The wireless power transmission market has been segmented by technology into induction, radiation, conduction and resonance. Among these segments, the induction segment dominated the overall wireless power transmission market in previous years and is expected to continue its dominance over the forecast period. Factors such as ease in availability and reliability combined with its economy are anticipated to fuel the growth of induction segment in upcoming years.
The global market for wireless power transmission is expected to reach USD 12.43 Billion by the end of 2024 as compared to 2.43 Billion in 2016 by expanding at a substantial compound annual growth rate of 20.7% over the forecast period. This can be attributed to disposable income of the population and rapid technological advancement of wireless power transmission devices. Factors such as these are estimated to boom the Wireless Power Transmission Market by noteworthy revenue by the end of 2024.
In the regional segment, Asia Pacific represented the largest share in wireless power transmission market and is expected to continue its dominance over the forecast period due to penetration of electronic industries and rising electronic business in the region. Further, Europe holds the second highest market share in overall market of wireless power transmission across the globe and is expected to showcase a modest growth rate over the forecast period owing to the surge in electric vehicle market in the region. Furthermore, research and development projects in wireless power transmission in North America are anticipated to drive the growth of wireless power transmission market in this region.
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Convenience Wireless Power Transmission Applications Reflect Significant Opportunities
Factors such as increasing penetration of consumer electronics and convenience features as compared to wired transmission are believed to supplement the growth of wireless power transmission market. Further, rising disposable income of consumers is expected to benefit the expansion of the wireless power transmission market in upcoming years.
However, high cost of wireless power transmission technology and availability of low priced and cheap wireless chargers from the local vendors might deter the growth of the global wireless power transmission market.
The report titled “Wireless Power Transmission Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the wireless power transmission market in terms of market segmentation by application, by operations, by sales channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the wireless power transmission market which includes company profiling of Toshiba Corporation, Qualcomm Co., Texas Instrument, Energizer, WiTricity, PureEnergy Solutions, Convenient Power, Leggett & Platt, Murata Manufacturing Co. Ltd. and Powermat Technologies. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the wireless power transmission market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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