Shashie Pawar

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In-Car Wireless Charging Market Growth Drivers and Current Industry Trends by 2023

The increased usage of smartphones and other electronic devices has increased the need for them to be charged on a fairly regular basis. As many individuals own their personal mode of transportation, the availability of in car charging has been seen as an attractive feature. The development of in-car wireless charging module and accessories by prominent automobile manufacturers has spurred further growth of the market. Moreover, the development of wireless infrastructures and growing demand for hassle-free charging solutions have added further stimulus to the expansion of the market. The in car wireless charging market is projected to achieve revenues worth USD 13,748.0 million while expanding with a CAGR of 40.8 percent in the forecast period (2017-2023). Benefits of in-car wireless charging such as the elimination of charging cables while permitting the charging of multiple devices parallelly without any plug compatibility issues are boosting the market’s growth in the forecast period. Refining standards of life and a continuous upturn in disposable income together with the progressing digital habits of consumers and need for comfort is powering the in-car wireless charging market significantly. Additionally, a sizeable growth in the manufacture of luxury coach buses by private companies is anticipated to boost the market further. The rising cash inflows also motivate the development in the in-car wireless charging systems by automotive manufacturers. Incessant upgradation in product and innovation strategy is central to the escalation in business revenue levels and capture potential new customers in the developing markets. On the other hand, in car wireless charging is also estimated to lift the demand for the adoption of electric vehicles.

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