During the period 2022-2032, the global wireless charging market is expected to grow at a CAGR of 22.2 percent.
Because electric vehicles (EVs) are one of the most common modes of transportation, they are likely to expand the market for wireless charging ICs. The wireless charging EV is one of the newest transportation technologies, in which an electric vehicle’s battery is charged via wireless power transfer technology (WPT). WPT technology does not require any physical contact during the electric energy transfer procedure.
Wireless charging technology is gaining traction in the automotive industry, to replace traditional charging via plug-ins 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. Such reasons will boost demand for wireless charging ICs around the world.
COVID-19’s Impact on the Wireless Charging ICs Market
The semiconductor industry is being forced to change its worldwide supply chain paradigm due to a highly disruptive global pandemic. China, being one of the world’s top semiconductor manufacturers, accounted for half of the global semiconductor consumption in 2019.
In 2020, China’s total consumption is expected to be $231 billion, with $190 billion coming from overseas semiconductor producers.
This disruption will have a substantial impact on semiconductor manufacturers all around the world, as well as the electronics value chain as a whole. Furthermore, producers of wireless charging ICs are using the pandemic as an opportunity to rethink and redesign their paradigms.
It will provide a platform for semiconductor suppliers and manufacturers to collaborate on developing more flexible semiconductor supply networks and improving production efficiency. To prepare for the future normal, wireless charging ICs manufacturers are focusing on shifting industry dynamics and growth stimulation.
Wireless Charging ICs are being more widely used in the healthcare industry, indicating that the market is expanding.
Hospitals now use a variety of medical devices, ranging from surgical instruments to portable carts, as well as personal medical devices like wearables and implantable devices. Hospitals have several power and charging difficulties.
When medical gadgets are linked to the wall by heavy cords for charging, it becomes incredibly difficult. Wireless charging is becoming increasingly crucial in enhancing patients’ quality of life and user experience as the use of these medical devices grows.
Competitive Environment
- Convenient Power HK Ltd.
- WiTricity Corporation
- Murata Manufacturing Co. Ltd.
- Texas Instruments, Inc.
