It is quite convenient and hassle-free to go hands free. Many people do not desire messy cables or wires. The global short-range wireless power charging market primarily comprises products that are utilized for charging wirelessly various electronic devices, such as laptops, tablets, and smartphones. These days, electronic devices have become extremely powerful and are able to perform a wide range of tasks quite easily.
Today, an average smartphone comes with more processing power than the very first satellite that was sent into the space. Nevertheless, the technology of battery has not reached anywhere as close to the demand for battery packs and chargers. Wireless charging offers more convenience to the customers, as they are able to make use of their gadgets sans any worry about the stretch ability of the power cable. As such, the benefits offered by this kind of charging is likely to foster growth of the global short-range wireless power charging market over the timeframe of analysis, from 2020 to 2030.
The global short-range wireless power charging market is likely to be segmented on the basis of two important parameters, which are application and region.
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Global Short-Range Wireless Power Charging Market: Notable Developments
The short-range wireless power charging market is regarded as a competitive market with the presence of several prominent market players. These companies are forging, partnerships, collaborations, and mergers in an effort to gain larger revenue and market share. The following development is expected to play an important role in the market:
- In September 2019, Qualcomm Incorporated successfully acquired Singapore based RF360 Holdings Singapore Pte. Ltd in its joint venture with TDK Corporation. The latter is a manufacturer and developer of equipment of industrial robotic machinery for various mobile devices. Following the acquisition, it is expected that Qualcomm will be able to offer its customers an absolute end-to end solution for a wide variety of issues.
Some of the prominent organizations in the global short-range wireless power charging market comprise the below-mentioned:
- Texas Instruments Incorporated
- Murata Manufacturing Co., Ltd
- Qualcomm Incorporated
- Integrated Device Technology
- Convenient Power HK Ltd
Global Short-Range Wireless Power Charging Market: Key Trends
The global short-range wireless power charging market is characterized by the presence of the following restraints, drivers, and opportunities.
Increasing Shift toward Use of Smaller Electronic Gadgets to Boost Demand in the Market
Presence of several mobile devices, such as tablets and smartphones, are anticipated to fuel growth of the global short-range wireless power charging market. Customers across the globe, particularly in the developing parts of the world, are increasingly making a shift toward smartphones and tablets, smaller versions of laptops and desktops, for both work and leisure. A considerable part of that population would happily like to shell out some extra amount for wireless chargers of these gadgets. This factor is likely to foster growth of the global short-range wireless power charging market over the timeframe of analysis, from 2020 to 2030.
In addition to smartphones and tablets, short-range wireless charging facilities are also being demanded for fitness trackers and wireless chargers, thanks to the rising health consciousness of people. Besides, these fitness gadgets work best with such wireless technologies, which is likely to spur the demand for short-range wireless power charging solutions in the years to come.
On the other hand, the growth of the global short-range wireless power charging market is likely to be hampered by the presence of different charging standards taken up by different manufacturers. In addition, wireless charging is usually slower than the traditional chargers, the wired ones.
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Global Short-Range Wireless Power Charging Market: Geographical Analysis
Driven by the US, North America is one of the leading regions in the global short-range wireless power charging market and the region is anticipated to remain dominant throughout the period of analysis, from 2020 to 2030. High disposable income along with the presence of highly advanced automobile and healthcare industries is likely to augur well for the market in the region.