Wireless Charging IC Global Market Report 2024

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 observed during the historical period can be attributed to the adoption of eco-friendly solutions, the integration of wireless charging in the automotive industry, market competition and innovation, an increased focus on convenience, and the development of industry standards.

The wireless charging ic market size is expected to see exponential growth in the next few years. It will grow to $8.99 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The anticipated growth in the forecast period can be attributed to market competition and cost optimization, the continued adoption of eco-friendly solutions, an increase in electric vehicle adoption, efforts towards standardization and interoperability, and advancements in charging efficiency. Major trends expected in the forecast period include miniaturization and increased integration of wireless charging solutions, compatibility across a variety of devices, the pursuit of rapid charging and efficiency improvements, advancements in power delivery technologies, and the expanding adoption of wireless charging in diverse industries.

The anticipated growth in the wireless charging IC market is driven by the higher penetration of smartphones and smartwatches. Smartwatches, resembling wristwatches, and smartphones, mobile phones with advanced computer features, contribute significantly to the increasing demand for wireless charging ICs. With the prevalence of 71.8 million mobile connections in the UK in 2022, a further surge is expected, as projections indicate 68.3 million people residing in the UK by 2025, with 95% of them equipped with smartphones. This higher adoption of smartphones and smartwatches is a key factor fueling the expansion of the wireless charging IC market.

The wireless charging IC market is further propelled by the rising prevalence of smart home devices. These interconnected electronic devices and appliances, equipped with internet connectivity and advanced technologies, form an integral part of modern homes. Wireless Charging ICs play a crucial role in enhancing the user experience and device integration of smart home devices by enabling cable-free and convenient charging. Statistics from the Canadian Internet Use Survey in 2022 revealed a growing trend in the use of internet-connected smart home devices, reaching 47%, with smart speakers being the most popular at 30%. This increasing adoption of smart home devices contributes significantly to the growth of the wireless charging IC market.

A notable trend in the wireless charging IC market is the emphasis on technological advancements. Major companies in this market are dedicated to developing innovative technologies and solutions to solidify their market position. For example, Spark Connected, a US-based wireless power technology firm, introduced The Beast 2.0 in October 2021, an advanced automotive in-cabin wireless charging solution featuring TDK's newest pattern coil technology. This Qi v1.3-compliant 15-watt solution offers continuous charging during vehicle stop/start events and includes safety features such as Foreign Object Detection.

Companies in the wireless charging IC market are also focused on developing System-on-Chip (SoC) Wireless Charging Solutions with features such as Rx Auto Detection function. This function automatically detects and initiates the wireless charging process when a compatible device is placed on a wireless charging power bank or pad. NuVolta Technologies, a US-based provider of fast-charging power ICs, launched its third-generation SoC Wireless Charging Solution, the Nu170x family, in November 2021. With high integration, PD fast charging protocol recognition, and unique features such as Rx Auto Detection, this solution supports various applications, including wireless charging stands, power banks, and IoT devices, contributing to the technological advancement trend in the wireless charging IC market.

In August 2021, Renesas Electronic Corporation, a Japan-based semiconductor company, made a strategic acquisition of Dialog Semiconductor Plc, a US-based semiconductor system solutions manufacturer. This move positions Renesas as a leader in providing embedded solutions for the rapidly expanding IoT, industrial, and automotive markets, further contributing to the growth of the wireless charging IC market.

Major companies operating in the wireless charging ic market report are 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.

Asia-Pacific was the largest region in the wireless charging IC market in 2023. The regions covered in the wireless charging ic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wireless charging ic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of wireless charging ICs include receiver ICs and transmitter ICs. A receiver IC is a circuit that receives signals from a transmission medium, which can be either wired or wireless, and decodes or converts them into a format capable of powering nearby circuits. Power ranges for wireless charging ICs include low range, medium range, and high range, applicable in various devices such as smartphones, tablets, medical devices, wearable electronics, and more. These ICs find applications across multiple industry verticals, including consumer electronics, automotive, IT and telecommunications, oil and gas, mining, healthcare, and others.

The wireless charging IC market research report is one of a series of new reports that provides wireless charging IC market statistics, including wireless charging IC industry global market size, regional shares, competitors with a wireless charging IC market share, detailed wireless charging IC market segments, market trends and opportunities, and any further data you may need to thrive in the wireless charging IC industry. This wireless charging IC market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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