The global market for wireless charging ICs is heavily influenced by the escalating demand for consumer electronics, such as tablets, smartphones, and smart watches, across the world. The compact designing and miniaturization of these IC packages for their effective integration into various portable consumer electronics is likely to add significantly to their uptake, reflecting positively on this market in the near future. The market, however, may be hampered by manufacturing standardization to some extent over the forthcoming years.
Analysts project a considerable scope for wireless changing technology in the healthcare and the aerospace industries, which will create growth opportunities for the wireless charging ICs market in the years to come. Apart from this, these ICs will report increasing deployment in automobiles over the next few years, leading to a substantial rise of this market.
The global market for wireless charging ICs, which was worth US$1.43 bn in 2015, is anticipated to rise at a remarkable CAGR of 24.54% between 2016 and 2024 and reach a value of US$10.14 bn by the end of 2024.
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Asia Pacific Wireless Charging ICs Market to Witness Most Prominent Growth
North America, the Middle East and Africa, Europe, Asia Pacific, and Latin America are the key geographical segments of the worldwide market for wireless charging ICs. Asia Pacific led the global market in 2015 with a share of more than 31% and is expected to maintain its dominance in this market in the years to come. The growing demand for these ICs in the consumer electronics sector is the primary growth driver for the Asia Pacific market for wireless charging ICs. This regional market is anticipated to gain significantly from the rising uptake of smartphones and tablets in various Asian countries, such as India and China, over the next few years.
North America, among the rest, is likely to exhibit lucrative opportunities for growth of the market for wireless charging ICs in the near future on account of the increasing utilization of wireless charging electronics devices in the public sector. The rising demand for wireless charging in a number of consumer electronic devices, such as gaming devices, laptops, computers, tablets, mobiles, and televisions are also predicted to boost the North America market for wireless charging ICs.
Receiver ICs to Continue Enjoying Strong Demand
Transmitter ICs and receiver ICs are the two main types of wireless charging ICs available in the global market. Receiver ICs enjoy a greater demand from consumers than transmitter ones and is anticipated to remain the most valued product in this market over the coming years. The former accounted for a demand share of more than 63% in 2015. The phenomenal growth of wireless charging is anticipated to fuel the sales of receiver ICs in the near future, thanks to their multiple product charging capabilities.
NXP Semiconductors, Qualcomm Inc., Vishay Intertechnology Inc., Texas Instruments Inc., MediaTek Inc., Broadcom Corp., On Semiconductor, Toshiba Corp., ROHM Semiconductor, and Linear Technology are some of the key vendors of wireless charging ICs across the world.