New York, US, March 20, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “In-Car Wireless Charging Market, By T Product Type, Operating Platforms, and Region: Forecast to 2030, the market was valued at USD 1.93 billion in 2022 and is anticipated to acquire a valuation of approximately USD 2.55 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 4.72% during the assessment timeframe.
In-Car Wireless Charging Market Overview:
Rapid growth in consumer electronics and technological advancements substantiate the in-car wireless charging market size. Besides, the proliferation of wireless-charging devices, like wireless chargers, inductive charging solutions, and in-car wireless charging apps, drives the market growth. Also, rapidly rising electric vehicle sales worldwide and a vast preference for in-car wireless charging solutions substantiate the market size.
Additionally, increasing government initiatives to revolutionize e-mobility offers a huge impetus to market growth. The rise in disposable incomes leads to vast expenditures on high-end electronic products, including smartphones and wearable devices. Rapidly growing industries, such as smartphones, mobile phones, laptops, and wearable devices, impact market growth positively.
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Key Players:
Key in-car wireless charging market players are-
- Samsung Electronics Co., Ltd (South Korea)
- Hella KGaA Hueck & Co (Germany)
- Zens (The Netherlands)
- Powermat Technologies Ltd (Israel)
- Infineon Technologies AG (Germany)
- Qualcomm Technologies, Inc. (US)
- Mojo Mobility, Inc. (US)
- Apple Inc. (US)
- Aircharge(UK)
- Power square (India)
Report Scope:
| Report Metric | Details |
| Market Revenue forecast in 2030 | USD 2.55 Billion |
| In-Car Wireless Charging Market Growth Rate | CAGR of 4.72% from 2023 to 2030 |
| Base Year | 2019 |
| Study Period | 2023-2030 |
| Key Market Opportunities | The rising sales of passenger cars in China, Mexico and India. |
| Key Market Drivers | An intensifying level of interest in the market by top companies. Growing government subsidies. |
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Industry Trends
In-car wireless charging solutions perfectly suit powering needs of wearable devices and mobile applications, including smartphones, headsets, smart watches, portable medical devices, and more. The most relevant examples of in-car wireless charging solutions are the Galaxy S6 smartphone and Apple Smart Watch. The high market penetration of smartphones is a major driving force behind the growing market landscape.
Mobility service providers extensively use in-car wireless charging systems precisely adapted to the charging infrastructure requirements in public spaces. With improving EV charging infrastructures in public spaces, the market will witness surging demand over the next few years.
New policies and proposals initiated by governments for e-mobility charging infrastructures to meet their climate change and net-zero carbon targets foster the market value. Rising implementations of wireless EV-powering solutions across the globe influence market growth. Furthermore, electric vehicle infrastructure developments growing with rising smart city projects worldwide boost the market value.
In-Car Wireless Charging Market Segmentation
The in-car wireless charging market is sub-segmented into device types, vehicle types, charging standards, technologies, distribution channels, and regions. The device type segment is sub-segmented into smartphones and other devices. The vehicle type segment is sub-segmented into fuel-based, electric, and hybrid vehicles.
The charging standard segment is sub-segmented into Qi standard and PMA standards. The technology segment is sub-segmented into inductive power transfer, conductive charging, and magnetic resonance charging. The distribution channel segment is sub-segmented into OEMs and aftermarkets. The region segment is sub-segmented into the Americas, Asia Pacific, Europe, MEA, and rest-of-the-world.
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Regional Analysis
North America is the largest market for in-car wireless charging solutions. The surge in demand for energy-efficient and long-lasting charging systems for electronic devices, such as power tools and portable gadgets, drives the market growth. Besides, advances in inductive and resonant topologies positively impact the region's market shares. Also, the solid presence of key market players focusing on inductive and resonant standards substantiates the in-car wireless charging market size.
Europe is another substantial market for in-car wireless charging technologies. Growing numbers of abundant components and safe turnkey solution providers boost the in-car wireless charging market revenues in this region. Also, the growing demand for standard key components covering a few watts to kilowatts in the industrial and automotive sectors escalates the market value.
The Asia Pacific region is a rapidly emerging market for in-car wireless charging solutions. In addition to the burgeoning electronics industry, the electric vehicle segment drives the demand for in-car wireless charging devices in the region. Additionally, advancements in wireless technologies and EV charging solutions & devices foster regional market growth.
Governments of China, Japan, and India increasingly accentuate reducing vehicle emissions and therefore promote electric vehicles. This, as a result, fosters electric vehicle sales and demand for EV charging solutions. The vast availability of raw materials and cost-competitive workforces drives the market growth. Moreover, growing production and sales of electric vehicles in the region boost the market size. China and Japan dominate the APAC in-car wireless charging market, witnessing increasing electric vehicle sales.
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Competitive Analysis
The highly competitive global in-car wireless charging market appears fragmented, with many players forming a competitive landscape. Market players take several strategic approaches to maintain their market positions and gain a competitive advantage, such as collaborations, mergers & acquisitions, partnerships expansion, and product launches. Also, they make strategic investments to drive their research & development activities and expansion plans.
Considering current market opportunities, in-car wireless charging manufacturers substantially invest in designing innovative products and improve their existing product line efficiencies. Industry players form alliances with key financers and shareholders involved in the refinancing. These factors, as a result, are expected to boost the in-car wireless charging market size cumulatively.
For instance, on Feb.19, 2023, Renesas Electronics Corporation, a leading provider of wireless power transmitter ICs, presented its wireless power transmitter technology for portable device charging at ISSCC. New wireless charging technology improves efficiency, measurement accuracy, and user safety while reducing EMI. Renesas' wireless power solutions include power receivers for smartphones and power transmitters for charging pads & automotive in-car applications, among other applications.
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