The In-Car Wireless Charging Market was valued at USD 1760 million in 2017, and it is expected to grow at a higher CAGR of 40.8% in the global market to account for a higher market share value of approximately USD 13748.0 million by the end of the forecasted period.
The advancement in technology and the introduction of 5G in various countries, supports the wireless infrastructure in many industries, the automotive industry being one of them. This technology has grown reliability on high-speed connections along with mobile data. It is highly demanded by consumers as almost all business classes are shifting towards online culture. But using more of these technologies drains the battery in no time which encourages the manufacturers to develop wireless charging battery packs and pads for providing ease to their customers.
COVID 19 Analysis
The global pandemic of COVID 19 has affected a large section of society. Most people have lost their livelihood because of this global pandemic. It has affected the growth and dynamics of several industries. Owing to the shortage of vaccines, everyone is concerned about their immunity and follows social distancing. During the lockdown situation, most of the manufacturing units of vehicles have been shut down which resulted in the decline in sales revenue in the global market. Moreover, disruption of the supply chain network also resulted in a decline in profit margins.
However, the in-car wireless charging market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.
Numerous factors drive market growth. Increasing demand for electric vehicles is one of the most important driving factors for In-Car Wireless Charging Market. Also, with the advanced technology along with fast-moving life, there is a huge demand for wireless chargers all across the globe. Moreover, the strong penetration of smartphones is also a contributing factor in driving In-Car Wireless Charging Market demand.
In various emerging countries, there is an inbuilt wireless infrastructure support system at various public places like commercial places, shopping malls, departmental stores, and others which provides various growth opportunities. Moreover, increasing initiatives by the government for taping the unrealized potential market by providing subsidies also provide various growth opportunities in the global market.
Though the in-car wireless charging market is increasing at an incredible rate in the global market some factors restrict its growth. Lack of standardization is the major hindrance that restricts market growth. Due to ease of doing business, new manufacturers can easily enter into the market and they release products which might not work properly and thus divides the market into good quality products and bad quality products.
Value Chain Analysis
The in-car wireless charging market is growing tremendously in the global market owing to various benefits associated with it. It helps in providing ease and comfort in this fast-moving era. Since the use of 3G and 4G connections drains the battery quickly, wireless chargers have become the need of an hour
The in-car wireless charging market has been divided all across the globe based on the technology, device type, charging standard, vehicle type, and distribution channels.
Based on the Technology
The In-Car Wireless Charging Market has been divided all across the globe based on the technology into magnetic resonance charging, conductive charging, and inductive power transfer. The largest market share in technology dividend is held by inductive power transfer as this is the simpler technology. Moreover, magnetic resonance charging is also anticipated to grow at a higher CAGR of 42.7% during the review period.
Based on the Device Type
The In-Car Wireless Charging Market has been divided all across the globe based on the device type into smartphones and many other devices. Due to the presence of wireless charging technology, the largest market share in device type dividends is held by smartphones.
Based on the Charging Standard
The In-Car Wireless Charging Market has been divided all across the globe based on the charging standard into PMA standards and QI standards. The largest market share in the charging standard dividend is held by the QI standard as it is the combination of resonance technologies and induction. Moreover, it is used by manufacturers of smartphones.
Based on the Vehicle Type
The In-Car Wireless Charging Market has been divided all across the globe based on the vehicle type into hybrid vehicles, electric vehicles, and fuel-based vehicles. The largest market share in the vehicle type dividend is held by the fuel-based vehicle type. Moreover, constant growth has been observed in electrical vehicle types as well.
Based on the Distribution Channel
The In-Car Wireless Charging Market has been divided all across the globe based on the distribution channels into Aftermarket and OEM. The largest market share in distribution channels dividend is held by OEM and it is expected to grow at a CAGR of 41.4%.
The in-car wireless charging market has been divided all across the globe based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region. The largest market share in the in-car wireless charging market all across the globe is held by the North American region. Increasing the adoption of the latest technology coupled with the presence of automotive giants drives the market growth in this region.
Being the fastest-growing region, the second-largest market share in the in-car wireless charging market all across the globe is held by the Asia-Pacific region. Changing consumption patterns coupled with increasing disposable income fuels market growth.
The third-largest market share in the in-car wireless charging market is held by the European region owing to the presence of well-established wireless infrastructure coupled with the presence of various prominent market players.
The least market share in the global market is held by the Latin American region and the Middle East and African region owing to the presence of low infrastructure in both these regions. Low per capita disposable income is another factor that restricts the market growth in these regions.
The most prominent major key players in the in-car wireless charging market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the in-car wireless charging market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the in-car wireless charging all across the globe.
This global in-car wireless charging market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the in-car wireless charging market in the global market along with the factors that restrict its growth in the global market. The technical analysis for the growth estimation during the forecasted period is mentioned. The impact of COVID 19 on the sales revenue of the in-car wireless charging market all across the globe is mentioned. The future growth rate in the in-car wireless charging market during the forecasted period is estimated and mentioned.
Original equipment manufacturers, governments and financial institutions, technology investors, industrial automation service providers, research and consultancy firms, technology investors, investors and consultants, and many others.
|Market Size||USD 13,748 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technologym, Charging Standard, Device Type, Vehicle Type, Distribution|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hella KGaA Hueck & Co (Germany), Samsung Electronics Co., Ltd (South Korea), Zens (The Netherlands), Infineon Technologies AG (Germany), Powermat Technologies Ltd (Israel), Qualcomm Technologies, Inc. (U.S.), Apple Inc. (U.S.), Mojo Mobility, Inc. (U.S.), Power square (India), and Aircharge(U.K)|
|Key Market Opportunities||The rising sales of passenger cars in China, Mexico and India.|
|Key Market Drivers||
The global in-car wireless charging market is expected to rise to a valuation of USD 13.7 billion by 2023.
The global in-car wireless charging market is exhibiting a 40.8% CAGR over the forecast period from 2018 to 2023.
Growing opportunities in emerging regions such as Asia Pacific are a major driver for the global in-car wireless charging market.
North America is the leading regional in-car wireless charging market.
Samsung Electronics Co. Ltd., Zens, Apple Inc., Infineon Technologies AG, Qualcomm Technologies Inc., Powermat Technologies Ltd., and Aircharge are among the leading players in the global in-car wireless charging market.
Global In-car Wireless Charging Market: Competitive Landscape
The global in-car wireless charging market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, quality, reliability, and aftermarket service. It is crucial for the vendors to provide cost-efficient and high-quality in-car wireless charging Industry, to survive and succeed in an intensely competitive market environment.
The growth of the market vendors is dependent on the market conditions, government support, and industry development. Thus, the vendors should focus on expanding geographically and improving Industry. Hella KGaA Hueck & Co (Germany), Samsung Electronics Co Ltd (South Korea), Zens (The Netherlands), Infineon Technologies AG (Germany), Powermat Technologies Ltd (Israel), Qualcomm Technologies (U.S.), Apple, Inc (U.S.), Mojo Mobility, Inc (U.S.), PowerSquare (India), Aircharge (U.K), WiTricity Corporation (U.S.) among others are profiled in the study. These companies primarily focus on the development of in-car wireless charging module and accessories. Although the global players are dominating the market, regional and foreign players with small market shares also have a remarkable presence in the market. The international players are expected to strengthen their presence worldwide through partnerships, collaboration, and acquisitions during the forecast period.
Hella KGaA Hueck & Co. is one of the prominent players in the in-car wireless charging market. Hella KGaA Hueck & Co. is an internationally operating German automotive part supplier. The company develops and manufactures lighting and electronic components and systems for the automotive industry, and also has one of the largest trade organizations for automotive parts, accessories, diagnosis and services within Europe. Hella is one of the top 50 global automotive suppliers and is among the 100 largest industrial companies in Germany.
ZENS is a wireless charging company, manufacturer & supplier, and a young innovative company which is established right at heart of Europe’s technology region, Eindhoven. ZENS focuses on the development, production, and marketing of products which helps in making everyday tasks easy for the consumers. ZENS is the first company in Europe to market a series of wireless charging solutions based on the Qi standard. ZENS is also the first company to introduce built-in wireless sub-surface charger with Apple and Samsung Fast Charge
Powermat is considered to be a leading player in the wireless charging and is a provider of the largest wireless charging network globally. Powermat Technologies specializes in wireless power and wireless charging and develops wireless charging solutions for mobile devices. In Jan 2018, Powermat introduced new Charging Spot 4.0 powered by Smart Inductive technology. Also, the company has joined the Wireless Power Consortium to help take inductive wireless charging to the next level.
Apart from these mentioned above, the other companies profiled in the report include Samsung Electronics Co Ltd (South Korea), Infineon Technologies AG (Germany), Qualcomm Technologies (U.S.), Apple, Inc (U.S.), Mojo Mobility, Inc (U.S.), PowerSquare (India), Aircharge (U.K), and WiTricity Corporation (U.S.).