Wireless Charging ICs Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2908
Wireless Charging ICs Market size is slated to exhibit significant gains between 2021 and 2027. This can be ascribed to the advancements in charging technologies, along with the leading growth factors including improved consumer convenience, protection of electrical connections, and improved durability.
Wireless charging ICs provide increased mobility than traditional charging substitutes, owing to which the market is expected to accrue lucrative gains during the span of 2021-2027. Currently, wireless charging ICs are available for a wide range of products, including medical devices, wearable electronics, automobile devices, and smartphones.
In addition, initiatives taken up by several governments for wireless charging of electric vehicles to preserve the environment would potentially drive the adoption of wireless charging ICs in the years to come. The thriving semiconductor industry is working on wireless electric vehicle charging which is further fueling the market progression.
Based on the type, receiver ICs are touted to record considerable gains through 2027. Wireless charging receiver ICs are used to receive wireless power from the transmitters to charge a battery. Various semiconductor companies are seeking to introduce leading wireless power receivers. For instance, Renesas had in 2021 introduced the world’s first 60 watts wireless power receiver, P9418, to deliver rapid wireless charging experiences for laptops, smartphones, and notebook devices in the industry’s high power density solution. Thus, the aforementioned factors and initiatives are poised to transform the segmental growth, further propelling the market growth.
In terms of application, consumer electronics segment is projected to gain impetus across the global wireless charging ICs market. These products are reducing the cable usage for users to charge various home appliances and consumer electronics. Moreover, the growing penetration of smartphones and other consumer electronics devices is further likely to boost the demand for wireless charging ICs worldwide. According to GSMA real-time intelligence data estimates, 66.92% of the world’s population owns a mobile device as of 2021. In lieu of these trends, the wireless charging ICs demand in the world would observe a strong growth over the foreseeable period.
Asia Pacific is estimated to draw lucrative gains across the overall wireless charging ICs market in the coming years. The regional market is speculated to be led by Japan due to the country’s expanding semiconductor industry. Ongoing research and development activities in Japan with subject to the advancements in wireless charging, the consumer electronics devices would further augment the regional market space.
Citing an instance, in 2019, researchers from the University of Tokyo launched a new system that is capable of charging devices like smartphones wirelessly. Such initiatives have been contributing to the growth of market in Japan. Besides, advancements in medical devices are further poised to transform APAC market.
Some of the prominent companies operating in the global wireless charging ICs market are NXP Semiconductors N.V., Qualcomm, Inc., Toshiba Corporation, Broadcom Inc., Samsung Electronics, MediaTek, Inc, ROHM Semiconductor, and others. These market vendors have been engaged in diverse industrial tactics like acquisitions, mergers, product launches, and more to gain a competitive edge in the market space.
Impact of COVID-19 on wireless charging ICs market growth
Global coronavirus pandemic outbreak is predicted to have a significant impact on the overall market with subtle decline coming in from semiconductor, automotive, and other businesses. This can be attributed to movement restrictions, reduced workforce, and temporary halt in IC production. However, the growth in the market can be reasoned to the rising sales of consumer electronics like smartphones, laptops, and more, due to increase in preference for online classes and work-from-home culture. The expansion of the medical sector also created a positive impact on the overall industry progression.
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