Wireless Charging IC Market Size

Wireless Charging IC Market Size

Wireless Charging IC Market size exceeded USD 2 billion in 2021 and is poised to grow at over 18% CAGR from 2022 to 2028. The market growth is due to increasing demand for multiple IoT-connected & e-train-loaded vehicles such as forklifts, robots, portable devices, etc.

Wireless charging ICs offer several high-end features such as precise power supply, small size, compact, and lightweight operations. This has encouraged their adoption in various IoT devices such as asset trackers, shipment trackers, Bluetooth trackers, smart pens, battery-powered electronics, and other electronic devices. Additionally, rising government funding activities to support the adoption of IoT technology will further support the market expansion.
 

The COVID-19 pandemic had a significant impact on the wireless charging IC market. As a result, some production sites have been closed, supply chains have been disrupted, and international trade restrictions have been implemented. As semiconductors are becoming increasingly scarce, numerous automakers have lowered their production capacity. However, by the first half of 2022, to achieve a major competitive edge in the market, manufacturers are pushed to rearrange their manufacturing facilities and raise their investments in wireless charging IC technologies.