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Wireless Charging IC Market worth over $6.5bn by 2028
- Published Date: May 4, 2022
Wireless Charging IC Market size is set to surpass USD 6.5 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is driven by the growing acceptance of wireless charging modules integrated into airplanes and aircraft. Wireless charging ICs are embedded in various parts of the cabin, such as bar tops, armrests, tray tablets & so on, and allow users to charge their electronics cord-free. It allows travelers to charge their electronic devices easily and offers flexibility. Such efforts will support the market expansion.
Several aerospace OEMs are working on developing strategic alliances with IC manufacturers to procure high-precision and energy-efficient wireless charging systems, fueling the market demand. Compatibility concerns with ICs are impeding the industry expansion. Wireless charging is only available for devices that support the Qi wireless charging standard. As a result, accessory providers supply external wireless charging options for such devices. Multiple phones necessitate various types of wireless chargers, such as charging cradles, charging pads, charging boxes & so on, resulting in compatibility concerns. Several end-use players in the industry, such as consumer electronics, automotive electronics, and industrial, among others, are focusing on developing Qi-standard complied devices, thus further supporting the market adoption.
Rising efforts of public associations to regulate wireless power transmission will spur the market progression
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The transmitter IC segment held 50% of wireless charging IC market share in 2021 and is projected to reach USD 4 billion by 2028. This growth is attributed to the increasing usage of receiver IC-based electronic devices globally. Standard associations and authorities aim to develop new regulations on transmitter power transfer devices. For instance, in July 2021, The Wireless Power Consortium (WPC) announced the availability of the new Qi 1.3 standard, which specifies the stipulation for improved safety when transferring up to 15W of electricity between a receiver and transmitter. Moreover, the industry participants are implementing a transmitter reference model for Qi 1.3 aligned wireless charging IC technology.
Browse key industry insights spread across 280 pages with 423 market data tables and 26 figures & charts from the report, “Wireless Charging IC Market Size, By Type (Receiver IC, Transmitter IC), By Power Range (Low Range, Mid-Range, High Range), By Application (Consumer Electronics, Automotive, Industrial, Medical, Telecom, Aerospace), COVID-19 Impact Analysis , Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Increasing demand for power-efficient smart home appliances and electronics will boost the industry growth
The mid-range segment in the wireless charging IC market accounted for USD 750 million in 2021 and is predicted to observe a 15% growth rate till 2028. This growth is credited to the rising utilization of smart & portable home devices such as cameras, doorbells, and wearables, among others. Wireless charging ICs are used in these appliances to supply power wirelessly and maintain energy efficiency. According to the Retailer Association of India (RAI), consumer electronics and appliance exports from India reached 23.5% in FY21 compared to the previous year. The country's increasing acceptance of advanced technologies, such as AI and IoT, has expanded the demand for new electronics, further stimulating the industry demand.
Proliferation of wireless charging in electrical equipment in the industrial sector will propel the industry progression
The industrial segment is estimated to attain a CAGR of over 18% through 2028. An rising number of wireless charging applications in high-performance industrial devices for continuous power delivery is expected to drive the future industry revenue. Wireless charging ICs are used in various industrial applications such as automated tugger trains, autonomous mobile robots, production logistics, and drones, among others. Companies operating in the market are continuously focusing on new product launches to compete in the industry.
Proliferation of unmanned aerial vehicles and drones will accelerate the industry size in North America region
North America wireless charging IC market held around 20% of revenue share in 2021 due to the rising demand for Unmanned Aerial Vehicles (UAVs) and drones in the U.S. According to a November 2021 Federal Aviation Administration (FAA) press release, the U.S. registered a total of 865,404 unmanned aircraft systems with recreation drones accounting for 522,839 units and commercial UAVs accounting for 338,974 units. These UAVs and drones are densely packed with wireless charging ICs, allowing wireless charging with efficient power transfer. Such large-scale penetration of UAVs, recreational drones, and surveillance drones will foster the regional market demand.
Key players operating in the market are NXP Semiconductors N.V., Qualcomm Inc., Toshiba Corporation, Samsung Electronics, MediaTek, ROHM Semiconductor, and Broadcom Inc., among others. These leaders are constantly engaged in adopting new strategies, such as new product launches and acquisitions, to expand their product offerings.