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The Wireless Power Receiver Market is driven by a very dynamic set of value drivers that shape the growth path of this industry. The first driver stems from the aspect of continuous technology advancement across all areas of wireless charging solutions. Consumer demand greatly influences buyer choices in markets such as these. Changes regarding phone usage trends, which include increasing the use of portables, have also fueled this drive, hence pushing up demand for these goods. The rise in demand, therefore, serves as an accelerator towards further proliferation of this particular type of item. Companies should constantly ensure their product development strategies match shifts in consumers' needs and wants so that they do not lose out on profitability.
The regulatory environment significantly influences the market dynamics of the wireless power receiver industry. Governments and regulatory bodies play a crucial role in setting safety standards, ensuring interoperability, and overseeing the overall compliance of wireless charging technologies. Market dynamics are also shaped by the competitive landscape, with key players vying for supremacy. The urge to outdo one another in the market is because competition has become so intense that companies earn their survival through differentiation and innovation as well as investment in R&D efforts that give them an advantage over rivals. In order to be more competitive within this perspective, firms adopt price wars, strategic partnerships, or even acquisitions from other market players who can help them navigate this highly competitive field. This process results in competition, which drives changes and improvements in wireless power receiver technology products.
Besides wireless charging being incorporated into different sectors such as automotive, healthcare, and industrial applications, it makes the market dynamics more complicated. The moment wireless power receivers find new uses, the market will stretch into various fields. Market dynamics are also shaped by consumer awareness and education on the advantages of wireless charging and the availability of charging devices that can be used together. Accordingly, the rising consumer knowledge about the merits of wireless charging and readiness to buy compatible gadgets is expected to lead to a subsequent boost in demand for devices accepting wireless power transmissions. Economic factors like disposable income, purchasing power, and economic stability are also worth mentioning, as they may have an effect on market trends in the wireless charger manufacturing industry. If there is an economic slump, then such patterns might change since the consumer spending rate could decrease, hence discouraging them from acquiring premium brands of these charging solutions.
Wireless Power Receiver Market Highlights:
Global Wireless Power Receiver Market Overview:
Wireless Power Receiver Market Size was valued at USD 8.05 billion in 2023. The Wireless Power Receiver market industry is projected to grow from USD 10.50 Billion in 2024 to USD 66.43382246 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.93% during the forecast period (2024 - 2032). A rise of Internet of Things (IoT) applications is the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wireless Power Receiver Market Trends
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Rise in Internet of Things (IoT)is driving the market growth
The rise of Internet of Things (IoT) applications, including smart homes, smart cities, machine-to-machine (M2M) communication, and Industrial Internet of Things (IIoT), has led to business growth. The increasing use of home appliances and home automation is driving the market. This factor drives the Market CAGR.
Additionally, the increase in the use of power transmission devices in various industries, including industrial, healthcare, automotive, and defense applications, is one of the major factors driving the growth of the wireless power transmission market. The rapid growth of consumer electronics drives the market further due to the high use of mobile, tablet, and laptop charging devices.The surge in the need for long-term energy safety is a timely investment to supply energy further influence the market. It offers economic development and a sustainable environment across the globe. The rise in the telecommunication sector assists in the expansion of the market.
Additionally, rapid urbanization, lifestyle change, surge in investments and increased consumer spending positively impact the wireless power transmission market.Furthermore, adopting wireless power transmission for automotive and electric vehicle charging applications extends profitable opportunities to the market players from 2022 to 2029. Also, increasing expenditure to undertake research and development proficiencies will further expand the market. Thus, driving the Wireless Power Receiver market revenue.
Wireless Power Receiver MarketSegment Insights:
Wireless Power Receiver Technology Insights
Based on technology, the Wireless Power Receiver Market segmentation includes inductive coupling, capacitive coupling. The inductive coupling segment dominated the market because inductive coupling is a well-established technology used in various applications, such as smartphones, laptops, and electric vehicles. Inductive coupling is a well-established technology. Inductive coupling is efficient and reliable. Inductive coupling is relatively easy to implement.
Figure1: Wireless Power Receiver Market, by Technology, 2022&2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wireless Power Receiver Application Insights
The Wireless Power Receiver Market segmentation, based on application, includes consumer electronics, healthcare, automotive, aerospace and defense, and industrial. The consumer electronics segment dominated the market;this is because consumer electronics is a large and growing market, and wireless power is a key enabling technology for many consumer electronics products, such as smartphones, laptops, and wearable devices.Consumer electronics is a large and growing market. Wireless power is a key enabling technology for many consumer electronics products.Wireless power is becoming increasingly popular among consumers.
Wireless Power Receiver Regional Insights
Segmented by region, the study provides market insights for North America, Europe, Asia Pacific and the rest of the world. The North American wireless power marketregion has lower costs associated with installing wireless wireless transmitters and receivers and more investment in the region.
In addition, major countries examined in the market report include the United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea and Brazil.
Figure2: GLOBAL WIRELESS POWER RECEIVER MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Wireless Power Receiver market accounts for the second-largest market share due to therising favorable norms and various governments' incentives to improve the Region's renewable energy blend. Further, the German Wireless Power Receiver market witnessed the largest market share, and the UK Wireless Power Receiver market was the fastest-growing market in the European Region.
The Asia-Pacific Wireless Power Receiver Market is expected to grow fastest from 2023 to 2032. This is due tothe increasing expenditure on research and development proficiencies. Moreover, China’s Wireless Power Receiver market held the largest market share, and the IndianWireless Power Receiver market was the fastest-growing market in the Asia-Pacific region.
Wireless Power Receiver Key Market Players& Competitive Insights
Leading manufacturers are investing in research and development to expand their products, which will help the wireless charging receiver market grow further. Entrepreneurs are also undertaking various activities to expand their global footprint, and key business development activities include new product development, contract deals, joint venture mergers and acquisitions, increased investment and collaboration with other organisations. To grow and survive in a more competitive and thriving business environment, the wireless receiver business needs to have good products.
Local manufacturing to reduce operating costs is one of the key marketing strategies used by companies in the global wireless charging receiver industry to benefit consumers and business expansion. In recent years, the wireless receiver industry has provided some of the best. Major players in the Wireless Power Receiver market, including Qualcomm, Linear Technology, Semtech, Samsung Electronics, Integrated Device Technology (IDT), ROHM, NXP Semiconductor, STMicroelectronics, WiTricity, Powermat Technologies, TDK, Texas Instruments., and Other companies are trying to meet their business needs by investing in R&D activities.
Hyundai Motor Corporation, often abbreviated as Hyundai and commonly referred to as Hyundai, is a Korean multinational automaker headquartered in Seoul, South Korea in 1967. Hyundai released the ix25 model, also known as Creta. There has been an increase in the sales of this car in the Indian market in recent times, and this car in the SUV segment offers wireless charging options, unlike other competitors like Maruti Suzuki VitaraBrezza.
Rohm Semiconductor is a Japanese electronic parts manufacturer based in Kyoto, Japan. Rohm was incorporated as Toyo Electronics Industry Corporation by Kenichiro Sato on September 17, 1958. Rohm announced the development of an automotive wireless-charging solution with an integrated near-field communication system. This has led to the merging together of Rohm's automotive grade (AEC- Q100Qualified) IC with STMicroelectronics NFC Reader IC(ST25R3914) and 8-bit microcontroller (STM8A series).
Key Companies in the Wireless Power Receiver market include
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Linear Technology
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Semtech
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Samsung Electronics
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Integrated Device Technology (IDT)
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ROHM
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NXP Semiconductor
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STMicroelectronics
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WiTricity
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Powermat Technologies
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TDK
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Texas Instruments
Wireless Power Receiver Industry Developments
March 2019: Samsung released its new S10 and S10plus smartphones, which have a wireless power share feature that lets you use the back of the phone to Qi charge another phone. This idea was taken from the Huawei Mate 20 pro phone, but this phone was not available in certain territories, including the US. This has helped the sales of the Samsung S10 worldwide.
February 2019: Rohm announced the development of an automotive wireless-charging solution with an integrated near-field communication system. This has led to merging Rohm's automotive grade (AEC- Q100Qualified) IC with STMicro.
Wireless Power Receiver Market Segmentation:
Wireless Power Receiver Technology Outlook
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Inductive Coupling
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Capacitive Coupling
Wireless Power Receiver Application Outlook
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Consumer Electronics
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Healthcare
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Automotive
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Aerospace
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Defense
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Industrial
Wireless Power Receiver Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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