The wireless car charging market is estimated to garner a substantial revenue by growing at a notable CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to factors such as the increasing sales of electric vehicles, growing investments in the development of wireless electric vehicle charging technology, stringent rules regarding fuel emissions and the rising demand for wireless charging stations. It is evaluated that more than 2 million electric cars were sold worldwide in 2019. Moreover, high emphasis on building charging stations in commercial buildings and shopping centers in the recent years along with escalating interest of leading car manufacturers to invest more in wireless car alternatives are anticipated to provide abundant growth opportunities to the market in the coming years.
The market is segmented by vehicle type into plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV), and commercial electric vehicles (CEV), out of which, the BEV segment is expected to hold the largest share in the wireless car charging market. This can be accounted to the large-scale adoption of these vehicles as a result of stringent government regulations to reduce emissions, and the rising emphasis of big automotive conglomerates to offer improved car charging experience. Furthermore, based on charging type, the segment for stationary wireless charging is projected to occupy a significant market share, which can be credited to the high convenience and reliability of these systems. Along with this, stationary charging offers the ease of charging an electric vehicle effortlessly in a public place, which is another factor assessed to drive growth to this market segment in the forecast period.
On the basis of regional analysis, the wireless car charging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Europe is estimated to acquire the largest share over the forecast period on the back of strong presence of leading market players and a well-developed infrastructure. In addition to these, Europe has witnessed a surge in electric vehicle purchase since the last five years, which in turn is expected to create new avenues for the innovations in wireless charging technologies in this region. Approximately 1.5 million electric vehicles were registered in Europe in 2020, growing at a rate of about 135% more than in the previous year. High levels of income in countries, namely France, United Kingdom and Germany, is also a crucial factor predicted to provide lucrative growth opportunities to the market in the near future. CLICK TO DOWNLOAD SAMPLE REPORT
The wireless car charging market is further classified on the basis of region as follows:
Our in-depth analysis of the wireless car charging market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing electric vehicle sales and growing investments in wireless charging technology is estimated to drive market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021 – 2029.
Costly technology integration of wireless car charging systems is estimated to hamper the market growth.
Europe will provide more business growth opportunities on the back of strong presence of leading market players.
The major players in the market are Continental AG, Robert Bosch GmbH, Qualcomm Technologies, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by vehicle type, power supply, charging type, application, and by region.
The battery electric vehicle (BEV) segment is anticipated to hold largest market size and is estimated to grow at a high CAGR over the forecast period and display significant growth opportunities.
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