Our in-depth analysis of the wireless car charging market includes the following segments:
By Vehicle Type
By Power Supply
By Charging Type
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.
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The wireless car charging market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Harshita Srivastava, Saima Khursheed
Ans: Increasing electric vehicle sales and growing investments in wireless charging technology is estimated to drive market growth.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021 – 2029.
Ans: Costly technology integration of wireless car charging systems is estimated to hamper the market growth.
Ans: Europe will provide more business growth opportunities on the back of strong presence of leading market players.
Ans: The major players in the market are Continental AG, Robert Bosch GmbH, Qualcomm Technologies, Inc., and others.
Ans: 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.
Ans: The market is segmented by vehicle type, power supply, charging type, application, and by region.
Ans: 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.