The global wireless power transmission market is expected to register growth over the forecast period. Limitations regarding wire-based power transmission and the ability of wireless power devices to transmit power with a strong electromagnetic field are expected to have a positive impact on market growth. Wireless power transmission devices have been increasingly incorporated in consumer electronics, industrial, automotive, healthcare, and defense applications. Consumer electronics is expected to be one of the largest application segments over the next six years, owing to application growth of wireless power for the charging of mobiles, tablets, and laptops. Consumer electronics industry growth in Japan, South Korea, and Russia are expected to have a positive impact on wireless power transmission market in the near future. Automobile manufacturers such as Nissan, Toyota Motors, and Honda have started to focus on the development of electric charged vehicles as an alternative to conventional motor vehicles. In December 2010, Nissan launched a five-door electric hatchback car for the markets of Japan and the U.S. This shift of automobile manufacturers towards electric cars is expected to open new market avenues over the next six years. The high cost of wireless power transmission devices as compared to conventional transmission sources is expected to hamper market growth over the next six years. Solar energy incorporation in wireless power transmission is expected to open new market opportunities over the forecast period.
Asia Pacific is expected to be one the largest market owing to positive electronics industry outlook in South Korea, Japan, and China. Growing automobile industry in China, Malaysia and Indonesia would have a positive impact on wireless power transmission market over the next six years. Electronics manufacturers have started to eye on Mexico as a manufacturing hub owing to increased domestic demand and low manufacturing cost than Europe and other North American countries such as Canada and U.S. This positive electronics industry outlook in Mexico is expected to fuel wireless power transmission market demand over the next six years.
Majority of the wireless power transmission market players have manufacturing base in the U.S., Japan, and Hong Kong owing to increased expenditure on technological advancement in electronics industry. Key market participants in wireless power transmission include Convenient Power HK Ltd., Energizer Holdings Inc. (U.S.), Integrated Device Technology, Inc., Murata Manufacturing Co., Ltd., and Leggett & Platt, Inc.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.