The wireless charging integrated circuit (IC) market is estimated to grow from US$1.9 billion in 2020 to US$ 4.9 billion by 2026 at a healthy CAGR of 17.1% during the forecast period, according to the latest report of Stratview research.
The report says the wireless charging integrated circuit (IC) market is mainly driven by surging interest in electric, smart, and lightweight vehicles to reduce energy-storage demands coupled with rising demand for miniaturized components such as smartwatches and smartphones. This wireless charging solution protects electrical connection by minimizing the number of cables & thus enhances consumer experience by facilitating miniaturization of devices. In addition, growing adoption of autonomous technologies as well as long-range application such as heavy vehicle charging, airplane charging, are likely to create new pathways to the wireless charging ICs industry, thus augmenting the market growth in the coming years.
By region, the Asia-Pacific wireless charging integrated circuit (IC) market accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. The Wireless Charging Integrated Circuit (IC) market growth is mainly propelled by mainly attributed to strong presence of consumer electronics manufacturers, a hub for semiconductor production, and high purchasing power of consumers. Moreover, rising research and development activities in Japan, Taiwan, China, and South Korea in wireless charging, further bolsters the regional market growth.
The North America wireless charging integrated circuit (IC) market is expected to grow at a healthy CAGR during the review on account of growth of the major end-use industries. This growth is mainly attributed to robust sales of consumer electronics as well as strong presence of automotive manufacturers in the US. Increasing R&D activities and investments for product innovation further boosts regional market expansion.
