Wireless Charging ICs Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2908
Wireless Charging ICs Market size is anticipated to grow substantially over the forecast time span owing to the rise in the demand of compact design for portable consumer electronic devices. These chips occupy less space, which allows device manufacturers to integrate other technologies into the products. It offers several features such as multiple device charging, compatibility, and connection with different devices and convenient solutions. Several advantages of the integration of these components into the electronic devices are high security, mobility, prolonged usage, and technical innovations. This is one of the factors driving the wireless charging ICs market.
The growing demand for miniaturized components in several electronic devices is augmenting the wireless charging ICs market growth. Several advantages provided by the miniaturization of the components are portability, reduction in cost, energy, and material consumption. It also enhances the configuration & design, sensing & control, and the fabrication of the devices. Electronic components, such as semiconductors, capacitors, chips, and electronic circuits, are being manufactured in small sizes to offer portable and slim shapes to electronic devices. Such enhancements and innovations in the semiconductor industry are projected to propel the wireless charging ICs market.
The rise in the demand for these components in smart devices, such as smartphones and smartwatches, is contributing substantially to the growth of wireless charging ICs market. Smart devices are integrated with these chips to provide desirable shapes and additional features & functions, which will improve the performance of the products such as sensors. Several smartphone manufacturers, such as iPhone and Samsung, are providing this function in their offerings. Apple’s iPhone 8, iPhone X, Sony Xperia XZ3, and LG are some of the mobile phones integrated with these chips. Similarly, Samsung’s S7, S7 edge, S6, Note 5, and Note 7 are some of the devices, which are offering this feature to the customers. This is eventually growing the demand for these chips in the wireless charging ICs market.
The high price of these components is restricting the growth of wireless charging ICs market. The integration of several electronic components, such as transmitters, receivers, and controllers, into these chips, which is very costly to manufacture is the restraining factor in the wireless charging ICs market. With the increase in competition among the smart devices manufacturers to provide this feature in their offerings, the prices of the devices will come down, growing the demand for these chips in the industry. Several smartphone developers, such as Apple and Samsung, are offering such devices, which have a very high retail price. Moreover, these features are provided in their higher models, which is not affordable to the low-income group.
The growing demand for electric vehicles in the automobile industry is expected to drive the wireless charging ICs market growth. The integration of these components into electric vehicles will provide advanced charging features, which will drive the wireless charging ICs market growth. Manufacturers of these components will then target their offerings to the automobile industry. With the growing adoption of these vehicles in the future due to several air pollution initiatives by governments, component manufacturers will experience a high demand in the industry creating new opportunities for the wireless charging ICs market.
Receiver ICs are expected to witness a high growth in the wireless charging ICs market. Several advantages offered by the integration of these components include high efficiency, flexibility, and compact design, which will enhance the physical size and the battery life of the devices. These components are integrated into several devices such as tablets, smartphones, smart watches, and several other related accessories. Several component manufacturers are developing new technologies to cater to the demand and specifications of the customer. For instance, Integrated Device Technology, Inc. is offering a dual-mode wireless power receiver IC, which is highly compatible and offers seamless operation for everyday use. These additional features of the component are expanding the industry share of receiver circuits in the wireless charging ICs market.
The healthcare sector is expected to witness a high industry growth over the forecast timespan in the wireless charging ICs market. The growing demand for wearable devices in the sector is increasing rapidly. The integration of the technology with these devices is providing the customers to use these products even when it is in the charging condition. Fitness bands, which are used by sportspersons do not need the charging chords and wire. Several medical devices, which are integrated with this feature are neuro simulators and pacemakers. The applications of these components in the medical sector will enhance the operability and performance of these medical devices, thereby driving the growth of the wireless charging ICs market.
Asia Pacific holds a high industry share in the wireless charging ICs market among other regions. The growing demand for consumer electronic devices, such as smartphones and smart wearables in the region, is expected to drive the wireless charging ICs market growth. Manufacturers of these components are targeting their products for the consumer electronics market, encouraging developers of smart devices to integrate these components into their devices. Furthermore, incorporating medical devices with these components ensures efficiency and productivity thereby having a high potential for growth, providing an opportunity to the manufacturers. This will spur the growth of the wireless charging ICs market in the future.
Key players operating in the wireless charging ICs market are Qualcomm, Inc., NXP Semiconductors Texas Instruments, Inc., Broadcom Corp., MediaTek, Inc., Toshiba Corp., ROHM Semiconductor, On Semiconductor, Integrated Device Technology, Inc., WÜRTHELEKTRONIK GMBH & CO. KG, ROHM Semiconductor, Vishay Intertechnology, Inc., TDK Corporation, Elytone Electronic Co., Ltd., Linear Technology, among others. These players are competing based on the demand and specifications of their customers. They are adopting several marketing strategies to capture a wide customer base such as product differentiation, new product development, mergers, acquisitions, and market penetration. For instance, Belkin, the manufacturer based in the U.S., launched a wireless charging pad in April 2018 for Apple’s iPhone X, 8, and 8 plus.
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