Wireless Charging IC Market Size, Share, Growth, And Industry Analysis, By Type (Transmitter ICs and Receiver ICs), By Application (Smartphones and Tablets, Wearable Electronic Devices, Medical Devices, Automobile Devices and Others), Regional Insights and Forecast To 2032

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Wireless Charging IC Market Report Overview

global wireless charging IC market size was USD 5.33 billion in 2023 and market is projected to touch USD 7.71 billion by 2032 at CAGR 20.3% during the forecast period.

Devices can use the Inductive charging IC chip to enable wireless charging. It enables a transmitter, which is typically close to the device, to supply power to the device. Users are able to charge their gadgets without needing to connect them to a charger or USB port thanks to this. Since they enable and simplify the charging, wireless charging ICs are crucial. And they are a crucial piece of technology that is fostering the expansion of the wireless power sector.

The rising use of technologically advanced electronic gadgets is a major factor for the growth of the worldwide inductive charging ICs industry. The market will grow as a result of the vast range of electronic devices, including mobile phones, laptops, and tablets, that now feature wireless charging due to the growing demand and popularity of the technology. In the approaching years, technical advancements such the compact and miniaturized designing of IC packages for their efficient inclusion into various portable consumer electronic products are predicted to rise dramatically. The market for wireless charging ICs is anticipated to grow in the coming years as their use in automobiles increases.

COVID-19 Impact: Suspension of Production Activities Reduced the Demand for the ICs

The global COVID-19 pandemic has been unprecedented and staggering, with the wireless charging IC market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

Businesses, organizations, and individuals were concerned about the COVID-19 epidemic. The demand for wireless charging ICs had fallen due to the suspension of production activities and the global travel and transportation prohibition. The market for large-scale semiconductor devices such as IC chips used in automobiles had decreased, at least temporarily, as a result of the majority of car manufacturers and tier-1 manufacturers being forced to cease operations or operate at a reduced capacity. Worldwide travel restrictions hampered the flow of finished ICs to customers and raw materials to vendors.

Latest Trends

"Creation of New Wireless IC to Cater to the Low to Medium Power Range Market"

To meet the growing demand and get a competitive edge in the market, several inductive charging IC industry players are consistently concentrating on releasing new products. In November 2021, for instance, NuVolta Technologies introduced a new 3rd Gen wireless charging IC as an expansion of its Nu170x product line. This SoC was created by the firm with applications requiring 5 W to 30 W of low to medium power in mind. These applications include those for smartphones, wearables, portable medical equipment, robots that clean medical equipment, among others.

Wireless Charging IC Market Segmentation

• By Type

According to type, the market can be segmented into Transmitter ICs and Receiver ICs

• By Application

Based on application, the market can be divided into Smartphones and Tablets, Wearable Electronic Devices, Medical Devices, Automobile Devices and Others

Driving Factors

"Growing Implementation of Wireless Technology is Piloting the Growth of the Sector"

The rising popularity of wireless charging technology in consumer devices namely smartphones, tablets, and wearables is one of the key factors driving the market for wireless charging ICs. Wireless charging, which does not require wires or adapters, offers simplicity and ease of use that makes this possible. The use of inductive charging technology is additionally being fueled by the expansion of wireless charging infrastructure in public settings including airports, cafes, and shopping malls.

"Government Programmes and Technological Advancements are Persuading Consumers to Use ICs More"

The market for wireless charging ICs is expanding as a result of government policies and rules. The construction of wireless charging infrastructure, particularly for electric vehicles, is being funded by many governments, which is promoting the use of wireless charging technology. Moreover, technological developments such as the creation of greater power charging solutions and the incorporation of wireless charging into a larger array of products are driving the IC industry. These developments are making wireless charging more effective, quicker, and more dependable, which is improving customer appeal and fueling market expansion.

Restraining Factors

"High Cost of the Technology and Limited Compatibility are Limiting the Expansion of the Sector"

As comparison to conventional cable charging methods, the cost of deploying wireless charging equipment is still quite expensive. This is due to the fact that installing wireless infrastructure, such as charging pads and stations, adds to the cost of wireless charging components including charging coils and circuits. The restricted interoperability of inductive charging technology with various devices may also be a factor limiting the wireless charging IC market growth. There are numerous wireless charging protocols available right now, and some might not work with all gadgets. This might make consumers confused and prevent the widespread use of wireless charging technologies.

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Wireless Charging IC Market Regional Insights

"Growing Demand for Electric Vehicles is Driving the Regional Market Growth"

Particularly in smartphones and other consumer electronics products, North America is one of the top regions for the adoption of wireless charging technology. As more inductive charging infrastructure is installed in public locations and as consumers want more portable and convenient charging options, this trend is anticipated to continue. The need for wireless charging systems for electric vehicles will be driven by the anticipated large growth in the use of electric vehicles in North America over the next few years. The demand for wireless charging infrastructure will increase as more electric vehicles are put on the road, which will propel the regional wireless charging IC market share even further.

Key Industry Players

"Key Players Focus on Forming Alliances and Partnerships to Gain a Competitive Advantage"

To diversify their product portfolios and access new markets, several wireless charging IC industry participants are forming alliances and partnerships with other businesses. By these alliances, they can gain access to new markets, technology, and routes of distribution, which can help them increase their market share. To bring new and inventive items to the market, industry companies are also making significant investments in research and development. These new goods are made to be more effective, quicker, and interoperable with a wider variety of devices, all of which can help them gain a larger market share.

LIST OF TOP WIRELESS CHARGING IC COMPANIES

• IDT (U.S.)
• Texas Instruments (    U.S.)
• NXP/Freescale (Netherlands)
• ADI/Linear Tech (U.S.)
• Qualcomm (U.S.)
• Broadcom (U.S.)
• STMicroelectronics (Switzerland)
• On Semiconductor (U.S.)

Report Coverage

This report covers the wireless charging IC market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.