Dynamic Wireless Charging IC Systems Gain Worldwide Popularity across Different Industries
Although wireless charging is not a new concept, its adoption gained pace over the past decade. Consumer trends suggest a gradual shift toward wireless charging technologies and a large number of consumers are largely in favor of using conventional chargers. However, advancements in charging technologies have paved the way for cutting-edge wireless solutions that are likely to gain traction over the upcoming years. Some of the leading factors that are likely to propel the demand for wireless charging IC solutions include improved consumer convenience, enhanced durability, and protection of electrical connections, among others. These are expected to drive the wireless charging ICs market during the forecast period.
In addition, as wireless charging ICs offer greater mobility than conventional charging alternatives, the demand is gradually expected to gain momentum during the forecast period. At present wireless charging ICs are available for a range of products, including automobile devices, medical devices, wearable electronics, tablets, and smartphones– a factor that is likely to increase the adoption of wireless charging ICs in the upcoming years. The tectonic shift within the automotive industry toward electric vehicles is another major factor driving the market. At the back of these factors, the global wireless charging ICs market is expected to attain a market value of ~US$ 58 Bn by the end of 2027.
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High Demand for Electric Vehicles to Open Up New Avenues for Market Players
Amidst mounting concerns pertaining to the environment, the automotive sector has primarily been compelled to lean toward advanced sustainable and reliable technological alternatives. Over the past few years, government and regulatory bodies across the world are increasingly supporting the production of electric vehicles by offering incentives, tax exemptions, etc. The soaring interest for electric and hybrid vehicles is expected to play an imperative part in the growth of the global wireless charging ICs market. Over the past decade, dynamic wireless charging ICs have emerged as the ideal solution to charge electric vehicles due to which, the demand for wireless charging ICs is expected to scale new heights. At present, wireless charging IC companies catering to the automobile sector are focusing on improving the driving range of electric vehicles and minimizing energy-storage demands. The adoption of wireless charging ICs is higher in developed nations, including Germany, the UK, the U.S., and South Korea, thus driving the wireless charging ICs market in these countries.
At present, government authorities worldwide are allocating increased funds to install electric vehicle charging stations, which is a major factor that is likely to boost the demand for wireless charging ICs in the upcoming months. The wireless charging ICs is tipped to gain significant traction as the need for battery storage is not required leading to the development of lightweight and energy-efficient vehicles. Investments within the wireless charging ICs market are pouring in to develop dynamic wireless charging systems. The development of smart roads, along with the high adoption of autonomous technologies is expected to further propel the prospects of the wireless charging ICs market during the second half of the forecast period.
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While the automotive sector is anticipated to provide an impetus for growth of the global wireless charging ICs market, the consumer electronics industry is projected to remain a prominent area of application, as number of companies, including Apple and Samsung are launching products that can be charged using wireless charging ICs.
Companies to Address Supply Chain Challenges, Demand Likely to Remain Sluggish in 2024
The novel COVID-19 is expected to dent the growth of the wireless charging ICs market, particularly in 2020 and the first half of 2021. As major industries, including automotive, electronics, mining, and oil & gas are marred with challenges in the supply chain, the storyline is expected to remain the same in the wireless charging ICs market. In addition, fluctuating prices of raw materials coupled with uncertainties involved across the supply chain are likely to impact the expansion of the wireless charging ICs market in the upcoming months. Market players are expected to focus on business continuity strategies, offer additional value in their products, and tap into opportunities within the automotive sector once the COVID-19 pandemic subsides.
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Analysts’ Viewpoint
The global wireless charging ICs market is expected to grow at a staggering CAGR of ~29% during the forecast period. The market growth can be primarily attributed to a host of factors, including rising demand from the automotive sector, increasing adoption of wireless technologies IC in the consumer electronic space, and advancements in technology. In addition, as governments across the world continue to emphasize on environment-friendly transportation, the demand is projected to witness notable growth. Companies in the wireless charging ICs market should focus on improving the efficiency of dynamic wireless charging systems and launch eco-friendly solutions in the future to consolidate their market position.
Wireless Charging ICs Market: Overview
- According to Transparency Market Research’s latest research report on the global wireless charging ICs market for the historical period of 2017–2018 and the forecast period of 2019–2027, increasing demand for wireless charging and installation of wireless charging devices at retail and public outlets are likely to fuel the global wireless charging ICs market during the forecast period
- In terms of revenue, the global wireless charging ICs market is estimated to reach a value of ~US$ 58 Bn by 2027, expanding at a CAGR of ~29% during the forecast period
Increase in Demand for Wireless Charging: A Key Driver
- Wireless charging eliminates the need for cables required to charge mobile phones, tablets, computers, and wearable products. With a wireless charging solution, the battery inside any battery-powered operation is charged by simply placing the appliance nearby the wireless power charging device.
- Moreover, manufacturers are making their products completely sealed and waterproof. The global market for wireless charging ICs is expected to witness significant growth in the next few years.
Installation of Wireless Charging Devices at Retail and Public Outlets: Latest Trend in Wireless Charging ICs Market
- Demand for wireless charging is rising at a high rate across the globe. The number of installations of wireless charging devices signifies large adoption of wireless charging equipment, which are still undergoing the early stage of deployment in public places. Moreover, different organizations are focusing on installation of wireless charging devices in their offices to provide hassle-free charging during work and recreation.
- Extensive development and modernization of the charging technology with increasing demand from retail and public sectors has boosted the demand for wireless charging ICs worldwide. For instance, in 2016, McDonald announced its plans to offer free wireless charging spots in their 50 restaurants in the U.K. by 2017.
- In January 2014, Intel discovered a wireless charging bowl, which is convenient for wireless charging. This charging bowl is capable to charge different types of devices such as phones, tablets, and smart watches. This innovative technology is expected to drive the demand for wireless charging ICs during the forecast period.
Compatibility Issues with Wireless Charging Products: A Major Challenge for Wireless Charging ICs Market
- Wireless charging technology is standardized by global Qi standard. Global wireless charging technology manufacturers are using this standardization to develop their wireless charging product.
- Manufacturers are not able to use other techniques or any other standardization to develop a new product segment, which is one of the most important factors likely to restrict the growth of the wireless charging ICs market during the forecast period. This compatibility nature of product creates a negative influence to enter small manufacturers in the market.
Wireless Charging ICs Market: Competition Landscape
- Detailed profiles of providers of wireless charging ICs have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global wireless charging ICs market are
- NXP Semiconductors
- Vishay Intertechnology, Inc.
- MediaTek Inc.
- Qualcomm Inc.
- Texas Instruments Inc.
- Broadcom Corporation
- Toshiba Corporation
- On Semiconductor
- Analog Devices, Inc.
- ROHM Semiconductor
- Integrated Device Technology Inc.
Wireless Charging ICs Market: Key Developments
- Key providers of wireless charging ICs, such as ROHM Semiconductor and Analog Devices Inc., are focusing on acquisitions and development of innovative products to offer a diversified range of products and win more customers. Some key developments in the global wireless charging ICs market are:
- In January 2019, ROHM Semiconductor announced to have developed an automotive wireless charging solution, which is a combination of ROHM’s automotive-grade wireless power transmission control IC with NFC Reader IC by STMicroelectronics. This enables the charger to supply power of up to 15W.
- In October 2018, Analog Devices, Inc. announced expansion of its wireless battery charging offerings by incorporation of LTC4126, a wireless Li-ion battery charger IC. The IC consists of an integrated rectifier with an overvoltage limit for safety.
- In the report on the global wireless charging ICs market, we have discussed individual strategies, followed by company profiles of providers of wireless charging ICs. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global wireless charging ICs market.
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