The global wireless charging IC market is slated to record lucrative growth through 2028 because of rising demand for small components like smartwatches and smartphones. In addition, growing inclination toward smart, lightweight, and electric vehicles to cut down on energy storage demand is likely to further drive market adoption through the forecast timeline.

Wireless charging ICs have become one of the world's leading power management solutions owing to their benefits like compact size, precise power supply, and efficient operation technology. These advantages have propelled their adoption in IoT devices, including battery-driven electronics, smart pens, Bluetooth trackers, and others.

Mounting requirements for innovative technological high-end systems in the residential areas like intelligent device control for superior security and safety have increased product demand in recent years. Increasing government investments to bolster the integration of IoT technology across varied industry verticals have also driven wireless charging IC market growth positively.

Furthermore, prevalent adoption of wireless charging solutions in the electric vehicles industry with advancing technologies. Research and development initiatives in far-field wireless technologies have created notable prospects for market players to extend their consumer reach.

Over the years, industry players have been focusing on mergers and acquisitions, along with other expansion strategies, to enhance their business presence, which has been favorable for market growth across the globe. Recently, in August 2020, NXP Semiconductors, a Dutch semiconductor manufacturer, introduced its first multi-device vehicle wireless charging solution that runs on a single MWCT controller. The product claimed to back all Qi-enabled devices like Samsung, iPhone, Xiaomi, and Huawei, among others.

For comprehensive assessment, the global wireless charging IC market has been classified on the basis of type, power range, application, and region. Based on type, the market has been divided into receiver IC and transmitter IC. In 2021, the receiver IC segment accumulated revenue of nearly $1 billion and is anticipated to grow at a CAGR of approximately 19% over the forecast timeline.

With reference to application, the wireless charging IC market has been bifurcated into consumer electronics, automotive, industrial, medical, telecom, aerospace, and others. The medical segment held a market share of over 8% in 2021 due to the growing adoption of wireless charging technologies in healthcare portable devices.

Geographically, the Latin America wireless charging IC market accounted for more than 6% of the overall industry revenue in 2021 and is projected to exhibit robust expansion through the analysis timeframe. Rising number of initiatives taken by the government to promote the adoption of wireless EV charging infrastructure across the LATAM region is supporting industry growth.