Transparency Market Research has now published a new research report that talks about the working dynamics of the global wireless charging ICs market. The research report tried highlight the important growth factors, inhibiting factors, key segments, current geographical outlook, and the overall state of the vendor landscape of the global wireless charging ICs market.
According to the research report, the global market for wireless charging ICs is expected to clock a mammoth CAGR of 29% over the course of the given period of forecast ranging from 2019 to 2027. Given such a high rate of growth, the valuation of the global market is projected to rise up to around US$58 Bn by the end of forecast period in 2027.
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Global Wireless Charging ICs Market – Key Takeaways
- As per the research report, the global wireless charging ICs market has been segmented in terms of type of ICs, component, power solution, application, and region.
- Based on type, the global market is segmented into transmitter ICs and receiver ICs.
- Based on component, the global market is segmented into relays, circuit breakers, and others. Of these, the segment of relays is expected to witness a highly promising rate of growth in coming years of the forecast period.
- Based on the power solution, the wireless charging ICs market is segmented into high power solutions, medium power solutions, and low power solutions.
- In terms of application, the global market for wireless charging ICs can be segmented into medical devices, wearable electronic devices, smart phones and tablets, automobile devices, and others. Of these, the global market is being dominated by the segment of smart phones & tablets.
- However, in the near future, the segment of automobile is projected to witness a highly promising rate of growth with the introduction of electric vehicles.
Global Wireless Charging ICs Market – Key Driving Factors
- There are several notable factors that are responsible for the growth of the global wireless charging ICs market. One of the key growth factors is the range of benefits it offers over traditional mode of charging.
- Wireless charging is cost efficient, highly effective, and secure. Such range of benefits make them an ideal choice of large number of consumers and thus helping to drive the growth of the overall market.
- Another important driving factor for the development of the global market is the increasing demand for installation of wireless charging devices form both public as well as retail outlets.
- In addition to this, with constant technological developments and innovations, there will be ample lucrative opportunities for the growth of the global market.
Global Wireless Charging ICs Market – Notable Restraints
- One of the key restraining factors for the growth of the global wireless charging ICs market is the concern related to compatibility.
- Manufacturers are not able to deploy any other technique or method other than Qi Standard for development of any new segment of product. It is also expected to hamper the growth of the market in the coming years of the forecast period.
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Global Wireless Charging ICs Market – Regional Segmentation
- Asia Pacific is expected to emerge as the leading regional segment of the global wireless charging ICs market.
- Increasing demand from consumers of emerging economies such as India and China is the key driving factor for the growth of the Asia Pacific market.
Global Wireless Charging ICs Market – Key Players
Some of the key companies 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, and On Semiconductors among others.
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