The global wireless car charging market is segmented into application such as power electric and hybrid cars. Among these segments, power electric or electric vehicle segment is anticipated to witness considerable growth during the forecast period. Factors such as lack of potential of electric vehicles to run for long distance and need to charge them at intervals are fuelling the demand for wireless car charging. Moreover, wireless car charging technology will allow electric vehicles to charge while running.
Global wireless car charging market is expected to flourish at a notable CAGR over the forecast period. Moreover, the global wireless car charging market is expected to reach at USD 6.0 Billion by the end of 2021. Increasing sales of electric vehicles and technological advancements in electric vehicles are some of the major factors which are envisioned to foster the growth of market during the forecast period.
Geographically, Europe wireless car charging market is anticipated to thrive during the forecast period. Government support, falling battery cost and increasing sales of electric vehicles are likely to be the key factors behind the growth of wireless car charging market over the forecast period. Moreover, driving and usage benefits in Europe region such as preferential parking permits in dense urban areas and permission to drive in bus and taxi lanes and save considerable time during rush hours are increasing the sales of electric vehicles which in turn likely to foster the growth of wireless car charging market in Europe region.
Technological Advancement in Charging Technology
Inability of electric vehicles to run for longer distance as they need to charge at intervals is a key factor which is expected to fuel the growth of wireless car charging market in near future.
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Favourable Government Initiatives and Programmes
Various government initiatives to increase the sales of electric vehicles for instance, china is looking forward to ban combustion engine vehicles to encourage the adoption of electric vehicles are anticipated to bolster the growth of global wireless car charging market in near future.
Although, lack of availability of standardized wireless car charging system and low adoption rate of electric vehicles in underdeveloped countries are some of the factors which are expected to hinder the growth of the wireless car charging market in the near future.
The report titled “Global Wireless Car Charging Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global wireless car charging market in terms of market segmentation by technology, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global wireless car charging market which includes company profiling of Evatran Group, Qualcomm Technologies, Inc., WiTricity Corporation, and HEVO Power. Some other prominent vendors that may enter into manufacturing of wireless car charging are Continental AG, Ford Motor Company, BMW Automobile Company, Nissan Motor Company Ltd. and Bosch Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wireless car charging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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