According to the research report titled ‘GLOBAL Wireless Charging Market 2019-2028’, available with Market Study Report, global wireless charging market is anticipated to grow at an annual rate of 24.89% between 2019-2028.
 

Growing demand for convenient & effective charging systems amid increasing usage of smartphones and other wearable devices, coupled with escalating sales of electronic vehicles are key factors propelling growth of global wireless charging market. Moreover, preference for smart homes and offices among populace will also boosts the industry share.
 

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On the other hand, high cost of wireless charging enabled devices, along with slow & inefficient charging hinders global wireless charging market growth. Furthermore, shortage of proper electric vehicle charging facilities will act as another significant challenge.
 

Based on components, worldwide wireless charging market is bifurcated into transmitters, and receivers. According to technology, the industry is divided into inductive, resonant, radio frequency, and others. Moving on to end user scope, the marketplace is classified into automotive, industrial, healthcare, aerospace & defense, and consumer electronics (tablets, smartphones, wearable devices, others).
 

Moving on regional outlook, Asia Pacific wireless charging industry size is projected to record lucrative growth over 2019-2028. High consumer demand for automobiles due to presence of leading automakers in the region is boosting the market share. In addition, growing population, speedy urbanization, and increasing disposable incomes are fostering the demand for electric vehicles, which in turn is providing impetus to wireless charging business in Asia Pacific.
 

Key players profiled in worldwide wireless charging industry report are The Samsung Group, NuCurrent Inc., Texas Instruments Incorporated, Powermat Technologies Ltd., Qualcomm, WiTricity, Infineon Technologies AG, Renesas Electronics Corporation, Semtech Corporation, NXP Semiconductors N.V., Belkin International Inc., Energous Corporation, Aircharge, TDK Corporation, and Convenient Power HK Limited.
 

These industry partakers are taking strategic decisions about mergers, partnerships, collaborations, and acquisitions etc., and investing money in research & development to launch new products, hence gaining competitive advantage and generating revenues.