Pune, India -- (SBWIRE) -- 10/12/2018 -- Market Highlights:
The In-Car Wireless Charging market is evolving with the advancements in technology, the emergence of wireless infrastructure, and demand for hassle-free charging solutions while driving. Improving standard of life and constant increase in discretionary income coupled with the evolving digital habits of consumers and desire for comfort is fuelling the in-car wireless charging market. Furthermore, a considerable increase in the production of luxury coach buses from private companies is further expected to boost the market. The growth in the in-car wireless charging systems is fuelled by the huge investments made by automotive manufacturers.
The key players in the global In-Car Wireless Charging Market include Wireless Power Consortium (U.S.), Powermat Technologies Ltd. (Isreal), Qualcomm Technologies, Inc. (U.S.). Powermat, a prominent player in in-car wireless charging market was the first one to offer wireless charging technology to consumers across the globe. Till then, the company continues to provide wireless charging innovation in the belief that the potential of this innovative technology is yet to be maximized and can provide more use cases and capabilities. They offer seamless, fast wireless charging, which acts as a driving force for customer engagement.
The in-car wireless charging market is driven by factors such as the invention of advanced smartphones with built-in support for wireless charging and growth in production of smart vehicles such as cars, two-wheelers and others. Rising demand for luxury and semi-luxury high-performance vehicles owing to rise in discretionary income of people. It is observed that premium and luxury car segment accounts for a major share of the global in-car wireless charging system market.
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Global In-Car Wireless Charging market is estimated to grow at a CAGR of approximately 43% during the forecast period of 2017-2023
In-Car Wireless Charging Market Key Players:
Some of the prominent players in the global In-car wireless charging market: Wireless Power Consortium (U.S.), Powermat Technologies Ltd. (Israel), Qualcomm Technologies, Inc. (U.S.), Apple, Inc. (U.S.), Mojo Mobility, Inc. (U.S.), Toyota Motor Corporation (Japan), General Motors (U.S.), The Ford Motor Company (U.S.), Jaguar (U.K), The Hyundai Motor Company (South Korea), BMW (Germany), Mercedes-Benz (Germany) and others.
The global In-car wireless charging market is segmented into technology, charging standard, device type, vehicle type, distribution, and region. On the basis of technology, the market is segmented into conductive charging, inductive power transfer, and magnetic resonance charging. By technology, the inductive power transfer segment is controlling the in-car wireless charging market. The Charging standard segment of the market comprises of PMA standard and Qi standard. The Qi Standard segment is dominating the charging standard segment in the market with a CAGR of 41.2 percent in the forecast period. By Device type, the market is segmented into smartphones and other devices. The smartphones sub-segment is leading the market as reported in 2017 and other devices sub-segment is expected to grow at a rapid CAGR percent during the forecast period. The Vehicle type segment of the market comprises of electric vehicle, fuel based, and hybrid vehicles. The fuel-based sub-segment is dominating the vehicle type segment of the market as reported in 2017 and electric vehicle sub-segment is projected to develop with a robust CAGR through the forecast period. The distribution segment of the market consist of OEM and aftermarket. By distribution, the OEM sub-segment is controlling the market with a CAGR of 41.4 percent through the forecast period.
As per the regional analysis of the In car wireless market, the North American region is leading the in-car wireless charging market followed by Europe, and the Asia Pacific region. The North American region is presently controlling the in-car wireless charging market. The key growth in in-car wireless charging market in the North American region is accredited to technical innovations and growing adoption of cloud technology and internet of things in the region. The U.S. is the principal hub in-car wireless charging market in the region and has produced revenues worth USD 342.9 million in 2017. The European region is anticipated to continue its position among the few lucrative regions in the market through the forecast period. The European market is responsible for a majority share due to the presence of a prominent premium and luxury car market in the region. The existence of luxury brands in the automobile sector that offer wireless charging systems in their cars has enhanced the market's growth in the European region.
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