The latest research report by Market Research Future (MRFR) emphasizes that the global in-car wireless charging market 2020 is slated to secure a substantial market valuation from USD 1.7 billion in 2017 to USD 13.7 billion by 2023, expanding at reasonable CAGR over the review period.
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Drivers and Restraints
The augmented usage of smartphones and other electronic devices has increased the need for them to be charged on a reasonably regular basis. As numerous 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 modules and accessories by leading automobile manufacturers has prompted further growth of the market. Moreover, the development of wireless infrastructures and rising demand for hassle-free charging solutions have added additional stimulus to the expansion of the market. Refining standards of life and an incessant upturn in disposable income, together with the progressing digital habits of consumers and the need for comfort, is powering the in-car wireless charging market significantly. Moreover, considerable growth in the manufacture of luxury coach buses by private companies is anticipated to boost the market further. The increasing cash inflows also motivate the expansion in the in-car wireless charging systems by automotive manufacturers. Continual upgradation in product and innovation strategy is central to the escalation in business revenue levels and capture potential new customers in the emerging markets. On the other hand, in-car wireless charging is also estimated to lift the demand for the adoption of electric vehicles.
The global In-car wireless charging market is analyzed into charging standard, technology, device type, distribution, vehicle type, and region. On the basis of technology, the in-car wireless charging market is segmented into inductive power transfer, conductive charging, and magnetic resonance charging. Based on the technology, the inductive power transfer segment is controlling the in-car wireless charging market. Based on the Device type, the market is bifurcated into smartphones and other devices. The smartphone sub-segment is leading the market, as reported in 2017, and other devices sub-segment is anticipated to grow at a fast CAGR percent through the review period. The Vehicle type segment of the market includes of the electric vehicle, fuel-based, and hybrid vehicles. The fuel-based sub-segment is leading the vehicle type segment of Global In Car Wireless Charging Market as recorded in 2017, and electric vehicle sub-segment is anticipated to develop with a healthy CAGR through the forecast period.
The geographical overview of the global in-car wireless charging market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
The North American region is currently controlling the in-car wireless charging market. The critical growth in the in-car wireless charging market in the North American region is accredited to technical innovations and the growing adoption of cloud technology and the internet of things in the region. The European region is projected to continue its position among the few profitable regions in the market through the review period. The European market is accountable for a majority share due to the presence of a leading premium and luxury car market in Europe. The presence of luxury brands in the automobile sector that offer wireless charging systems in their cars has improved the market’s growth in the European region.
The top market players identified by MRFR in the global market are Hella KGaA Hueck & Co (Germany), Zens (The Netherlands), Qualcomm Technologies, Inc. (U.S.), Apple Inc. (U.S.), Power square (India), Mojo Mobility, Inc. (U.S.), Samsung Electronics Co., Ltd (South Korea), Infineon Technologies AG (Germany), Powermat Technologies Ltd (Israel), and Aircharge(U.K).
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