The wireless charging ICs are expected to reach a valuation of US$ 89.73 Bn by 2022 estimated to register the highest CAGR of 22.2% over 2022-2032. As electric vehicles (EVs) are one of the mainstream solutions for transportation, they are expected to create many opportunities for wireless charging ICs sales growth.
The wireless charging EV is one of the emerging systems in transportation, in which the battery of an electric vehicle is charged through the technology of wireless power transfer (WPT). Any physical contact is not required in the process of electric energy transfer in WPT technology.
The wireless charging technology is commercialized to eliminate conventional charging through plug-ins in EVs for automobiles. Users can charge their electric vehicles in public parking spaces or garages. They can also charge an electric vehicle while in motion through dynamic wireless charging. Such factors will drive the demand for wireless charging ICs globally.
India’s wireless charging ICs market is expected to offer lucrative growth opportunities due to the increasing investments in wireless technology.
The market in the U.S. is projected to expand at a CAGR of 13.6% through 2031, while that in Germany is at around 16.9%.
Increasing demand for wireless charging ICs for in-cabin automotive applications is anticipated to fuel the demand at 17.7% CAGR over the forecast period.
Despite China’s dominance in East Asia, Japan and South Korea will emerge as markets with stronger potential, exhibiting 18.5% and 20.0% CAGR, respectively through 2031.
Impact of COVID-19 on the Wireless Charging ICs Market
Due to the highly disruptive global pandemic, the semiconductor industry is forced to transform its global supply chain model. China as one of the largest manufacturers of semiconductor products accounted for 50% of semiconductor consumption across the globe in 2019.
Total consumption in China was projected to be $231 billion in 2020 including $190 billion from foreign semiconductor manufacturers.
This disruption is going to have a significant impact on semiconductor manufactures across the globe and up and down the electronics value chain. In addition, wireless charging ICs manufacturers are taking this pandemic as an opportunity to rethink and remodel their paradigms.
It will open a window for semiconductor suppliers and manufacturers to collaborate to develop more flexible semiconductor supply networks and improve the efficiency of their products. Wireless charging ICs manufacturing companies are focusing on changing industry dynamics and growth stimulation to prepare themselves for the next normal.
Increasing Adoption of Wireless Charging ICs in the Healthcare Industry Proliferating Growth of the Market nowadays, hospitals use a wide range of medical devices from surgical tools to portable carts along with personal medical devices, such as wearables and implantable devices. Hospitals face several challenges related to power and charging.
It becomes extremely difficult when handheld medical devices are tethered to the wall by cumbersome cables for charging. As the use of these medical devices increases, wireless charging plays an important role in improving patients’ quality of life and user experience.
The need for cables and electric cavities can be eliminated with the help of wireless charging. Medical teams can work in a cable-free environment and charge personal medical devices with the charging spot. Thus, increasing demand for wireless charging ICs in the healthcare industry will drive the market’s growth.
The market’s key players concentrate on expanding their research and development programs while also making their technology futuristic. Some of the technologies that players are focusing on are wireless power supply, wireless transmission, and quicker charging. Convenient Power HK Ltd, WiTricity Corporation, Murata Manufacturing Co. Ltd, and Texas Instruments, Inc. are key market participants.
- WiTricity Corporation pioneered wireless charging for electric cars (EVs) by simplifying and expediting the charging process.
- Murata Manufacturing has incorporated noise reduction into its Qi-standard wireless power supply modules for various industries.
These insights are based on a report on Wireless Charging ICs Market by Future Market Insights