ESOMAR-certified consulting firm Future Market Insights (FMI) has published a report on the global wireless charging ICs market
, studying its growth trajectory for the forecast period between 2021 and 2031
. As per the study, increasing adoption of wireless charging technology in automotive and consumer electronics industries will drive sales in the market.
The market will continue to exhibit remarkable growth through 2021 with worldwide revenue up by 15.8% year-over-year in 2021. FMI also projects the market to register growth at 16.7% CAGR, reaching US$ 9.7 Bn by 2031.
Growing sales of electric vehicles across emerging economies such as India, China, and Japan also will spur the sales of wireless charging ICs. Consumers’ preference for autonomous, connected, electric, and wireless vehicles will increase the application of wireless charging technology.
Key manufacturers are continuously upgrading their product portfolio through the integration of artificial intelligence (AI) and internet of thinking (IoT). Recent developments offers by market players are aimed at meeting the consistent demand for advanced technologies in automotive and consumer electronics industries.
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Subsequently, adoption of electric and autonomous-advanced home appliances such as electric toothbrush, earphones, notebooks, and smartphones will increase the sales during the forecast period.
“Demand for sensor and advanced technology to make consumer goods more efficient and smarter has compelled manufacturers to increase the adoption of cutting-edge technologies such as AI and IoT. This is expected to increase the competition in the market, while creating ample growth opportunities for players,“ says the Future Market Insights analyst.
Key Takeaways from Wireless Charging ICs Market Survey
- In terms of product type, receivers will hold the leading market share, exhibiting growth at 17.6% CAGR
- Over 48% of wireless charging ICs sales to come from medium power range segment
- Based on application, consumer electronics application will hold largest market share, creating an incremental opportunity of US$ 3.9 Bn by 2031
- The U.S.’s wireless charging ICs market is expected to be the most lucrative market, totalling US$ 330 Mn in 2021
- Demand for wireless charging ICs in U.K. is expected to soar at 16.4% CAGR during the forecast period
- Japan is expected to account for over 35.7% of global market sales of wireless charging ICs
- Growing adoption of wireless technology in consumer electronics devices will improve the demand
- Rising sales of electric vehicles, especially across emerging economies, will spur the sales of wireless charging ICs
- Increasing adoption of artificial intelligence to improve the efficiency of wireless charging devices will create conducive environment for key players, spurring sales
- Increasing application of wireless technology in warehouse management and trucks charging will propel growth
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- Lack of proper infrastructure needed for dynamic charging will restrain the market growth
- Declining demand for wireless chargers due to the outbreak of COVID-19 is expected to hamper sales
- Preference for traditional charging technology and chargers, especially among baby boomers, is likely to impede growth of wireless charging ICs market
As per Future Market Insights, NXP Semiconductors, Qualcomm Inc., Renesas Electronics Corporation, Analog Devices Inc., and Texas Instruments Inc. are identified as the top 5 players. Adoption of cutting-edge technologies such as artificial intelligence and internet of thinking to improve existing cyber security solutions is the new growth strategy of key players.
Key players are also focusing on expanding their product portfolio through adding innovative capabilities which will assist them in upgrading their existing products.
- In January 2021, Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, announced the launch of the world’s first 60W wireless power receiver, the P9418, to deliver faster wireless charging experiences for smartphones, laptops, and notebook devices in the industry’s highest power density solution.
- Another leading player, Xiaomi, in January 2021, unveiled its “Mi Air Charge Technology”, which is able to wirelessly charge devices from across a room with 5W of power. This technology offers a ‘true wireless charging’ solution, with no cables or stands using spatial positioning and beamforming energy transmission.
- In July 2019, Integrated Device Technology Inc. (IDT), subsidiary of Renesas Electronics Corporation, announced sampling of the P9415 receiver and P9247 transmitter that work together to enable smartphones to change wirelessly with up to 30W of power, narrowing the charging time gap between wireless and wired charging options.
Prominent players operating in wireless charging ICs market profiled by Future Market Insights include:
- NXP Semiconductors
- Renesas Electronics Corporation
- ROHM CO., LTD.
- Semiconductor Components Industries, LLC
- Qualcomm Inc.
- Texas Instruments
- Analog Devices, Inc.
- Vishay Intertechnology, Inc.
- Toshiba Corporation
- WiTricity Corporation
- Powercast Corp
- PLUGLESS POWER INC
- Semtech Corporation
- MediaTek Inc.
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More Valuable Insights into Wireless Charging ICs Market
In its latest report, Future Market Insights offers comprehensive insights on the global wireless charging ICs market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study offers incisive coverage on the global wireless charging ICs market with an unbiased analysis, segmented on the basis of:
By Power Range:
- Low (<15 Watt)
- Medium (16-50 Watt)
- High (>51 Watt)
- Consumer Electronics
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Wireless Charging ICs Market Report
- The report offers detailed insights into wireless charging ICs demand outlook for 2021-2031
- The market study also highlights projected sales growth for wireless charging ICs market between 2021 and 2031
- Wireless charging ICs market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Wireless charging ICs market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others