Global Short-Range Wireless Power Charging Market: Overview
It is quite convenient and hassle-free to go hands free. Many people do not desire messy cables or wires. The global short-range wireless power charging market primarily comprises products that are utilized for charging wirelessly various electronic devices, such as laptops, tablets, and smartphones. These days, electronic devices have become extremely powerful and are able to perform a wide range of tasks quite easily.
Today, an average smartphone comes with more processing power than the very first satellite that was sent into the space. Nevertheless, the technology of battery has not reached anywhere as close to the demand for battery packs and chargers. Wireless charging offers more convenience to the customers, as they are able to make use of their gadgets sans any worry about the stretch ability of the power cable. As such, the benefits offered by this kind of charging is likely to foster growth of the global short-range wireless power charging market over the timeframe of analysis, from 2020 to 2030.
The global short-range wireless power charging market is likely to be segmented on the basis of two important parameters, which are application and region.
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Global Short-Range Wireless Power Charging Market: Notable Developments
The short-range wireless power charging market is regarded as a competitive market with the presence of several prominent market players. These companies are forging, partnerships, collaborations, and mergers in an effort to gain larger revenue and market share. The following development is expected to play an important role in the market:
- In September 2019, Qualcomm Incorporated successfully acquired Singapore based RF360 Holdings Singapore Pte. Ltd in its joint venture with TDK Corporation. The latter is a manufacturer and developer of equipment of industrial robotic machinery for various mobile devices. Following the acquisition, it is expected that Qualcomm will be able to offer its customers an absolute end-to end solution for a wide variety of issues.
Some of the prominent organizations in the global short-range wireless power charging market comprise the below-mentioned:
- Texas Instruments Incorporated
- Murata Manufacturing Co., Ltd
- Qualcomm Incorporated
- Integrated Device Technology
- Convenient Power HK Ltd
Global Short-Range Wireless Power Charging Market: Key Trends
The global short-range wireless power charging market is characterized by the presence of the following restraints, drivers, and opportunities.
Increasing Shift toward Use of Smaller Electronic Gadgets to Boost Demand in the Market
Presence of several mobile devices, such as tablets and smartphones, are anticipated to fuel growth of the global short-range wireless power charging market. Customers across the globe, particularly in the developing parts of the world, are increasingly making a shift toward smartphones and tablets, smaller versions of laptops and desktops, for both work and leisure. A considerable part of that population would happily like to shell out some extra amount for wireless chargers of these gadgets. This factor is likely to foster growth of the global short-range wireless power charging market over the timeframe of analysis, from 2020 to 2030.
In addition to smartphones and tablets, short-range wireless charging facilities are also being demanded for fitness trackers and wireless chargers, thanks to the rising health consciousness of people. Besides, these fitness gadgets work best with such wireless technologies, which is likely to spur the demand for short-range wireless power charging solutions in the years to come.
On the other hand, the growth of the global short-range wireless power charging market is likely to be hampered by the presence of different charging standards taken up by different manufacturers. In addition, wireless charging is usually slower than the traditional chargers, the wired ones.
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Global Short-Range Wireless Power Charging Market: Geographical Analysis
Driven by the US, North America is one of the leading regions in the global short-range wireless power charging market and the region is anticipated to remain dominant throughout the period of analysis, from 2020 to 2030. High disposable income along with the presence of highly advanced automobile and healthcare industries is likely to augur well for the market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.