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Wireless Charging IC Market Size, Opportunities And Strategies 2024-2033
Wireless Charging IC Market Size
According to The Business Research Company's, The wireless charging ic market size has grown exponentially in recent years. It will grow from $3.49 billion in 2023 to $4.25 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. The growth in the historic period can be attributed to eco-friendly solutions, automotive integration, market competition and innovation, increased focus on convenience, industry standards development..
The wireless charging ic market will grow to $8.99 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to market competition and cost optimization, eco-friendly solutions, rise in electric vehicle adoption, standardization and interoperability, advancements in charging efficiency.. Major trends in the forecast period include miniaturization and increased integration, compatibility across devices, rapid charging and efficiency, advancements in power delivery, adoption in diverse industries..
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Market Drivers and Trends:
The higher penetration of smartphones and smartwatches is expected to propel the growth of the wireless charging IC market going forward. A smartwatch is a type of wearable device that looks similar to a wristwatch or other type of timepiece, whereas a smartphone is a mobile phone with computer features that allow users to send and receive emails, access the internet, and communicate with other computerized systems. Numerous electronics, including smartphones, smartwatches, wearables, computers, and others, can be charged wirelessly. The market is expected to grow as wireless charging of smartphones and smartwatches necessitates the use of wireless charging ICs. For instance, according to a report published by Uswitch Limited, a UK-based online and telephone comparison, and switching service, in 2022, 71.8 million mobile connections were active. There will be 68.3 million people living in the UK by 2025, and 95% of them will have smartphones in their hands. Therefore, higher penetration of smartphones and smartwatch fuels will drive the growth of the wireless charging IC market.
Technological advancements have emerged as a key trend gaining popularity in the wireless charging IC market. Major companies operating in the wireless charging IC market are focused on developing advanced technologies and solutions to strengthen their position in the market. For instance, in October 2021, Spark Connected, a US-based wireless power technology firm, launched The Beast 2.0, which is an automotive in-cabin wireless charging solution with TDK's (TDK Corporation, a Japan-based electronics corporation) newest pattern coil technology. The new Beast 2.0 is a Qi v1.3-compliant 15-watt car in-cabin wireless charging solution. With continuous charging even during vehicle stop/start events, it offers a wide input supply range, and improved user safety features such as Foreign Object Detection.
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Major Key Players of the Market:
NXP Semiconductors N.V.; Broadcom Corporation; Toshiba Corporation; Semiconductor Components Industries LLC; Qualcomm Inc.; Texas Instruments Inc.; ROHM Semiconductor; Vishay Intertechnology Inc.; Analog Devices Inc.; MediaTek Inc.; Integrated Device Technology Inc.; Infineon Technologies AG; STMicroelectronics; Semtech Corporation; Samsung Electronics Co. Ltd.; Elix Wireless Inc.; Zens GmbH; Devicers Inc.; Powermatters Inc.; WiTricity Corporation; Plugless Power Inc.; Energizer Holdings Inc.; Eaton Corporation plc; LG Electronics Inc.; Sharp Corporation; Panasonic Corporation; Sony Group Corporation; TCL Corporation; Xiaomi Corporation; Huawei Technologies Co. Ltd.
Wireless Charging IC Market 2024 Key Insights:
• The wireless charging ic market will grow to $8.99 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%.
• Smartphone And Smartwatch Proliferation Driving Growth In Wireless Charging Ic Market
• Technological Advancements Thrives Wireless Charging Ic Market
• Asia-Pacific was the largest region in the wireless charging IC market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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