Global Wireless Power Receiver Market size was valued US$ XX Bn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Bn.
Global Wireless Power Receiver Market Drivers and Restrains:
As mobile technology advances, devices like wearables & smartphones get used for longer periods. With this development, the need to keep the devices effectively charged at all-time becomes important. Maximum of these devices are mobile & they do not require cords for data connectivity, but charging still demands tying up these devices to a cord. Wireless power receiver aims to cut these cords & transmit power to these devices wirelessly. The extensive growth in the field of smartphones market continues to be the entry point for the increased adoption of wireless power. Smartphone companies are also heavily investing in their research and development activities, which is further driving the market.
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The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Geographically, the Wireless Power Receiver Market is segmented by Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. Among all the regions North America held the dominant market share of XX% in 2019 and is expected to reach US$ Bn by the end of 2027, with a CAGR of XX%. Thanks to the existence of leading countries like Canada and the United States. Technological advancement, increase in the number of wireless charging market owing to the heavy industrialization and presence of several key players, which uses Wireless Power Receiver for various purposes are fueling the regional market growth during the forecast period.
Asia Pacific is considered to be the fastest growing region in the wireless power receiver market due to the proliferation of smartphones along with other smart devices owing to rise in disposable income is also considered to drive the market in this region.
Different and increasing applications for wireless power receiver are expected to drive the market. The market has created enormous opportunities for new technology companies like WiTricity and Ubeam, who are trying to remove wired charging cord for all home appliances. However, wireless power receiver is not limited to wirelessly charging and powering domestic devices. Techniques like microwave power transmission and power beaming are coming up, which aim to transmit power over longer distances. These systems are being applied for automotive vehicle charging, aerial vehicle propulsion & solar power satellites.
The report has covered new technology developments, trends in the industry that will help reader to be updated on the technological developments in the market as well as on key players.
One of the leading key players in wireless power, WiTricity has recently revealed 530e iPerformance, the very first wireless charging-enabled hybrid electric vehicle which is to be installed in BMW as a wireless charging system. The German government has accepted and planned an investment and incentive plan which will promote a switch to electric vehicles & a necessary Europe-wide ban on ICE cars by the end of 2030. WiTricity has also patented the technology which offers to drive HEVs & EVs which can be charged on a charging pad on the ground.
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