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Albany, New York, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Smartphone industry has evolved rapidly in recent years. From eliminating conventional key pad to lightning fast charging, smartphones have become a complete package of innovative solution. Currently, trend of eliminating wired charger and offering wireless charging is picking up the pace. Consequently, the demand for wireless charging ICs has increased exponentially. Analyzing similar trends that are provoking the demand for these ICs, Transparency Market Research has published its report on global wireless charging ICs market for the forecast period of 2016 to 2024.
According to the report, the global wireless charging ICs is expected to witness 24.54% CAGR during the projected time frame. The growth rate is the result of revenue generation by the market players. By 2015, the total revenue generated by the businesses in the global wireless charging ICs market was estimated to be around US$ 1.43 bn whereas, by the end of 2024, the market is expected to reach to the value US$ 10.14 bn. This growth is the result of opportunities like rising demand of consumer electronics other than smartphones, such as smart watches and tablets that are adopting wireless charging. These opportunities are captured by the market players supporting them grow on the basis of revenue and market share.
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Entry of New Players to Prompt a Counter Response from Existing Players
Analysts at Transparency Market Research state that the global wireless charging ICs market has a competitive vendor landscape. Due to large potential the market is experiencing rapid influx of several new player over the period of time. The report predicts that this entry of new players will prompt a strong counter response from the players who are already competing to acquire top spot in the global wireless charging ICs market. Consequent of this response, innovative solutions, productive strategies, and introduction of new products that can shape the global wireless charging ICs market for good. These counter response can also help existing players to expand their geographical reach. Though the global wireless charging ICs market is highly consolidated currently, it is expected to undergo progressive fragmentation in coming years.
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Asia Pacific to Continue its Domination
The demand for electronic products by the consumers in emerging economies like India and China has grown rapidly in past decade. Moreover, rising disposable income of the people in these countries is allowing the people to afford gadgets with wireless charging. As a result of these factors, Asia Pacific remains the dominant region in wireless charging ICs market. Till 2015, the region accounted for 31% of overall market’s growth. The region is expected to continue this dominance in the coming years.
On the other hand, North America, among rest of the regions in wireless charging ICs market, is expected to emerge as a lucrative region for the players. Rising use of wireless charging in electronic devices in public sector in countries like U.S. and Canada, is one of the factor supporting the emergence of North America is wireless charging ICs market. Additionally, growing gaming industry and development of various wireless gaming devices in the U.S. also aids the pacing growth of North America in wireless charging ICs market in the forecast period of 2016 to 2024.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Wireless Charging ICs Market (Type - Transmitter ICs and Receiver ICs; Component - Relays and Circuit Breakers; Power Solution - Low, Medium, and High; Application - Smartphones and Tablets, Wearable Electronic Devices, Medical Devices, and Automobile Products) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024.”
The global wireless charging ICs market is segmented on the basis of:
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