Global In-Car Wireless Charging Market, By Technology (Inductive Power Transfer, Conductive Charging and Magnetic Resonance Charging), By Charging Standard (Qi Standard and PMA Standards), By Device Type(Smartphones and Other Devices), By Vehicle Type (Fuel Based,Electric Vehicle and Hybrid Vehicles), By Distribution (OEM and Aftermarket),By Region: Forecast to 2023
In-Car Wireless Charging Market Research Report – Forecast to 2023
The increased usage of smartphones and other electronic devices has increased the need for them to be charged on a fairly regular basis. As many individuals own their personal mode of transportation, the availability of in car charging has been seen as an attractive feature. The development of in-car wireless charging module and accessories by prominent automobile manufacturers has spurred further growth of the market. Moreover, the development of wireless infrastructures and growing demand for hassle-free charging solutions have added further stimulus to the expansion of the market. The in car wireless charging market is projected to achieve revenues worth USD 13,748.0 million while expanding with a CAGR of 40.8 percent in the forecast period (2017-2023).
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Benefits of in-car wireless charging such as the elimination of charging cables while permitting the charging of multiple devices parallelly without any plug compatibility issues are boosting the market’s growth in the forecast period. Refining standards of life and a continuous upturn in disposable income together with the progressing digital habits of consumers and need for comfort is powering the in-car wireless charging market significantly. Additionally, a sizeable growth in the manufacture of luxury coach buses by private companies is anticipated to boost the market further. The rising cash inflows also motivate the development in the in-car wireless charging systems by automotive manufacturers. Incessant upgradation in product and innovation strategy is central to the escalation in business revenue levels and capture potential new customers in the developing markets. On the other hand, in car wireless charging is also estimated to lift the demand for the adoption of electric vehicles.
The market is expected to flourish in the upcoming period because of the deployment of resonance-based charging stations in office buildings and hotels that will lead to a more connected city, which will thereby lead to better integration of information, communication, and the Internet of Things (IoT) technology wirelessly. An intensifying level of interest in the market by top companies providing wireless car charging products is an additional factor which could drive the market’s progress. Growing government subsidies are also anticipated to boost the wireless charging market globally in the upcoming years. The revolutionary nature of the product offering of the market will add increased impetus to the development of the in car wireless charging market in the forecast period.
Detailed Regional Analysis:
As per the regional analysis of the In car wireless market, the North American region is leading the in-car wireless charging market followed by Europe, and the Asia Pacific region. The North American region is presently controlling the in-car wireless charging market. The key growth in in-car wireless charging market in the North American region is accredited to technical innovations and growing adoption of cloud technology and internet of things in the region. The U.S. is the principal hub in-car wireless charging market in the region and has produced revenues worth USD 342.9 million in 2017. The European region is anticipated to continue its position among the few lucrative regions in the market through the forecast period. The European market is responsible for a majority share due to the presence of a prominent premium and luxury car market in the region. The existence of luxury brands in the automobile sector that offer wireless charging systems in their cars has enhanced the market’s growth in the European region.
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The market is highly competitive with all the players competing to gain market share. Quick advances in technology, Strong competition, regular changes in government policies, and environmental regulations are important factors that are boosting market growth. The vendors compete based on cost, quality, reliability, and aftermarket service. The eminent market competitors comprise of Zens (The Netherlands), Hella KGaA Hueck & Co (Germany), Qualcomm Technologies, Inc. (U.S.), Apple Inc. (U.S.), Samsung Electronics Co., Ltd (South Korea), Power square (India), Infineon Technologies AG (Germany), Powermat Technologies Ltd (Israel), Mojo Mobility, Inc. (U.S.), and Aircharge(U.K).
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