Wireless Charging ICs Market
Wireless Charging ICs Market (Type: Transmitter ICs and Receiver ICs; Component: Relays, Circuit Breakers, and Others; Power Solution: Low Power Solution, Medium Power Solution, and High Power Solution; and Application: Smart Phones & Tablets, Wearable Electronic Devices, Medical Devices, Automobile Devices, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Dynamic Wireless Charging IC Systems Gain Worldwide Popularity across Different Industries
Although wireless charging is not a new concept, its adoption gained pace over the past decade. Consumer trends suggest a gradual shift toward wireless charging technologies and a large number of consumers are largely in favor of using conventional chargers. However, advancements in charging technologies have paved the way for cutting-edge wireless solutions that are likely to gain traction over the upcoming years. Some of the leading factors that are likely to propel the demand for wireless charging IC solutions include improved consumer convenience, enhanced durability, and protection of electrical connections, among others. These are expected to drive the wireless charging ICs market during the forecast period.
In addition, as wireless charging ICs offer greater mobility than conventional charging alternatives, the demand is gradually expected to gain momentum during the forecast period. At present wireless charging ICs are available for a range of products, including automobile devices, medical devices, wearable electronics, tablets, and smartphones– a factor that is likely to increase the adoption of wireless charging ICs in the upcoming years. The tectonic shift within the automotive industry toward electric vehicles is another major factor driving the market. At the back of these factors, the global wireless charging ICs market is expected to attain a market value of ~US$ 58 Bn by the end of 2027.
Request a sample to get extensive insights into the Wireless Charging ICs Market
High Demand for Electric Vehicles to Open Up New Avenues for Market Players
Amidst mounting concerns pertaining to the environment, the automotive sector has primarily been compelled to lean toward advanced sustainable and reliable technological alternatives. Over the past few years, government and regulatory bodies across the world are increasingly supporting the production of electric vehicles by offering incentives, tax exemptions, etc. The soaring interest for electric and hybrid vehicles is expected to play an imperative part in the growth of the global wireless charging ICs market. Over the past decade, dynamic wireless charging ICs have emerged as the ideal solution to charge electric vehicles due to which, the demand for wireless charging ICs is expected to scale new heights. At present, wireless charging IC companies catering to the automobile sector are focusing on improving the driving range of electric vehicles and minimizing energy-storage demands. The adoption of wireless charging ICs is higher in developed nations, including Germany, the UK, the U.S., and South Korea, thus driving the wireless charging ICs market in these countries.
To understand how our report can bring difference to your business strategy, Ask for a brochure
At present, government authorities worldwide are allocating increased funds to install electric vehicle charging stations, which is a major factor that is likely to boost the demand for wireless charging ICs in the upcoming months. The wireless charging ICs is tipped to gain significant traction as the need for battery storage is not required leading to the development of lightweight and energy-efficient vehicles. Investments within the wireless charging ICs market are pouring in to develop dynamic wireless charging systems. The development of smart roads, along with the high adoption of autonomous technologies is expected to further propel the prospects of the wireless charging ICs market during the second half of the forecast period.
While the automotive sector is anticipated to provide an impetus for growth of the global wireless charging ICs market, the consumer electronics industry is projected to remain a prominent area of application, as number of companies, including Apple and Samsung are launching products that can be charged using wireless charging ICs.
Companies to Address Supply Chain Challenges, Demand Likely to Remain Sluggish in 2020
The novel COVID-19 is expected to dent the growth of the wireless charging ICs market, particularly in 2020 and the first half of 2021. As major industries, including automotive, electronics, mining, and oil & gas are marred with challenges in the supply chain, the storyline is expected to remain the same in the wireless charging ICs market. In addition, fluctuating prices of raw materials coupled with uncertainties involved across the supply chain are likely to impact the expansion of the wireless charging ICs market in the upcoming months. Market players are expected to focus on business continuity strategies, offer additional value in their products, and tap into opportunities within the automotive sector once the COVID-19 pandemic subsides.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Wireless Charging ICs Market
The global wireless charging ICs market is expected to grow at a staggering CAGR of ~29% during the forecast period. The market growth can be primarily attributed to a host of factors, including rising demand from the automotive sector, increasing adoption of wireless technologies IC in the consumer electronic space, and advancements in technology. In addition, as governments across the world continue to emphasize on environment-friendly transportation, the demand is projected to witness notable growth. Companies in the wireless charging ICs market should focus on improving the efficiency of dynamic wireless charging systems and launch eco-friendly solutions in the future to consolidate their market position.
Wireless Charging ICs Market: Overview
- According to Transparency Market Research’s latest research report on the global wireless charging ICs market for the historical period of 2017–2018 and the forecast period of 2019–2027, increasing demand for wireless charging and installation of wireless charging devices at retail and public outlets are likely to fuel the global wireless charging ICs market during the forecast period
- In terms of revenue, the global wireless charging ICs market is estimated to reach a value of ~US$ 58 Bn by 2027, expanding at a CAGR of ~29% during the forecast period
Increase in Demand for Wireless Charging: A Key Driver
- Wireless charging eliminates the need for cables required to charge mobile phones, tablets, computers, and wearable products. With a wireless charging solution, the battery inside any battery-powered operation is charged by simply placing the appliance nearby the wireless power charging device.
- Moreover, manufacturers are making their products completely sealed and waterproof. The global market for wireless charging ICs is expected to witness significant growth in the next few years.
Installation of Wireless Charging Devices at Retail and Public Outlets: Latest Trend in Wireless Charging ICs Market
- Demand for wireless charging is rising at a high rate across the globe. The number of installations of wireless charging devices signifies large adoption of wireless charging equipment, which are still undergoing the early stage of deployment in public places. Moreover, different organizations are focusing on installation of wireless charging devices in their offices to provide hassle-free charging during work and recreation.
- Extensive development and modernization of the charging technology with increasing demand from retail and public sectors has boosted the demand for wireless charging ICs worldwide. For instance, in 2016, McDonald announced its plans to offer free wireless charging spots in their 50 restaurants in the U.K. by 2017.
- In January 2014, Intel discovered a wireless charging bowl, which is convenient for wireless charging. This charging bowl is capable to charge different types of devices such as phones, tablets, and smart watches. This innovative technology is expected to drive the demand for wireless charging ICs during the forecast period.
Compatibility Issues with Wireless Charging Products: A Major Challenge for Wireless Charging ICs Market
- Wireless charging technology is standardized by global Qi standard. Global wireless charging technology manufacturers are using this standardization to develop their wireless charging product.
- Manufacturers are not able to use other techniques or any other standardization to develop a new product segment, which is one of the most important factors likely to restrict the growth of the wireless charging ICs market during the forecast period. This compatibility nature of product creates a negative influence to enter small manufacturers in the market.
Wireless Charging ICs Market: Competition Landscape
- Detailed profiles of providers of wireless charging ICs have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global wireless charging ICs market are
- NXP Semiconductors
- Vishay Intertechnology, Inc.
- MediaTek Inc.
- Qualcomm Inc.
- Texas Instruments Inc.
- Broadcom Corporation
- Toshiba Corporation
- On Semiconductor
- Analog Devices, Inc.
- ROHM Semiconductor
- Integrated Device Technology Inc.
Wireless Charging ICs Market: Key Developments
- Key providers of wireless charging ICs, such as ROHM Semiconductor and Analog Devices Inc., are focusing on acquisitions and development of innovative products to offer a diversified range of products and win more customers. Some key developments in the global wireless charging ICs market are:
- In January 2019, ROHM Semiconductor announced to have developed an automotive wireless charging solution, which is a combination of ROHM’s automotive-grade wireless power transmission control IC with NFC Reader IC by STMicroelectronics. This enables the charger to supply power of up to 15W.
- In October 2018, Analog Devices, Inc. announced expansion of its wireless battery charging offerings by incorporation of LTC4126, a wireless Li-ion battery charger IC. The IC consists of an integrated rectifier with an overvoltage limit for safety.
- In the report on the global wireless charging ICs market, we have discussed individual strategies, followed by company profiles of providers of wireless charging ICs. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global wireless charging ICs market.
Wireless Charging ICs Market – Scope of the Report
A new study on the global wireless charging ICs market is published by Transparency Market Research (TMR). It presents detailed information of key market dynamics, including market drivers, trends, and challenges for the global wireless charging ICs market as well as its structure. TMR’s study offers valuable information on the global wireless charging ICs market in order to illustrate how the market is expected to expand during the forecast period i.e. 2019–2027.
Key indicators of market growth, which include value chain analysis, supply chain analysis, and compounded annual growth rate (CAGR) are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global wireless charging ICs market.
An extensive analysis of business strategies adopted by leading market players is also featured in TMR’s study of the global wireless charging ICs market. This can help readers understand key factors responsible for growth of the global wireless charging ICs market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global wireless charging ICs market. This data would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Wireless Charging ICs Market
- What would be the Y-o-Y growth trend of the global wireless charging ICs market between 2019 and 2027?
- What is the influence of the changing trend in technologies on the global wireless charging ICs market?
- Would Asia Pacific continue to be the most profitable regional market for providers of wireless charging ICs in the next few years?
- Which factors would hinder the global wireless charging ICs market during the forecast period?
- Which are the leading companies operating in the global wireless charging ICs market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the global wireless charging ICs market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global wireless charging ICs market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to the production of TMR’s study on the global wireless charging ICs market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global wireless charging ICs market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific questions about the global wireless charging ICs market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global wireless charging ICs market more reliable and accurate.
Wireless Charging ICs Market – Segmentation
TMR’s study of the global wireless charging ICs market segments the market based on type, component, power solution, application, and region. Changing market trends and other crucial market dynamics associated with these segments of the global wireless charging ICs market have been discussed in detail in the report.
Low Power Solution
Medium Power Solution
High Power Solution
Smart Phones & Tablets
Wearable Electronic Devices
Middle East & Africa