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.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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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.
Region-wise, In-Car Wireless Charging Market Covid 19 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.
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.
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