The increasing demand for convenient charging solutions for a wide range of consumer electronic devices such as smart phones, wearable electronic devices, and medical devices is anticipated to bolster the development in the wireless charging ICs market in near future. According to the meticulous research on the global wireless charging ICs market by the Transparency Market Research, the industry is set to witness a stellar growth rate of 29 % during the study’s forecast years i.e. 2019 to 2027. Some of the major drivers for the growth within the global wireless charging ICs market include rising demand for wireless charging and the increasing demand for hassle-free charging solutions, and increasing demand for hybrid as well as electric vehicles powered through wireless charging.
The key types of products and solutions offered by the manufacturers and players functional within the global wireless charging ICs market are receiver ICs as well as transmitter ICs. The segments within the global wireless charging ICs market categorized by the type of component include circuit breakers as well as relays, among others. The segments in the global wireless charging ICs market classified by the power solution include medium power solution, high power solution, and low power solution.
Increasing Demand from Automobile Industry Bodes Well for Growth in Wireless Charging ICs Market
Some of the most significant applications for the products and solutions provided by the players in the global wireless charging ICs market include wearable electronic devices, automobile devices, smart phones and tablets, and medical devices, among others. Amongst these, the rising usage of mobile phones as well as increasing prominence and adoption of various wearable electronic devices, such as health monitoring bands, smart watches, among others, is expected to bolster the demand within the global wireless charging ICs market in coming years. On the other hand, increasing demand from automobile industry is also anticipated to foster rising sales figures in global wireless charging ICs market. Additionally, the government support for motivating purchases of electric vehicles through implementing wireless charging stations across various economies is also expected to supplement the growing demand within the global wireless charging ICs market over the forecast period.
Major regions covered in the professional survey study on the global wireless charging ICs market include North America, Asia Pacific, South America, Europe, and Middle East and Africa. Regionally, Asia Pacific region is most likely to draw substantial revenue in the global wireless charging ICs market in coming years. This leading industry positioning of Asia Pacific region in the global wireless charging ICs market can be attributed to expanding semiconductor manufacturing industry in the region as well as the constant research and development activities that give rise to a more sophisticated and innovative range of products in regional economies such as Japan, South Korea, India, and China.
Players in Wireless Charging ICs Market Focused on Development of Innovative Products
Few of the leading and prominent manufacturers and players operational within the global wireless charging ICs market include Vishay Intertechnology, Inc., Qualcomm, Inc., Broadcom Corporation, On Semiconductor, ROHM semiconductor, NXP Semiconductors, MediaTek, Inc., Texas Instruments, Inc., Toshiba Corporation, Analog Devices, Inc., and Integrated Device Technology, Inc., among others. Some of the incumbent players in the global wireless charging ICs market, such as Analog Devices, Inc., as well as ROHM Semiconductor are engaged in corporate expansion strategies that involve mergers and acquisitions as well as innovative product development in order to strengthen their industry positioning and attract a large consumer base.
For example, ROHM Semiconductor developed a wireless charging solution for the automobile domain that combines their automotive grade wireless power transmission control as well as STMicroelectronics’ near field communication (NFC) reader integrated circuit in January of 2019. On the other hand, Analog Devices, Inc., expanded its contemporary range of wireless battery charging solutions in October of 2018, with inclusion of a novel wireless Li-ion battery charger integrated circuit.
Request a sample to get extensive insights into the Wireless Charging ICs Market