According to a new market report published by Credence Research, Inc., “Global In-car Wireless Charging Market (By Sales Channel (OEM-fitted and Aftermarket), By End-use Application (Passenger Cars (Luxury and Premium Cars, Mid-segment and Basic Cars, and Sports Cars) and Commercial Vehicles)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2017 – 2025”, the global in-car wireless charging market is expected to witness a strong growth during the forecast period 2017 – 2025.
The overall in-car wireless charging system market is strongly driven by the growth in production of smart automotives. Post-recession, the automotive industry worldwide has shown positive signs of recovery. The demand for luxury and semi-luxury high performance vehicles has risen significantly over the last few years. Premium and luxury car segment represents the largest end-use segment in the global in-car wireless charging system market. The segment accounted for over three-fourth of the market revenue in 2016. Rising demand for smart cars is driving the demand for advanced car infotainment systems and telematics , thereby driving demand for wireless charging systems in luxury and premium car segment.
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Commercial vehicle segment including both light commercial vehicles and heavy commercial vehicles presents a sound growth opportunity for in-care wireless charging device manufacturers. Increased trade activity and volumes of on-road containerized freight over a long distance necessitates use of infotainment technologies including GPS navigation, which consumes battery. The use of in-car wireless charging systems eliminates the need to carry multiple chargers, thereby efficiently addressing concerns related to the battery life. However, the adoption of wireless charging technology in automotives is marred by several challenges. One of the major challenges is the lack of universal standard and incompatibility with several existing devices. The existing charging solutions including cases, stands, and mats either support the Qi or PowerMat standard. With the introduction of Apple’s latest iPhones that support wireless charging, automakers may be encouraged to make this a standard across most of their fleets. Relatively slow charging speed than wired charging is another challenge inhibiting the market growth.
Developed economies including North America and Europe represent the two prominent in-car wireless charging system market. The regions collectively accounted for over two-third of the global market revenue in 2016. The dominance of Europe is majorly on account of huge luxury and premium car market in the region. The presence of auto makers such as Audi, BMW, and Mercedes Benz that offer wireless charging systems in their cars has bolstered market growth in Europe. Relatively greater technology acceptance and adoption in the U.S. has paved the way for the growth of in-car wireless charging technology in North America. On the other hand, Asia Pacific is poised to witness comparatively superior growth during the forecast period 2017 – 2025. Improving standard of living, increase in discretionary expenditure, and increase in per capita ownership of premium cars represent economic variables conducive to the future growth of automotive technologies in Asia Pacific.
On the basis of sales distribution channel, the global in-car wireless charging system market is categorized into following categories:
- Original Equipment Market
As of 2016, Original Equipment Manufacturers-fitted segment dominated the global in-car wireless charging system market, accounting for over 2/3rd of the global market revenue. Although aftermarket plays a significant role in the replacement demand of wireless charging systems, it is expected that the sale of infotainment products such as wireless charging units would improve through Original Equipment Manufacturers than through aftermarket channel. With OEMs increasingly looking to penetrate mid-size and basic model segments, they are expected to offer wireless charging systems as a part of add-on package in these segment cars.