Wireless Charging Chipset Sales to Grow 3x by 2023

According to a new report from IHS Markit | Technology, the global shipments of wireless power receivers (Rx) and transmitters (Tx) will more than triple from 2018 to 2023. The overall growth has been accredited to the market focus that now expands beyond smart phones to other applications such as wearables, computing, medical, smart homes, kitchen appliances, power tools, robotics, industrial, infrastructure, electric vehicles and automotive in-cabin systems.

The combined Rx and Tx shipments are expected to soar to 2.1 billion units in 2023, rising at a CAGR of 28.2% from 611 million in 2018, as reported by the Wireless Power Market Tracker – Q1 2019 report from IHS Markit | Technology, now a part of Informa Tech. This massive market expansion will be propelled by broad-based demand growth from multiple markets, including mobile phones, consumer electronics, medical equipment and wearable electronics.

However, applications in the automotive sector including electric vehicles and in-cabin systems will generate the robust growth rates in the wireless power segment. Rx shipments for automotive applications are set to rise by 42.7% CAGR from 2018 through 2023, while Tx shipments will increase at a rate of 44.4% during the same period.

Massive Growth for Automotive Wireless Charging

Within the automotive market, the electric vehicle (EV) segment will generate the greatest increase in demand for Tx and Rx devices in the coming years. Shipments of Tx devices in EVs will increase at a stunning CAGR of nearly 50 percent from 2018 through 2023.

In EVs, these devices are used for wireless charging systems for car batteries. Wireless charging systems offer greater convenience and ease of use to EV owners, with the charging conducted by a charging mat placed on the ground. To charge up their batteries, EV drivers simply have to maneuver their cars over these charging mats, instead of plugging cords into their vehicles.

The way that people, goods and vehicles get from one place to another will change dramatically over the next two decades, says Dinesh Kithany, lead industry analyst, wireless power and power supplies, at IHS Markit | Technology. According to him, driven by technological changes, along with a combination of economic factors and new policies and regulations, EV sales are set to show robust growth. Recent announcements confirm there’s a fleet of automotive manufacturers with launch plans for electric vehicles.

Wireless charging technology will play a critical role in this growth, making the process of charging EVs dramatically easier and increasing their appeal to consumers. The speed and process in which EVs would be charged at home, offices, petrol stations as well as at charging points would differ, and the trick is how to fit in the ecosystem such that both consumers and businesses benefit.

Cabin Fever

Another hot segment of the automotive wireless charging market is the in-cabin area, where the technology is used to replenish the batteries of consumer electronics products, including mobile and wireless devices. Shipments of Tx devices for automotive in-cabin devices will also increase at a CAGR of around 50 percent during the forecast period. Devices of different types and power ratings are expected to be charged inside the vehicles, in front row as well as at back rows, and different automakers are adopting different (transmitter) strategies in order to enhance the consumer experience, with an important aspect of integrating wireless power technology with other technologies within the car.

In-cabin wireless charging systems, be it portable stands or integrated pads, have been placed inside of cars since around 2013. The number has increased since then, particularly for higher-end cars. In general, automotive industry suppliers have been late adopters of wireless charging, as a new technology must be thoroughly studied for value, safety, integration, authentication, interoperability, and reliability before it is included in a product (cars) having 10- to 15-year lifetime. However, the automakers now appear to be catching up to the wireless charging wave.

Wireless Power Market Tracker

The Wireless Power Market Tracker from IHS Markit | Technology delivers a full view of all different market applications within a single database, including consumer, medical, kitchen appliances, industrial, medical, robotics, automotive and public deployments. Dedicated market research and interviews with over 50 companies within the industry help shape detailed market forecasts by application, while the consumer survey provides the end-user perspective from a different region quarterly.

Click here to read the full report.

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