The US market is the biggest space for smartphone technology and is anticipated to cross a value of US$ 1.5 Bn by 2033. The regional market is expected to thrive at an elevated 13.5% between 2023 and 2033.
The wireless charging ICs market is anticipated to boom at a strong CAGR of 16.7% between 2023 and 2033. The market is anticipated to cross a market share of US$ 13.1 billion by 2033, while it holds a revenue of US$ 2.8 billion in 2023. As modern-mobile technology penetrates the market space, wireless charging becomes more common in mobile phones, making the charging process safer, faster, and easy. Furthermore, the flagship range of the smartphone market provides wireless charging ICs.
The increased convenience and efficiency provided to the end users through wireless charging, along with the advent of automobiles coming with wireless charging, are fueling the sales of wireless charging ICs. Wireless power leaders are focusing on industry-leading efficiency and unique and proven hardware. This fuels the demand for wireless charging ICs.
The higher mobility provided by the wireless charging technology, along with the fact that the user doesn’t have to carry the charger everywhere while travelling, makes the technology futuristic. Advanced systems that support wireless charging in outlets, universities, and buses help technology penetrate the smartphone-integrated markets. Furthermore, the major smartphone manufacturers provide wireless charging in them, making them reliable for future use as the industry is anticipated to boom at a higher pace.
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Key Points
Competitive Landscape
The focus of key competitors is to deliver effective ICs that also support fast wireless charging. Furthermore, flexibility, according to the smartphone, is needed in the integrated chip for better adjustability. Apart from this, market players focus on minimizing the technology to make it more future-oriented. Key players in the market are Convenient Power HK Ltd, WiTricity Corporation, Murata Manufacturing Co. Ltd, and Texas Instruments, Inc.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 12, 2023