New York, United States , Jan. 13, 2023 (GLOBE NEWSWIRE) -- The Global Wireless Charging IC Market Size to grow from USD 4.71 billion in 2021 to USD 26.47 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 23.86% during the forecast period. This growth is credited to the rising adoption of smart home automation technologies across the globe. Wireless charging provides an advantage over conventional charging by reducing infection risk, increasing durability and protection against electric connection.
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Electromagnetic induction is the method used for wireless charging. Electric toothbrushes, power tools, cars, cellphones, smartwatches, medical equipment, and other gadgets all have wireless charging capabilities. The wireless coupling method is used to transfer energy from the charging station to the charging equipment. Within the projection period, wireless charging is expected to expand quickly. Additionally, the gadget uses electromagnetic induction to power portable devices. Electric toothbrushes, medical equipment, cars, and power equipment all have wireless charging capabilities built in. These chips take up less room, making the gadget lighter and more compact. They also make it easier for producers to include additional technologies into their devices. As wireless charging ICs offer many devices charging features, are energy-efficient, and provide long-lasting solutions, they are widely utilised in the consumer electronics and automotive industries in applications including laptops, smartphones, tablets, smartwatches, and cameras. By minimising the amount of cords, this wireless charging technology aids in the protection of electrical connections.
Additionally, it enhances user satisfaction by enabling device minimization. In addition to this, the incorporation of wireless IC in electronic products also leads to energy savings, excellent security, and reduced material consumption, all of which raise industry standards for product quality. Additionally, it is anticipated that the development of dependable and sustainable technologies will enhance market expansion in general. Additional driving aspects that are anticipated to fuel market growth include better durability, electrical connection protection, and improved customer convenience. The introduction of COVID 19 has slowed the expansion of the global wireless charging IC market because most sectors, including electronics and the automobile industry, are having trouble with logistics.
Browse 48 market data Tables and 58 Figures spread through 195 Pages and in-depth TOC on “Global Wireless Charging IC Market Size, Share, and COVID-19 Impact Analysis, By Type (Receiver IC, Transmitter IC), By Power Range (Low Range, Mid-Range, High Range), By Application (Consumer Electronics, Automotive, Industrial, Medical, Telecom, Aerospace), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”
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Power receiver to dominate the market with 19% CAGR.
On the basis of type, the global wireless charging IC market is segmented into receive IC and transmitter IC. With a total sale of USD 1 billion in 2021, the receiver wireless charging IC has the largest market share of all of them. The market's expansion is mostly due to its rising use in commercial products including drones, power tools, and service robots. Due to some characteristics like high efficiency, compact design, and great adaptability, it is being employed in these devices more frequently.
Low range segment holds the largest market share of 20%.
Based on power range, the global wireless charging IC market is segmented into low range, mid-range, and high range. With a market share of 20% and projected sales of more than USD 1 billion in 2021, the low range sector is the one that is now dominating the market. Numerous portable medical equipment, including pacemakers, neuromodulation, handheld appliances, and diagnostic tools, are incorporated with low power wireless charging IC technology that enables quick charging. This makes it easier for the doctors to utilise the equipment. In reality, many businesses want to develop new items to meet the market's growing need and obtain a competitive edge.
Consumer electronics segment holds the largest market share of over 35%.
On the basis of application, the global wireless charging IC market is segmented into consumer electronics, medical, automotive, telecom, industrial, aerospace. Due to the increased demand for smart products like smartwatches, smartphones, game consoles, and laptops, the consumer electronics segment will hold the greatest market share of over 35% in 2021.
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North America emerged as the largest market for the global Wireless Charging IC market in 2021.
The Global wireless charging IC Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. North America will hold the greatest market share in 2021 as a result of the public sector's growing adoption of wireless charging for electronic devices. In addition, it is projected that the growing demand for wireless charging in a variety of consumer electronics items, including laptops, gaming consoles, tablets, desktops, televisions, and smartphones, will help the region's industry overall.
Key Vendors in Wireless Charging IC Market: 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. The “Global Wireless Charging IC Market” study report will provide valuable insight with an emphasis on the global market.
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