Although
automotive segment is ahead in terms of CAGR, the consumer
electronics segment is the most attractive segment in the global
wireless charging market
Consumer
electronics segment accounts for comparatively higher revenue share
in the global wireless charging market and is expected to remain
dominant throughout the forecast period. Leading wireless charging
solution providers are offering wireless charging solutions for
consumer electronic devices. Also, wireless charging solution
providers are entering into partnerships with consumers electronic
devices manufacturers to develop wireless charging enabled devices.
This segment is projected to be the most attractive segment in the
global
wireless charging market during the
forecast period. Consumer electronics segment was valued at a little
more than US$ 1,000 Mn in 2015 and is expected to remain dominant
throughout the forecast period, accounting for a revenue share of
more than 50% by 2024 end.
Increasing
usage of smartphones is anticipated to drive the growth of the
consumer electronics segment in the global wireless charging market
Demand
for wireless charging is witnessing significant increase owing to
rising consumer awareness as more number of mobile devices are being
launched with embedded wireless charging technology. Technological
advancements in mobile devices such as embedded wireless charging
technology are creating awareness about wireless charging among
consumers. An increasing number of mobile device vendors are
incorporating the wireless charging feature in high end models of
smartphones, wearable devices, laptops, and notebooks, which is
driving adoption of this technology. As a result, the consumer
electronics segment is showing robust growth in the global wireless
charging market.
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Wireless
chargers enable charging of multiple devices at the same time. These
devices can be free positioned, which means there is no particular
way a device should be placed or positioned for charging. However, it
needs to be kept within a particular range or proximity of the
wireless charger. This free positioning feature is enabled by
resonant technology. This particular factor is creating a positive
impact on the consumer electronics segment. Demand for electronics is
rising amongst the consumers globally; particularly there is great
demand for mobile phones across the globe. Specifically, Asia Pacific
represents a vast potential in terms of growth for the global
wireless charging market due to the presence of a large population
and wider adoption of mobile devices such as smartphones and wearable
devices. Companies in China, Japan, and South Korea are investing
significantly in wireless charging technology for consumer
electronics, thus driving the growth of this segment particularly in
the APAC region.
Increasing
proliferation of the Internet of Things (IoT) is further boosting the
growth of the consumer electronics segment. Growing adoption of the
Internet of Things is driving the need for constant power supply for
electronic devices connected to the IoT network. As electric charging
methods are complicated and are sometimes not compatible with IoT
devices, wireless charging is a convenient method to power an IoT
network.
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Consumer
electronics segment is expected to be the dominant application
segment in the North America wireless charging market throughout the
forecast period
In
terms of revenue, the consumer electronics segment is projected to be
the most attractive segment in the North America wireless charging
market during the forecast period. The segment accounted for a
relatively high revenue share and was valued at more than US$ 400 Mn
in 2015. The consumer electronics segment is expected to remain
dominant in the North America wireless charging market during the
forecast period. In Latin America, this segment was valued at more
than US$ 70 Mn in 2015. In APAC, the consumer electronics segment
accounted for a relatively high revenue share and was valued at more
than US$ 350 Mn in 2015.
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