Wireless charging ICs are predicted to reach a market value of US$ 89.73 billion by 2022, with a CAGR of 22.2 percent from 2022 to 2032.
Because electric vehicles (EVs) are one of the most common modes of transportation, they are predicted to expand the market for wireless charging ICs. The wireless charging EV is an upcoming transportation system in which an electric vehicle’s battery is charged using wireless power transfer technology (WPT). WPT technology does not require any physical contact during the electric energy transfer procedure.
Wireless charging technology is being commercialised to replace traditional plug-in charging in electric vehicles. Electric vehicles can be charged in public parking lots or garages. They can also use dynamic wireless charging to charge an electric vehicle while driving. Wireless charging ICs will be in high demand due to these causes.
Takeaways from the Market Study on Wireless Charging ICs
- Due to increased investments in wireless technology, India’s wireless charging ICs market is likely to offer lucrative growth prospects.
- The market in the United States is expected to grow at a CAGR of 13.6 percent through 2031, while that in Germany is expected to grow at roughly 16.9%.
- The market for wireless charging ICs for in-cabin automotive applications is expected to grow at a CAGR of 17.7% over the forecast period.
- Despite China’s dominance in East Asia, Japan and South Korea will emerge as more promising markets, with CAGRs of 18.5 and 20.0 percent, respectively, until 2031.
Competitive Environment:
- Convenient Power HK Ltd.
- WiTricity Corporation
- Murata Manufacturing Co. Ltd.
- Texas Instruments, Inc.
- Murata Manufacturing Co. Ltd.