Dec 6th, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Wireless Charging Pad Market.
It was estimated prior to this unanticipated outbreak that the Wireless Charging Pad Market is likely to witness an impressive CAGR during the forecast period.
Wireless charging works by transferring energy from the charging pad to a receiver within the back of the phone via electromagnetic induction. it's the transfer of power from an influence outlet to your de-vice, without the necessity for a connecting cable. It involves an influence transmitting pad and a receiver, sometimes within the type of a case attached to a mobile device or built into the phone itself.
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Segment Analysis:
Application Trends
Based on application, the wireless charging pad market is bifurcated into smartphones and batteries. The smartphone segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Surging demand for efficient charging systems coupled with increasing sales of smartphones is likely to boost the market growth. For instance, smartphone shipments in India reached 150 million units while 5G smartphone shipments crossed four million units in 2020, which was mainly driven by high consumer demand post-lockdown, further bolsters the segment growth.
Regional Trends
By region, the Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly attributed to the rising adoption of IoT-based devices in smartphones. Moreover, improving standards of living, high internet penetration, robust smartphone sales, and the presence of large product manufacturers in the region, further proliferates the regional market growth.
COVID-19 Impact on Wireless Charging Pad Market
The COVID-19 outbreak has moderately affected the wireless charging pad industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. Consumer electronic and smartphone sales were heavily affected amid the pandemic, which impacted the product demand. Also, the decline in the production of mobile phones and chargers due to supply chain disruption further affected the product demand.
Key Players:
Key players operating in the Wireless Charging Pad market are-
- Samsung Electronics Co. Ltd. (South Korea)
- Spigen Inc (South Korea)
- LG (South Korea)
- ESEEKGO (US)
- PLESON (Canada)
- Energizer (US)
- RAVPower (China)
- Nillkin Magic Disk (China)
- Belkin (US)
- Incipio (US).
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Wireless Charging Pad Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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