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In-Car Wireless Charging System Market - Future Prospects, Industry Growth to 2023

Feb 26th 2020 at 3:21 AM

The increased usage of smartphones and other electronic devices has increased the need for them to be charged on a fairly regular basis. As many individuals own their personal mode of transportation, the availability of in car charging has been seen as an attractive feature. The development of in-car wireless charging module and accessories by prominent automobile manufacturers has spurred further growth of the market. Moreover, the development of wireless infrastructures and growing demand for hassle-free charging solutions have added further stimulus to the expansion of the market. The in car wireless charging market is projected to achieve revenues worth USD 13,748.0 million while expanding with a CAGR of 40.8 percent in the forecast period (2017-2023).

Benefits of in-car wireless charging such as the elimination of charging cables while permitting the charging of multiple devices parallelly without any plug compatibility issues are boosting the market’s growth in the forecast period. Refining standards of life and a continuous upturn in disposable income together with the progressing digital habits of consumers and need for comfort is powering the in-car wireless charging market significantly. Additionally, a sizeable growth in the manufacture of luxury coach buses by private companies is anticipated to boost the market further. The rising cash inflows also motivate the development in the in-car wireless charging systems by automotive manufacturers. Incessant upgradation in product and innovation strategy is central to the escalation in business revenue levels and capture potential new customers in the developing markets. On the other hand, in car wireless charging is also estimated to lift the demand for the adoption of electric vehicles.

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Segmental Analysis

The global In-car wireless charging market is segmented into technology, charging standard, device type, vehicle type, distribution, and region. On the basis of technology, the market is segmented into conductive charging, inductive power transfer, and magnetic resonance charging. By technology, the inductive power transfer segment is controlling the in-car wireless charging market. The Charging standard segment of the market comprises of PMA standard and Qi standard. The Qi Standard segment is dominating the charging standard segment in the market with a CAGR of 41.2 percent in the forecast period. By Device type, the market is segmented into smartphones and other devices. The smartphones sub-segment is leading the market as reported in 2017 and other devices sub-segment is expected to grow at a rapid CAGR percent during the forecast period. The Vehicle type segment of the market comprises of electric vehicle, fuel based, and hybrid vehicles. The fuel-based sub-segment is dominating the vehicle type segment of the market as reported in 2017 and electric vehicle sub-segment is projected to develop with a robust CAGR through the forecast period. The distribution segment of the market consist of OEM and aftermarket. By distribution, the OEM sub-segment is controlling the market with a CAGR of 41.4 percent through the forecast period.

Detailed Regional Analysis

As per the regional analysis of In-Car Wireless Charging System Market, the North American region is leading the in-car wireless charging market followed by Europe, and the Asia Pacific region. The North American region is presently controlling the in-car wireless charging market. The key growth in in-car wireless charging market in the North American region is accredited to technical innovations and growing adoption of cloud technology and internet of things in the region. The U.S. is the principal hub in-car wireless charging market in the region and has produced revenues worth USD 342.9 million in 2017. The European region is anticipated to continue its position among the few lucrative regions in the market through the forecast period. The European market is responsible for a majority share due to the presence of a prominent premium and luxury car market in the region. The existence of luxury brands in the automobile sector that offer wireless charging systems in their cars has enhanced the market’s growth in the European region.

Competitive Analysis

The market is highly competitive with all the players competing to gain market share. Quick advances in technology, Strong competition, regular changes in government policies, and environmental regulations are important factors that are boosting market growth. The vendors compete based on cost, quality, reliability, and aftermarket service. The eminent market competitors comprise of Zens (The Netherlands), Hella KGaA Hueck & Co (Germany), Qualcomm Technologies, Inc. (U.S.), Apple Inc. (U.S.), Samsung Electronics Co., Ltd (South Korea), Power square (India), Infineon Technologies AG (Germany), Powermat Technologies Ltd (Israel), Mojo Mobility, Inc. (U.S.), and Aircharge(U.K).

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