The wireless charging ICs market is anticipated to boom at a strong CAGR of 16.7% between 2023 and 2033. The market is anticipated to cross a market share of US$ 13.1 billion by 2033, while it holds a revenue of US$ 2.8 billion in 2023. As modern-mobile technology penetrates the market space, wireless charging becomes more common in mobile phones, making the charging process safer, faster, and easy. Furthermore, the flagship range of the smartphone market provides wireless charging ICs.
The increased convenience and efficiency provided to the end users through wireless charging, along with the advent of automobiles coming with wireless charging, are fueling the sales of wireless charging ICs. Wireless power leaders are focusing on industry-leading efficiency and unique and proven hardware. This fuels the demand for wireless charging ICs.
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The higher mobility provided by the wireless charging technology, along with the fact that the user doesn’t have to carry the charger everywhere while travelling, makes the technology futuristic. Advanced systems that support wireless charging in outlets, universities, and buses help technology penetrate the smartphone-integrated markets. Furthermore, the major smartphone manufacturers provide wireless charging in them, making them reliable for future use as the industry is anticipated to boom at a higher pace.
Key Takeaways:
- The US market is the biggest space for smartphone technology and is anticipated to cross a value of US$ 1.5 Bn by 2033. The regional market is expected to thrive at an elevated 13.5% between 2023 and 2033.
- The South Korean market thrives at the highest CAGR of 19.9% during the forecast period. The market is likely to reach a value of US$ 949.9 Million by 2033.
- The transmitter segment is expected to thrive in the product category as it has the highest penetration and easy installation process. It is expected to thrive at a CAGR of 16.2% during the forecast period.
- Consumer electronics top the application type segments with a CAGR of 16.6% between 2023 and 2033, while it thrived at a lower CAGR of 15.4% during the previous forecast period.
Competitive Landscape:
The focus of key competitors is to deliver effective ICs that also support fast wireless charging. Furthermore, flexibility, according to the smartphone, is needed in the integrated chip for better adjustability. Apart from this, market players focus on minimizing the technology to make it more future-oriented. Key players in the market are Convenient Power HK Ltd, WiTricity Corporation, Murata Manufacturing Co. Ltd, and Texas Instruments, Inc.
For instance:
- Convenient Power HK Ltd has expanded its research and development teams to enhance the IC quality as company grows further.
- Renesas has introduced the wireless charging ICs and the wireless power ICs that are industry-first, flexible Arm Cortex –M0-based SoC Architecture
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Wireless Charging ICs Market Segmentation:
By Products:
- Receivers
- Transmitters
By Power Range:
- High >51 Watt
- Low <15 Watt
- Medium 16-50 Watt
By Application:
- Automotive
- Consumer Electronics
- Healthcare
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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