Wireless Charging ICs Market To Witness Increase in Revenues By 2019 – 2027Posted by Dinesh on April 23rd, 2021 Dynamic Wireless Charging IC Systems Gain Worldwide Popularity across Different IndustriesAlthough wireless charging is not a new concept, its adoption gained pace over the past decade. Consumer trends suggest a gradual shift toward wireless charging technologies and a large number of consumers are largely in favor of using conventional chargers. However, advancements in charging technologies have paved the way for cutting-edge wireless solutions that are likely to gain traction over the upcoming years. Some of the leading factors that are likely to propel the demand for wireless charging IC solutions include improved consumer convenience, enhanced durability, and protection of electrical connections, among others. These are expected to drive the wireless charging ICs market during the forecast period. Get More Press Release by TMR: https://www.prnewswire.com/news-releases/integration-of-rfid-technology-widening-application-expanse-to-boost-transportation-management-system-market-immensely-explains-projected-growth-at-whopping-14-3-cagr-for-2020—2030—tmr-301263201.html High Demand for Electric Vehicles to Open Up New Avenues for Market PlayersAmidst mounting concerns pertaining to the environment, the automotive sector has primarily been compelled to lean toward advanced sustainable and reliable technological alternatives. Over the past few years, government and regulatory bodies across the world are increasingly supporting the production of electric vehicles by offering incentives, tax exemptions, etc. The soaring interest for electric and hybrid vehicles is expected to play an imperative part in the growth of the global wireless charging ICs market. At present, government authorities worldwide are allocating increased funds to install electric vehicle charging stations, which is a major factor that is likely to boost the demand for wireless charging ICs in the upcoming months. The wireless charging ICs is tipped to gain significant traction as the need for battery storage is not required leading to the development of lightweight and energy-efficient vehicles. Investments within the wireless charging ICs market are pouring in to develop dynamic wireless charging systems. The development of smart roads, along with the high adoption of autonomous technologies is expected to further propel the prospects of the wireless charging ICs market during the second half of the forecast period. While the automotive sector is anticipated to provide an impetus for growth of the global wireless charging ICs market, the consumer electronics industry is projected to remain a prominent area of application, as number of companies, including Apple and Samsung are launching products that can be charged using wireless charging ICs. Request a sample to get extensive insights into the Wireless Charging ICs Market Companies to Address Supply Chain Challenges, Demand Likely to Remain Sluggish in 2020The novel COVID-19 is expected to dent the growth of the wireless charging ICs market, particularly in 2020 and the first half of 2021. As major industries, including automotive, electronics, mining, and oil & gas are marred with challenges in the supply chain, the storyline is expected to remain the same in the wireless charging ICs market. In addition, fluctuating prices of raw materials coupled with uncertainties involved across the supply chain are likely to impact the expansion of the wireless charging ICs market in the upcoming months. Market players are expected to focus on business continuity strategies, offer additional value in their products, and tap into opportunities within the automotive sector once the COVID-19 pandemic subsides. Wireless Charging ICs Market: Overview
Increase in Demand for Wireless Charging: A Key Driver
Installation of Wireless Charging Devices at Retail and Public Outlets: Latest Trend in Wireless Charging ICs Market
Wireless Charging ICs Market: Competition Landscape
Compatibility Issues with Wireless Charging Products: A Major Challenge for Wireless Charging ICs Market
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