Wireless Charging IC Market Analysis

Wireless Charging IC Market Analysis

The low range segment revenue was over USD 1 billion in 2021 and is predicted to witness 20% growth through 2028. Multiple portable medical devices including diagnostic tools, hand-held appliances, pacemakers, and neuromodulation devices have been incorporated with low-power wireless charging IC technology, allowing fast charging and simplicity of use. This enables doctors and clinicians to use wireless tools without difficulty.

The low range segment revenue was over USD 1 billion in 2021 and is predicted to witness 20% growth through 2028. Multiple portable medical devices including diagnostic tools, hand-held appliances, pacemakers, and neuromodulation devices have been incorporated with low-power wireless charging IC technology, allowing fast charging and simplicity of use. This enables doctors and clinicians to use wireless tools without difficulty.
 

Several wireless charging IC market participants are continuously focusing on launching new products to address the rising demand and gain a competitive edge in the market. For instance, in November 2021, NuVolta Technologies launched a new 3^rd Gen wireless charging IC as an addition to its Nu170x product family. The company designed this SoC for the low to medium power range market, focusing on 5W to 30 W applications. These applications consist of smartphones, wearables, medical portable devices, medical cleaning robots, etc.
 

The consumer electronics sector held a wireless charging IC market share of more than 35% in 2021, owing to increasing demands for smart devices such as smartphones, smartwatches, tablets, laptops, and game consoles, among others. According to the Mobile Economy report 2022, 75% of the world's population has smartphone connection which is expected to reach 84% by 2025. Additionally, premium smartphone manufacturers, such as Apple, Samsung, and Oppo, among others, are focusing on developing wireless charging-enabled devices, creating growth opportunities for wireless charging IC manufacturers.
 

The Asia Pacific wireless charging IC market is estimated to register growth rate of over 22% from 2022 to 2028. The market growth is impelled by the rising government emphasis on promoting industrial automation in the region. For instance, in October 2021, the South Korean government launched a USD 340 million strategy to assist startups and small & medium-sized businesses in establishing smart factories. Several industrial robots, Automated Guided Vehicles (AGV), and electric forklifts are integrated with wireless charging ICs & modules at these factories. The widespread use of automation and robots in smart factories will propel the market expansion.