With the increasing need for charging various devices simultaneously, wireless charging solution providers are witnessing an increase in demand globally.
New York, NY -- (SBWIRE) -- 08/17/2017 -- The global wireless charging market is expected to witness a growth of 33.5% CAGR over the forecast period, 2016 – 2024.
In pace with growth of Internet of Things (IoT), demand for consumer electronics segment is increasing over the years. Moreover, the mobile devices witness an upsurge as vendors are incorporating the features such as wireless charging in the expensive models of wearable devices, notebooks, smartphones, and laptops. In addition, the free-positioning feature position is mainly enabled by the resonant technology, and is creating a positive impact on the consumer electronics segment globally. Furthermore, surge in need for consistent supply of power in electronic devices that are connected to a network of Internet of Things, which has escalated demand for wireless chargers in the coming years. Additionally, methods of electrical charging are incompatible with IOT devices. Due to such factors, wireless chargers are likely to witness a surge in demand globally over the coming years.
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Consumer electronics segment holds a relatively high revenue share in the global wireless charging market, and will remain dominance in the coming years. Wireless charging solution providers are offering solutions related to wireless charging for consumer electronic devices. Moreover, the wireless charging solutions provider segment will be the most attractive in the wireless charging market globally in the coming years. In addition, the consumer electronics segment will remain dominant over the coming years, and account for a revenue share of 50% by the end of 2024.
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North America among other regions will represent the most attractive segment in terms of revenue in the coming years. Moreover, the consumer electronics segment will remain dominance in the North America wireless charging market over the coming years. In addition, the consumer electronics segment held for over US$ 70 Mn in 2015. Additionally, the consumer electronics segment held a relatively high revenue share, and was valued at over US$ 350 Mn in 2015. Asia Pacific among other regions will represent a lucrative market, and will witness a boost in growth due to increasing adoption of devices such as smartphones and wearable devices along with a large population. Furthermore, various companies based in South Korea, Japan, and China are significantly investing in the wireless charging technology for consumer electronics devices, which is driving growth of the market, particularly in APAC.
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Recently, Apple Inc., a tech giant created headlines for joining the wireless power consortium (WPC) to be a member of the global organization, which develops widely-used wireless charging standard for electronic devices and smartphones. Other companies that are operating in the technological industry are contributing towards growth of the global wireless charging market include Texas Instruments, Inc., Energized Holdings, Inc., Qualcomm Technologies, Inc., Leggett & Platt, Inc., WiTricity Corporation, PowerbyPoxi, Integrated Device Technology, Inc., Powermat Technologies Ltd, and Convenient Power HK Limited.
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