HOBI Weekly Blog Recap (5/16-19/22)
A research report, “Global Market Study on Wireless Charging: Consumer Electronics Application Segment Projected to be the Most Attractive Segment Through 2024” by Persistence Market Research (PMR) points towards a fragmented and highly competitive structure of the global market for wireless charging. Participants like Qualcomm Technologies, Texas Instruments, Engergizer Holdings, Leggett & Platt, Integrated Device Technologies and PowerbyProxi, are concentrating on innovation and technological advancement of their products to meet the demand of their customers. However, going forward, these participants are projected to shift their focus towards mergers, acquisitions, and alliances in an effort to expand their customer base across various regions.
The report predicts the rivalry between the key participants to intensify in the near future. The global market for wireless charging is expected to progress at an exceptional CAGR of 34 percent between 2016 to 2024 and increase to U.S. $2.6 billion by the end of end of 2024.
An analyst at PMR says, “the rising penetration of mobile devices is the key factor behind the significant growth of the global wireless charging market.” The growing number of mobile device manufacturers and vendors globally, are integrating the wireless charging feature in their high-end smartphones, notebooks, laptops, and wearable devices, which is propelling the uptake of this technology. PMR predicts that as a result, the market will likely see a boost within the next few years. The report also states the ongoing expansion in the electric vehicle market is projected to support the wireless charging market in the years to come.
However, the market still faces significant difficulties in finding suitable charging technology due to the uncertainty over the expansion of their product portfolios. This obstacle stems from the tendency to hover around the selection of appropriate charging technology to ensure the compatibility with all the electronic devices available in all world markets. Currently, Asia Pacific has emerged as the leading geographical segment for this market due to a large population base and a high number of mobile device users. The regional market is projected to retain its leadership throughout the forecast period, with heavy investments of leading companies in China, South Korea, and India. While Europe and North America are reported to maintain a steady surge in their respective markets for wireless charging.
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