Wireless charging ICs come with several high-end functions such as light operation, small size, a precise power supply, and the ability to operate compactly. They are now being used in IoT devices like batteries-powered electronics, smartpens, Asset trackers, Bluetooth tracks, tracking trackers of shipment, and various electronic devices. Additionally, an increasing number of government-funded initiatives to promote IoT technology will boost the growth of the worldwide wireless charging IC market.
In light of the drop-and-charge trend and the proliferation of wireless radiofrequency (RF) base chargers for energy, The wireless environment is becoming a profitable ecosystem regarding the design of products and their usability. A rise in internet usage on smartphones is driving the expansion of the wireless charging IC market. Technologies that disrupt the norm, along with wearable devices, are creating the conditions for commercial expansion.
The COVID-19 virus has impacted the Wireless charging IC industry significantly. This has led to manufacturing facilities have been shut down, supply lines being affected, and even trade restrictions have been imposed. As the supply of semiconductors decreases, as a result, many automakers have reduced their production capacity. Manufacturers are being advised to revamp their manufacturing facilities and invest more money in wireless charging IC technologies by the start of the first quarter of 2022 to achieve a substantial advantage in the wireless charging IC market.
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Rise in the Utilization of Internet on Smartphones to Fuel Expansion of the Market
The growing use of wireless charging in heavy-duty industrial equipment for continuous power supply is predicted to propel the growth of the worldwide wireless charging IC market in the coming years. With the emergence of drop-and-charge technology and wireless radiofrequency (RF) base chargers that use energy and wireless charging, the changing wireless environment is evolving into an economically viable ecosystem built on the product’s design and user-friendliness. The increasing use of the internet on smartphones is expected to boost the growth of the worldwide wireless charging IC market. Technologies that disrupt the norm and wearable devices and wearable devices are expected to allow commercial expansion of the market.
Wireless charging is more secure, efficient, less expensive, and far more reliable than other charging methods because it doesn’t require cables or physical connections. This also ensures that all kinds of devices get steady power and are ready for use.
The demand to develop wireless charging options increases rapidly because the electric car (EV) industry is growing. Wireless charging for electric vehicles is growing along with the development of technical standards across the entire process of generating value from electric vehicles. To meet the increasing demand, an increase in R&D investment in wireless charging technology that is far-field offer attractive opportunities for the industry players.
Businesses across various industries have experienced an increase in the demand for custom charging solutions to meet customers’ needs during the past few years. These ICs for wireless charging are becoming more prevalent in devices such as wearable electronic devices, medical devices, tablets, smartphones, and even cars. It is the Global Qi Standard; on the contrary, it features standardized wireless charging technology. Global companies use the standard to produce wireless charging devices. The companies cannot create new product categories using other techniques or standards. This is among the main factors that could limit the growth of the worldwide wireless charging ICs market in the coming years.
North America Market to Ride on the Back of Increasing Demand for Fuel Efficient Charging System
Europe was the second-largest revenue earner in the global wireless charging IC market. The rise of the global market is due to growing demands for robust and fuel-efficient charging solutions for electronic devices like portable devices and power tools. North America is expected to be the leader in the coming years.
The Asia Pacific dominates the worldwide wireless charging ICs market. This is due to the intense usage of consumer electronics such as tablets, smartphones, and wearable electronic devices. Because of the increasing usage of wireless technology within regions, demand for wireless technology in North America is expected to grow significantly over the coming years.