Market Trends of Smart Power Industry
This section covers the major market trends shaping the Smart Power Market according to our research experts:
Wireless Charger Receivers to witness significant growth
- The global demand for smartphones is increasing an exponential rate, with vendors offering innovative solutions and features to attract consumers. According to Ericsson's data, there were 5.5 billion smartphone subscriptions at the end of 2019, and it is forecasted to reach 7.5 billion by 2025; owing to such growing demand, vendors in the market are expected to enhance their offerings further to expand their market share.
- In addition to this, major vendors such as Apple and Samsung are looking to discontinue offering chargers as part of their standing in the box accessories to develop buttonless and hole less devices that can be charged wirelessly. Such developments are expected to be followed by other vendors across the world for their flagship devices.
- With the growing consumer inclination towards wireless charging solutions, vendors in the market are increasingly offering their solutions with the option of wireless charging. The global shipment of smartphones capable of wirelessly charging grew significantly during the year 2019.
- Development of wireless charging standard and adoption of these form mobile phone manufacturers has allowed a single device to support charging for multiple devices with different power requirements as well as from different mobile manufacturers has further helped the adoption.
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Asia Pacific to Attain Dominant Market Share
- China is at the forefront of technological advancement and adoption; the country had over 800 million smartphone users in 2019 and expected to cross one billion marks by 2025. According to the data by Ericsson, China is set to add around 170 million smartphone subscriptions between 2019 and 2025; with the proliferation of 5G technology in the country, the demand for 5G capable high-end smartphones is expected to increase significantly over the forecasted period.
- Japan is one of the prominent economies in the region and home to one of the prominent market for smartphones. The mobile phone penetration in the country is over 90%, whereas smartphone penetration in the country stood at 67.6% in 2019, according to the Ministry of Internal Affairs and Communications, Japan.
- Apart from India, South Korea is one of the prominent markets for smartphones and one of the pioneers in the adoption of 5G technology. The country has one of the highest penetration of smartphones in the region; according to KISDI, the ownership rate of smartphones in South Korea during 2019 stood at 88.5%n and growing at a steady pace.
- Apart from India, South Korea is one of the prominent markets for smartphones and one of the pioneers in the adoption of 5G technology. The country has one of the highest penetration of smartphones in the region; according to KISDI, the ownership rate of smartphones in South Korea during 2019 stood at 88.5%n and growing at a steady pace.
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