Asia-Pacific Region in Global Wireless Charging Market to Grow at the Highest CAGR During Forecast Period
The wireless transfer of power or electrically charging battery-powered equipment and devices without wired electric connection is referred to as wireless charging. It is also known as inductive charging, in which power is transferred wirelessly through electromagnetic induction.
For inductive charging, electromagnetic waves are used instead of conventional wired cables to transfer energy. However, the transmitter and receiver are expected to fulfill QI standards. It operates on a very basic principle where the Qi transmitter is involved in transferring the required energy to the Qi receiver. It is often used for charging small handheld devices such as mobile phones.
According to the market intelligence offered by BIS Research, the global wireless charging market was estimated at $3.82 billion in 2018 and is projected to grow at a CAGR of 41.79% during the forecast period, 2019–2024.
The growth can be attributed to factors driving the market, such as standardization of wireless regulations driving consumer inclination, technological and dynamic design enhancements, increasing battery anxiety among the consumers, and increasing shipments of smart handheld devices fueling the demand.
The key segmentation of the market is done on the basis of technology, implementation, application, and region. The application segment of the market includes consumer electronics, automotive, healthcare, and others. Each of these segments is further categorized into sub-segments.
In terms of region, the market is segmented into North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW). North America dominated the global wireless charging market and accounted for 39.08% of the total market share in 2018 and is anticipated to maintain its dominance throughout the forecast period. However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period.
In terms of strategies, product launches, partnerships and collaborations, and mergers and acquisitions have been used by companies to strengthen their position in the global wireless charging market. The preferred strategy for companies has been product launches.