- Asia-Pacific is expected to be the leading contributor to the global wireless charging market revenue during the forecast period
- China exhibits the highest penetration of electric vehicles, which supports market growth of wireless charging
The wireless charging market is anticipated to reach around $95.6 billion by 2026 as per Polaris Market Research. In 2017, the consumer electronics segment dominated the global market in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global wireless charging market revenue during the forecast period.
Rise in the mobile phone usage across the world
It said that the wireless charging market has substantial potential for the present and future applications due to rise in the mobile phone usage across the world, especially emerging regions such as India, China and South-East Asia. The growing demand for mobile devices and consumer goods boosts the growth of the market during the forecast period.
The wireless charging market is expected to grow significantly during the forecast period owing to increasing popularity of electric vehicles. Wireless charging has multiple applications in the EV technology like fuel supply, and in-car electronics.
Factors such as lack of standardisation of mobile devices and their charging potentials, longer charging duration, and limited portability hamper the market growth to a certain extent. Growing demand from emerging economies, increasing adoption of IoT and smart devices are expected to provide numerous growth opportunities in the coming years.
The report said that Asia-Pacific generated the highest revenue in the market in 2017. It is expected to lead the global wireless charging market throughout the forecast period. The economic growth in countries such as China and India, leading to rising living standards and high disposable income has increased the penetration of smart phones and other mobile devices in the region as per the report.
This leads to increasing the demand for wireless charging. The increasing environmental concerns and depletion of traditional fuel sources have encouraged consumers to use electric vehicles in the region. China exhibits the highest penetration of electric vehicles, which supports market growth of wireless charging.
