Persistence Market Research
Wouldn’t we all prefer a wire and tangle free existence? It’s just so much more convenient to live life sans any kind of messy wires or cables! The short range wireless power charging market mainly consists of products used to charge our electronic devices like smartphones, tablets or laptops wirelessly. Most modern day electronics have become incredibly powerful and can perform a wide range of tasks effortlessly. An average modern day smartphone has more processing power than the first satellite sent into space! However, battery technology has not progressed anywhere near as rapidly which is why the demand for chargers and battery packs is very high. Wireless charging provides an added convenience to customers, as they can use their devices without worrying about stretching the power cable to its maximum point. Until there is some kind of revolution in battery tech which improves it substantially, the short range wireless power charging market can only be expected to grow in double digits in the days to come.
Short-Range Wireless Power Charging Market Drivers
Mobile devices like smartphones and tablets are expected to drive the short range wireless power charging market. Customers around the world, and more so in emerging markets are shunning desktops and laptops entirely in favour of smartphones. A good percentage of them would like to purchase wireless chargers for their devices. Along with smartphones, there is also a recent trend towards smart wearable devices and fitness trackers because customers have become a lot more health conscious. These devices usually work best with wireless technology, also spurring demand for devices sold in the short range wireless power charging market. A lack of available electric points at various locations is also a major reason for customers going the wireless route. It is also relevant in the automobile, healthcare and defence industries since end-users of these products prefer a hassle-free, wireless experience while charging their electronic devices. All these factors can be expected to ensure sufficient growth for the short range wireless power charging market in the near future.
Short-Range Wireless Power Charging Market Restraints
One of the major restraints in the short range wireless power charging market is the different charging standards adopted by various manufacturers. There were three standards initially – Wireless Power Consortium (WPC), Power Matters Alliance (PMA) and Alliance for Wireless Power (A4WP). AirFuel Alliance was formed by merging PMA and A4WP in late 2015. Yet this did not eliminate the hassle entirely as the two standards are still not interoperable today. This can challenge the growth of the overall short range wireless power charging market. Another major issue is the slow charging speed. Wireless charging devices are frequently slower than wired chargers. With the introduction of fast charging wired cables, customers might not have an incentive to purchase wireless chargers. This can be a major issue for the short range wireless power charging market.
Short-Range Wireless Power Charging Market Key Regions
The U.S is the largest short range wireless power charging market at present due to having a high disposable income, saturated smartphone market, and also an advanced healthcare, automobile and defence industry all demanding wireless charging tech. The APAC countries of China, India, South Korea, Hong Kong and Singapore are expected to grow at the highest rate in the years to come. This is due to rapid adoption of smartphones, focus on electric vehicles to combat rising air pollution in cities, a growing acceptance of such technology and also importance given to domestic healthcare, automobile manufacturing and defence industries. This will drive demand for the Asian short range wireless power charging market in the long term.
Short-Range Wireless Power Charging Market Key Market Players
Some of the key players in the short range wireless power charging market include Qualcomm Incorporated, Convenient Power HK Ltd, Integrated Device Technology, Murata Manufacturing and Texas Instruments Incorporated.
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