Wireless Charging ICs Market: Introduction
Transparency Market Research delivers key insights on the global wireless charging ICs market. In terms of revenue, the global market is estimated to expand at a CAGR of ~29% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global wireless charging ICs market.
Wireless charging ICs offer multiple advantages over the traditional charging systems in terms of efficiency, cost-effectiveness, and safety. Wireless charging is the method of transmitting power-based resonance technique or electromagnetic induction to tablets, mobile phones, wearable devices, and smart electronic devices. Wireless charging can be called ‘the next industrial revolution,’ as it is changing the manner in which people work, entertain, live, and travel, along with the manner in which businesses and governments interact with the world. A wireless charging IC is an integrated circuit for wireless charging. It consists of a receiver and a transmitter.
The transmitter coil transmits wireless energy, while the receiver coil receives power transmission. The transmitter coil helps in transfer of power to the receiver coil through electromagnetic induction. Businesses are leading adopters of wireless charging ICs. Wearable electronic devices are the second-largest adopters of wireless charging ICs, followed by mobile phones. Wireless charging ICs are primarily used in mobile phones, tablets, wearable products, and consumer electronics devices.
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Wireless Charging ICs Market: Dynamics
Increase in the demand for wireless charging and rise in the installation of wireless charging devices at retail and public outlets are likely to fuel the global wireless charging ICs market during the forecast period. 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. Over the last few years, manufacturers across various industry verticals are registering high demand for specialized charging solutions to cater to the needs of their customers. Furthermore, wireless charging ICs are increasingly being used in applications such as smart phones and tablets, wearable electronic devices, medical devices, and automobile devices.
However, wireless charging technology is standardized by the Global Qi Standard. Global manufacturers are using this standard while developing their wireless charging products. 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 factor 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. Furthermore, compact product design and facility of charging multiple devices are expected to drive the global wireless charging ICs market during the forecast period.
Wireless Charging ICs Market: Prominent Regions
Asia Pacific is the dominant region of the global wireless charging ICs market. This can be attributed to high adoption of consumer electronics devices such as mobile phones and tablets and wearable electronics devices in the region. The market in North America is estimated to witness significant growth during the forecast period, owing to high adoption of wireless technology in the region.