Wireless Charging IC Market revenue to cross USD 6.5 Bn by 2028: Global Market Insights Inc.
The Europe wireless charging IC market is projected to register a 10% CAGR by 2028 owing to the rising government initiatives to support wireless technology in the region.
Selbyville, Delaware, May 17, 2022 (GLOBE NEWSWIRE) —
The wireless charging IC market size is expected to record a valuation of USD 6.5 billion by 2028, according to the most recent study by Global Market Insights Inc. This growth is credited to the rising adoption of smart home automation technologies across the globe.
The rising demand for technologically advanced high-end systems in the residential sector, such as intelligent device control, security, and safety, has boosted the use of wireless technology. The proliferation of smart homes will create lucrative growth opportunities for wireless charging IC manufacturers.
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The high range – >51 W segment in the wireless charging IC market is predicted to observe a 18% growth rate till 2028. The growth is mainly attributed to the rising infrastructure development in wireless electric vehicle charging across the globe. The government intends to assist the development of a public roadway integrated with a wireless charging system that will allow electric vehicles to charge both in stationery and motion. Such extensive efforts will fuel the market growth.
Europe wireless charging IC market is estimated to attain a CAGR of over 10% by 2028 owing to the rising government initiatives to support wireless technology in the region. For instance, in December 2021, the European Commission (EC) along with regional countries are planning a total funding of USD 271.8 million to deploy wireless charging stations for electric vehicles in the region. The project will start in 2022 until 2030 to boost electric vehicle sales in the region. This factor will demand more wireless charging ICs integrated into these stations and will propel the industry growth in the region.
Some of the major players operating in the wireless charging IC market are NXP Semiconductors N.V., Qualcomm Inc., Toshiba Corporation, Samsung Electronics, MediaTek, ROHM Semiconductor, and Broadcom Inc., among others. These leaders are extensively focusing on continuous research & development activities and new product launches to stay competitive in the market.
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Some major findings of the wireless charging IC market report include:
- Rising advancements in magnetic resonance and inductive technologies are the primary factors driving the market demand for wireless charging ICs. Companies from business and commercial sector are launching innovative solutions for wireless chargers.
- The proliferation of consumer electronic devices, such as smartphones, tablets & laptops, due to the work-from-home & online education scenario and rising digitization in wireless charging systems are some of the key factors boosting market progression.
- Growing digitalization and advancements in the medical sector have created a high demand for wireless charging in medical devices, such as diagnostic instruments, hand-held devices, pacemakers, and neuromodulation devices, which will further foster the market expansion.
- The COVID-19 outbreak had a significant impact on the wireless charging IC market. Relaxations in the international market and proper supply of raw materials will spur the industry growth post-pandemic.
- Asia Pacific is anticipated to witness the highest growth on account of the acceptance of electric & hybrid vehicles and the growing electronics manufacturing sector. Government investments to support the regional industries are accelerating the market adoption of wireless charging IC.
Table of Contents (ToC) of the report
Chapter 3 Wireless Charging IC Market Insights
3.1 Industry segmentation
3.2 Impact of Russia-Ukraine war
3.3 Impact of COVID-19 on wireless charging IC industry landscape
3.4 Industry ecosystem analysis
3.4.1 Raw material & component suppliers
3.4.2 Manufacturers
3.4.3 Distribution channel analysis
3.4.4 End-use landscape
3.4.5 Vendor matrix
3.5 Technology & innovation landscape
3.5.1 WattUp technology
3.5.2 VOOC Transmitter IC Charge technology
3.5.3 Quick Charge 2.0 technology
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Technological advancements and the widespread use of IoT
3.7.1.2 Rising adoption of wireless charging in smartphones globally
3.7.1.3 Increasing government initiatives to expedite the development of wireless EV charging infrastructure
3.7.1.4 Proliferation of wireless charging technology in industrial sector
3.7.1.5 Growing adoption of portable medical devices with wireless charging technology
3.7.2 Industry pitfalls & challenges
3.7.2.1 Compatibility issues associated with charging devices
3.8 Investment landscape
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/wireless-charging-ics-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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