5% CAGR during the forecast period.
On the basis of technology, the market is segmented into inductive, resonant, radio frequency, and others. The inductive segment held the largest share in 2018, accounting for more than half of the market. However, the other technologies segment is projected to register the fastest CAGR of 42.1% during the forecast period.
Based on geography, the market across the Asia-Pacific region held the lion’s share in 2018, accounting for more than one-third of the market. However, the LAMEA region is anticipated to register the fastest CAGR of 41.5% during the forecast period.
The market report provides an in-depth analysis of the major market players such as Fulton Innovation LLC., Samsung Electronics Co., Ltd., Sony Corporation, Qualcomm Incorporated, Murata Manufacturing Co. Ltd., Texas Instruments, Inc., Energizer Holdings, Inc., Integrated Device Technology, Inc., WiTricity Corporation, and Powermat Technologies Ltd. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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