Wireless charging ICs include a number of high-end features, including lightweight operation, compact size, accurate power supply, and compact operation. This has boosted their use in IoT devices including smartpens, battery-powered electronics, asset trackers, Bluetooth trackers, shipment trackers, smartpens, and many other electronic gadgets. Furthermore, an increase in government funding initiatives to encourage the implementation of IoT technology is likely to aid the growth of global wireless charging IC market.
Due to drop-and-charge trends as well as wireless radiofrequency (RF) energy base chargers, the wireless changing environment is turning into a highly profitable ecosystem in terms of product design and usability. An increase in use of the internet in smart devices is mainly fueling growth of the global wireless charging IC market. Disruptive technologies, as well as wearable devices, are also paving the path for commercial expansion.
The COVID-19 epidemic impacted the wireless charging IC industry significantly. As a result, some manufacturing facilities have shut down, supply lines have been disrupted, and even international trade constraints have been placed. As semiconductors become more scarce, several automakers have reduced their manufacturing capacity. Manufacturers are being urged to reorganize their manufacturing facilities and increase their spending on wireless charging IC technologies by the first quarter of 2022 in order to gain a significant competitive advantage in the global wireless charging IC market.
Rise in the Utilization of Internet on Smartphones to Fuel Expansion of the Market
Growing utilization of wireless charging in heavy-duty industrial equipment for constant power delivery is projected to drive the growth of global wireless charging IC market in the future. Due to the emerging trend of drop-and-charge and wireless radiofrequency (RF) energy base chargers, the wireless changing environment is turning into a profitable ecosystem, based on product design and usability. Increasing utilization of the internet in smart devices is estimated to drive the expansion of global wireless charging IC market. Disruptive technologies, as well as wearable devices, as well as wearable devices are also expected to pave way for commercial expansion of the global market.
Wireless charging is safer, more cost-effective, and more efficient than traditional charging methods since it does not require physical connections or cables. It also ensures that all sorts of devices receive steady power and are ready to be used.
The need for wireless charging solutions is growing rapidly as the electric vehicle (EV) industry develops. Wireless EV charging technology is developing along with advancing technological standards across the whole value chain of electric vehicles. In order to address the growing demand, rise in R&D investments in far-field wireless charging technologies are providing attractive prospects for industry participants.
Companies in a variety of industrial verticals have seen a surge in demand for customized charging solutions to meet their customers’ demands in recent years. Wireless charging ICs are also becoming more common in gadgets like wearable electronic devices, medical devices, smart phones and tablets, and automobiles. The Global Qi Standard, on the other hand, has standardized wireless charging technologies. This standard is being used by global manufacturers for producing wireless charging equipment. Companies are unable to build new product segments using alternative approaches or standards, which is one of the most significant factors expected to limit the expansion of the global wireless charging ICs market in the years to come.
North America Market to Ride on the Back of Increasing Demand for Fuel Efficient Charging System
Europe was the second biggest revenue contributor in the global wireless charging IC market. The growth of global market is attributed to increasing demand for durable and fuel-efficient charging systems for electronic equipment such as power tools and portable gadgets, while North America is expected to lead the market in the years to come.
The global wireless charging ICs market is dominated by the Asia Pacific. This is due to the region’s strong adoption of consumer electronics devices like smartphones and tablets, as well as wearable electronics gadgets. Due to the increased use of wireless technology in the region, the market in North America is expected to rise significantly in the forthcoming years.