The Asia Pacific Wireless Charging IC Market would witness market growth of 20.9% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Wireless Charging IC Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,042.8 million by 2031. The Japan market is registering a CAGR of 20.2% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 21.7% during (2024 - 2031).
As the Internet of Things (IoT) and smart homes gain traction, these ICs are being incorporated into an expanding range of home appliances. From smart speakers and lightbulbs to vacuum cleaners and smart kitchen appliances, wireless charging technology offers the convenience of not needing to plug and unplug devices. Home automation systems powered by wireless charging are a key driver for transforming smart homes into more connected and efficient environments.
The adoption of these ICs has been accelerating across several industries, driven by consumer demand and technological advancements. One of the primary drivers for adopting wireless charging is the demand for convenience. Consumers are increasingly seeking solutions that eliminate the hassle of plugging in cables. Wireless charging offers significant advantages with its ability to recharge devices without precise alignment or physical contact.
The rapid growth of the electric vehicle (EV) industry in India and the rising mobile phone shipments in China are expected to significantly A significant opportunity for this market exists in India due to the government's ambitious goal of electrifying 30% of the country's vehicle fleet by 2030 and the anticipated 49% increase in the local EV industry. In China, the surge in mobile phone shipments, particularly the 11.9% increase in 5G phone shipments, is another key driver for this market. With 5G phones accounting for a significant portion of mobile phone sales, there is a growing need for efficient, fast, and convenient charging solutions, which wireless charging technology can provide. Therefore, the growing EV industry in India and the surge in mobile phone shipments in China create a perfect storm for expanding the wireless charging IC market in both countries.
Free Valuable Insights: The Global Wireless Charging IC Market is Predict to reach USD 13.72 Billion by 2031, at a CAGR of 20.2%
Based on Component, the market is segmented into Receiver ICs, and Transmitter ICs. Based on Power Range, the market is segmented into Medium (5W-15W), High (15W and above), and Low (up to 5W). Based on Application, the market is segmented into Consumer Electronics, Automotive, Healthcare, Industrial, and Other Application. Based on countries, the market is segmented into China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
By Component
By Power Range
By Application
By Country
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