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Wireless Charging Phone Market Report
Wireless Charging Phone Market Trends, Dynamics & Market Insights
The Wireless Charging Phone Market is estimated to grow from USD xx million in 2020 to USD xx million by 2026 at a healthy CAGR of 24.5% during the forecast period.
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Wireless charging works by transferring energy from the charger to a receiver within the back of the phone via electromagnetic induction. The charger uses an coil to form an alternating elec-tromagnetic field, which the receiver coil within the phone converts into electricity to be fed into the battery.
Key players operating in the wireless charging phone market are-
The rising use of the internet creates a charging problem for many smartphones, which can be resolved by using a fast-wireless RF energy base charger. Surging demand for efficient charging systems coupled with increasing sales of smartphones is likely to boost the market growth. For instance, smartphone shipments in India reached 150 million units while 5G smartphone shipments crossed four million units in 2020, which was mainly driven by high consumer demand post-lockdown. However, high cost is expected to hinder the industry growth.
Based on technology, the wireless charging phone market is categorized into inductive, resonant, radiofrequency, and others. The inductive segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Leading standards such as WPC and PMA are based on inductive technology. Resonant and radiofrequency are expected to emerge as the most lucrative technologies in the industry, further bolstering the segment growth.
By region, the North American market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly attributed to the rising adoption of IoT-based devices in smartphones. Moreover, high standards of living, high internet penetration, robust smartphone sales, and the presence of large product manufacturers in the region, further proliferate the regional market growth.
The COVID-19 outbreak has moderately affected the wireless charging phone industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. Consumer electronic and smartphone sales were heavily affected amid the pandemic, which impacted the product demand. Also, a decline in the production of mobile phones and chargers due to supply chain disruption further affected the product demand.
Here is the list of the group of customers that the wireless charging phone market hopes to have the greatest opportunity to convert-
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The wireless charging phone market is expected to witness an impressive growth of 24.5% CAGR in the foreseeable future.
Samsung Electronics Co. Ltd. (South Korea), Qualcomm Incorporated (US), Texas Instruments (US), Integrated Device Technology Inc. (US), Powermat Technologies Ltd. (Israel), WiTricity Corporation (US), Energizer Holdings Inc. (US), Murata Manufacturing Co. Ltd. (Japan), Sony Corporation (Japan), and Fulton Innovation LLC (US) are among the key players in the wireless charging phone market.
The inductive segment is expected to register a healthy CAGR in the wireless charging phone market in the coming years.
North America is expected to grow at a substantial CAGR in the wireless charging phone market during the next five years.
Wireless charging phone vendors, Wireless charging phone retailers, Consumer electronic companies, Smartphone companies are the target audience in the wireless charging phone market.
Surging demand for efficient charging systems coupled with increasing sales of smartphones are the factors driving the growth of wireless charging phone market.
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