The presence of a large pool of participants, such as NXP Semiconductors, Qualcomm Inc., and Vishay Intertechnology Inc., points towards a highly fragmented and competitive structure of the global wireless charging ICs market, states a reserch report by Transparency Market Research (TMR). Researchers predict the rivalry between the players to intensify in the near future.
According to the research report, the global market for wireless charging ICs was worth US$1.43 bn in 2015. Rising at a noticeable CAGR of 24.54% during the period from 2016 to 2024, researchers estimate this market to cross US$10.14 bn mark in terms of value by the end of the forecast period. The demand for receiver ICs is greater than other ICs and is projected to remain enjoying the lead in this market over the years to come.
An assessment of the worldwide market for wireless charging ICs on the basis of its geographical spread across North America, the Middle East and Africa, Europe, Asia Pacific, and Latin America has also been provided in this research study. In 2015, Asia Pacific led the global market with a share of more than 31%. Analysts project this regional market to retain its dominance over the period of the forecast, thanks to the rising demand for these ICs in the consumer electronics sector. The escalating demand for smartphones and tablets in a number of Asian countries, such as India, Japan, and China, is also expected to support the growth of the Asia Pacific market for wireless charging ICs in the years to come.
North America, which stood second in 2015, is anticipated remain seated in this position throughout the forecast period, owing to the rising usage of wireless charging electronics devices in the public sector. The swelling demand for wireless charging technology across various consumer electronic devices, such as laptops, computers, televisions, gaming devices, tablets, and mobiles are also expected to add to the progress of the North America wireless charging ICs market significantly in the near future, notes the research study.
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Increasing Demand for Consumer Electronics to Propel Market
“The rising penetration of consumer electronics across the world is having the most prominent impact on the global wireless charging ICs market,” says an analyst. Owing to the increasing demand for wireless charging, these ICs have found a widespread application in electronic devices, such as mobile, tablet, and laptops, which as a result, is reflecting positively on the worldwide market for wireless charging ICs. However, the market may face issues from the manufacturing standardization to some extent during the forecast period.
Going forwards, the market is likely to gain significantly in the near future from the technological advancements, such as the miniaturization and compact designing of these IC packages for their efficient integration into various portable consumer electronics. Apart from this, the healthcare and the aerospace industries are likely to offer lucrative opportunities for wireless changing technology in the coming years, which in turn, will benefit the market substantially. The increasing deployment these ICs in automobiles is also projected to boost this market considerably in the near future, states the report.
