Wireless Charging IC Market Trends, Segmentation and Registering a Strong Growth by 2028

Wireless charging IC market size is projected to cross USD 6.5 billion by 2028, as per a Global Market Insights Inc. Wireless charging methods are geared toward limiting the use of cables or cords on electronics and other appliances. Wireless charging ICs are ideal for various products, ranging from wearable smart gadgets to laptops, automobiles, IoT devices, and household appliances.

With the escalation of electronics sales from online stores, the deployment of wireless charging systems is slated to rise. According to data from Metapack, consumer electronics are projected to account for nearly $79 million in e-Commerce sales in 2022, a 7% hike from 2021. Another key reason behind the expansion of the wireless charging IC market is the rapid innovation of charging technologies for medical implants.

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For instance, in February 2021, Resonant Link secured $9.3 million in funding to develop a non-invasive way of recharging batteries for the growing class of implantable medical devices. Innovations such as these could consequently augment the use of wireless battery charging ICs for medical applications.

Rising investment interest in EV charging systems and IoT projects

Trials of innovative wireless charging systems for electric vehicles are notably increasing in developed regions. For example, in April 2022, Electreon received a $1.9 million contract from the Michigan Department of Transportation to install a one-mile in-road EV charging system in the U.S. Also, automobile vendors are continuing to boost their funding to ensure EV fleet expansion.


Furthermore, in March 2022, Ford Motor announced its plan to increase EV spending to $50 billion, up from its previous $30 billion, through 2026. This factor could encourage electronic service providers to design more wireless charging ICs for use in EVs. Apart from automobiles, several other industrial sectors are showing massive demand for wireless power ICs due to the growing technological advancement and the rapid IoT device adoption.

According to Inmarsat, companies operating across various industrial sectors are planning to invest over $2 million in IoT through 2024. Businesses also plan to spend over 10% of their IT budgets on varied IoT projects over the same year, indicating a 3% rise from the previous 7% allocation between 2017 and 2020. Factors like these could proliferate wireless charging IC market expansion for IoT device applications.

Strong focus on electronics development and rising installation of industrial robots in Asia

In the Asia Pacific, government bodies are placing major emphasis on the production of electronic components. According to the India Brand Equity Foundation, the SPECS (Scheme for Promoting Manufacturing of Electronic Components and Semiconductors), notified in April 2020, offered a 25% incentive on spending incurred for the development of new production units or modernizing existing units of semiconductors or electronic components.

To improve the electronics manufacturing ecosystem, the total outlay was also estimated to be over $440 million. These initiatives could bolster the sales of electronics and subsequently proliferate the use of wireless charging ICs.

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In addition, the robotics sector continues to expand, feeding into key areas like surgery and autonomous vehicles. According to the IFR (International Federation of Robotics), despite the COVID-19-induced disruptions, over 384,000 units of industrial robots were shipped in 2020 globally. Furthermore, Asia remains the top market for industrial robots, with nearly 71% of all newly deployed robots installed in the region in 2021.
 
With the rapid rise in technological innovations and dependence of industries on robotics, the adoption of wireless charging technology to give robotics manufacturers a competitive edge will increase considerably. As a result, the wireless charging IC market could likely gain significant momentum, especially in the Asia Pacific.
 
Table of Contents (ToC) of the report:
Chapter 1   Methodology and Scope
1.1    Definitions & forecast parameters
1.1.1    Definitions
1.1.2    Methodology and forecast parameters
1.2    COVID-19 impact, by region
1.2.1    North America
1.2.2    Europe
1.2.3    Asia Pacific
1.2.4    Latin America
1.2.5    MEA
1.3    Data Sources
1.3.1    Secondary
1.3.2    Primary
Chapter 2   Executive Summary
2.1    Wireless charging IC market 360° synopsis, 2018 – 2028
2.1.1    Business trends
2.1.2    Regional trends
2.1.3    Type trends
2.1.4    Power range trends
2.1.5    Application trends
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/wireless-charging-ics-market

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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