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CONTACTLESS INDUCTIVE CHARGING MARKET REPORT OVERVIEW
The Contactless Inductive Charging Market Size is Projected to be worth US$ 4563 Million in 2023. The market is likely to surpass US$ 59093.28 Million by 2032 at a CAGR of 29.2% During the Forecast period [2024-2032].
Inductive charging is a sort of wireless power transmission. It uses electromagnetic induction to deliver electricity to moveable devices. Inductive charging is also used in automobiles, power tools, power-driven toothbrushes, and health devices. Inductive charging systems have the ability to accomplish great levels of efficiency, decreasing energy loss though charging. This effectiveness is interesting for equally consumers and businesses pursuing to decrease energy consumption and expenses.
Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Makers need to stay updated with varying market trends and develop products that meet rising consumer needs. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
LATEST TRENDS
"Use Of Innovative Products To Boost The Market Growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological progression will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
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CONTACTLESS INDUCTIVE CHARGING MARKET SEGMENTATION
By Type Analysis
According to type, the market can be segmented into magnetic resonance, electromagnetic induction
Magnetic resonance will capture the maximum market share through forecast period.
- Magnetic resonance: Magnetic resonance charging operates resonant inductive link to wirelessly allocate power between the charging pad and the device.
- Electromagnetic induction: Electromagnetic induction charging depend on the principle of inducing an electric current in a coil to transmits power between the charging pad and the device
By Application Analysis
According to application, the market can be segmented into smart phone, wearable device, tablet computer, car
Contactless Inductive Charging Market players cover segment as smart phone will dominate the market share during forecast period.
- Smart Phone: Contactless inductive charging for smartphones eradicates the necessity for physical charging cables offering accessibility and comfort of use for users.
- Wearable Device: Wearable devices such as smart watches, health trackers, and wireless ear buds can help from contactless inductive charging due to their small system issue and transferability.
- Tablet Computer: Tablets, like smartphones can use contactless inductive charging for hassle-free charging practises.
- Car: Contactless inductive charging is used to charge electric vehicles (EVs) without the need for physical connectors.
DRIVING FACTORS
"Upsurge In Environment Friendly To Boost The Market Growth"
As the universal push for ecological energy solutions gains momentum, the acceptance of contactless inductive charging aligns with the route by weakening dependence on non-renewable energy sources and drop in carbon emissions, particularly within the transportation area.
"Technological Advancement and Innovation To Upsurge The Market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the Contactless Inductive Charging Market growth. Rising investment in research and development activities and increasing awareness about benefits are projected to deliver profitable opportunities for the market. In contactless inductive charging systems, electrical energy is wirelessly transmitted through electromagnetic fields between coils housed within the charging pad and the device go through charging.
RESTRAINING FACTOR
"High Initial Costs ""To Hamper The Market Growth"
The initial cost of executing contactless inductive charging systems can be comparatively high associated to traditional wired charging solutions. This budget comprises the installation of charging pads, specific equipment, and compatibility upgrades for current devices.
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CONTACTLESS INDUCTIVE CHARGING MARKET REGIONAL INSIGHTS
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.
"Asia Pacific to Dominate the Region Due To"" Strong Focus On Technological Innovation"
Asia Pacific is further expected to witness growth in the Contactless Inductive Charging Market share. The region is dominating the market due to durable emphasis on technological innovation, a supportive controlling environment and a high demand for convenient charging solutions in consumer electronics and electric vehicles. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
KEY INDUSTRY PLAYERS
"Key Players Focus On Partnerships To Gain Competitive Advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.
LIST OF MARKET PLAYERS PROFILED
- Eggtronic (Italy)
- Energysquare (France)
- Powersphyr (U.S.)
- NuVolta Technologies (U.S.)
- Tonytech (U.K.)
INDUSTRIAL DEVELOPMENT
June 2024: Power conversion controller specialist Eggtronic has declared that the company will be showcasing its innovative AC/DC power conversion and wireless power transfer solutions at AspenCore’s forthcoming PowerUP EXPO 2024 virtual conference and exhibition.
REPORT COVERAGE
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operative tool that performers can use to gain a viable lead over their challengers and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 4563 Million in 2023 |
Market Size Value By |
US$ 59093.28 Million by 2032 |
Growth Rate |
CAGR of 29.2% from 2023 to 2032 |
Forecast Period |
2032 |
Base Year |
2023 |
Historical Data Available |
2019-2022 |
Regional Scope |
Global |
Segments Covered |
Type and Application |
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What value is the Contactless Inductive Charging Market expected to touch by 2032?
The Contactless Inductive Charging Market is expected to reach USD 59.09 Bn. by 2032.
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What CAGR is the Contactless Inductive Charging Market expected to exhibit by 2032?
The Contactless Inductive Charging Market is expected to exhibit a CAGR of 29.2% by 2032.
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What are the driving factors of the Market?
Rising environment friendly & technological development and advancement are expected to deliver profitable opportunities for the market.
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What are the Contactless Inductive Charging Market segments?
The key market segmentation that you should be aware of, which include, Based on type the Contactless Inductive Charging Market is classified as magnetic resonance, electromagnetic induction. Based on application the Contactless Inductive Charging Market is classified as smart phone, wearable device, tablet computer, car.
