Market Highlights:
Intensive use of high-speed networks such as 3G and 4G drains off batteries too fast which puts a strain on the life of mobile devices. Thus, wireless charging options have become highly desirable among consumers. In-car wireless charging is an emerging technology which is gaining traction gradually. Market Research Future (MRFR’s) latest report on the global in-car wireless charging market has projected an impressive CAGR of 40.8% in the market over the forecast period of 2017-2023. MRFR’s analysis has further asserted that the in-car wireless charging market is expected to reach USD 13,748.0 Mn by the end of 2023.
In-Car Wireless Charging Market is aligned with various benefits which include multiple plug compatibility, elimination of charging cables, and charging of multiple devices at a time. Electric vehicle manufacturers are increasingly incorporating in-car wireless charging features in vehicles to drive sales which is supporting the growth of the market.
Deployment of resonance-based charging stations in hotels and other commercial areas are furthering spurring the market growth. Automotive manufacturers are displaying keen interest in integration of wireless charging products in their vehicles and are pouring in money on the same. Other boosting factors include refining standards of life and heightened need for comfort.
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Competitive Landscape
Mojo Mobility, Inc. (U.S.), Qualcomm Technologies, Inc. (U.S.), Infineon Technologies AG (Germany), Powermat Technologies Ltd (Israel), Hella KGaA Hueck & Co (Germany), Zens (The Netherlands), Apple Inc. (U.S.), Samsung Electronics Co., Ltd (South Korea), Aircharge(U.K), and Power square (India) are the key players in the in-car wireless charging market.
Segmentation
The global In-car wireless charging market has been segmented based on technology, charging standard, device type, vehicle type, and distribution.
By technology, the in-car wireless market is segmented into conductive charging, inductive power transfer, and magnetic resonance charging. Technology-wise, the inductive power transfer segment is leading the global market.
By charging standard, the in-car wireless market has been segmented into PMA standard and Qi standard. The Qi Standard segment accounts for the largest share of the global market and is likely to expand with a CAGR of 41.2 % over the forecast period.
By Device type, the in-car wireless market has been segmented into smartphones and other devices. The smartphone segment is currently leading the market while the other devices segment is expected to showcase rapid growth over the forecast period.
By vehicle type, the in-car wireless market has been segmented into electric vehicle, fuel based, and hybrid vehicles. The fuel-based segment captured the largest share of the market in 2017 while the electric vehicle segment is anticipated to exhibit robust growth in the coming years.
By distribution, the in-car wireless charging market has been segmented into OEM and aftermarket. The OEM segment is expected to lead the market with a CAGR of 41.4% over the forecast period.
Regional Analysis
Region-wise, the in-car wireless charging market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is the largest market for in-car wireless charging market. Technical innovations is considerably high in the region which coupled with surging adoption of advanced technology such as IoT and cloud computing is favoring the growth of the market. High sale of luxury cars in the region, where in-car wireless charging is a standard feature, is also supporting the growth of the market. The US is the most significant contributor to the North America market and was valued at USD 342.9 Mn in 2017.
The Europe market is counted among one of the most lucrative market for in-car wireless charging. An established market for premium cars, the Europe in-car wireless charging market is driven by the presence of various automotive players in the region.
The APAC in-car wireless charging market is expected to be the fastest growing market over the forecast period. Booming population with rising disposable income is augmenting the demand for high end cars which is reflecting positively on the market growth.
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Industry Updates
July 2019 – Belkin International, Inc., a consumer electronics company based in America, expanded its range of iPhone compatible wireless chargers by adding three new Boost Charge wireless charging devices to its Apple portfolio. The range is inclusive of Boost Charge Wireless Charging Pad, Wireless Charging Vent Mount, and Wireless Charging Stand. The vent mount is an in-car wireless charging solution that allows phones to be steady and usable while driving.
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