The use of battery-backed electronic devices in our day-to-day lives has increased significantly in the past decade, courtesy of the rapid changes in the microelectronics industry. The growing demand for a convenient charging solution in recent years has led to the growth of the wireless charging industry. Additionally, the smartphone industry has witnessed significant developments in terms of wireless technology, creating awareness about this technology further. With the evolution of the industry, the term “wireless power transfer” has gained currency, with companies operating in different application areas such as consumer electronics, automotive, healthcare, and commercial sector keen to bank in the wireless power transfer possibilities. The opportunities for wireless power transfer are limitless, and the recent trends in the industry indicate a favorable market scenario.
With the rise in EVs in the region, there is a subsequent demand for wireless charging technology in Europe. Wireless charging in EVs is still at a nascent stage, with just a few pilot projects. Induction charging is operating at a few pilot locations and is not commercially viable yet. For instance, inductive charging pilot projects have been observed for wireless charging of buses at bus stations in Belgium, Germany, the Netherlands, and the U.K., as well as for pilot-testing for consumers of electric cars in Sweden.
While the authorities have imposed several carbon emission regulations on both the automobile manufacturers and member countries, Europe is actively pushing for a change in its automotive ecosystem. Approximately 1.2% of the cars registered in the region in 2016 were electric. The sales were significant in Germany, Norway, the U.K, France, and the Netherlands, with all of these countries accounting for 90% of the net car sales. The governmental initiatives such as tax benefits, development of charging infrastructure, and numerous advantages of electric vehicles have pushed the market and enabled the growth of the electric vehicle ecosystem. Also, the rapid evolution of the European automobile industry is aided further with the diverse product offerings of all the major OEMs in the region, ranging from conventional hybrids to strictly electrical solutions.
The competitive landscape of the market for wireless charging consists of different strategies undertaken by major wireless charging manufacturers to gain market presence. Some of the strategies adopted by wireless charging manufacturers are developing and launching a new range of products, partnerships, collaborations & agreements, and mergers & acquisitions. Among all the strategies adopted, developing and launching new products have dominated the competitive landscape and is a popular strategy amongst the wireless charging manufacturers.
For Report Sample, Click here: https://bisresearch.com/requestsample?id=645&type=download
Most of the wireless charging manufacturers are of similar financial capability, and the industry landscape is quite competitive because of a large number of players in the market. Therefore, innovation and development have been critical factors for large-scale growth in the global wireless charging market. To increase their global footprint, wireless charging manufacturers are launching new products, expanding their businesses. Also, they are entering into strategic partnerships with different distributor networks and e-commerce portals to target a greater audience.
Moreover, extensive R&D activities and appropriate regulatory environments are also a pre-requisite for the sustained growth of this market. Various governments (by introducing favorable trade policies) and private research institutes are putting in substantial efforts to reduce the production times and increase the awareness about the benefits of wireless charging technologies for the various industries.