Growing adoption of electric vehicle and increasing R&D spending in this sector to drive global wireless electric vehicle charging market until 2025
According to TechSci Research report, “Global Wireless Electric Vehicle Charging Market By Charging Type, By Power Supply Range, By Charging System, By Vehicle Type, By Region, Competition, Forecast & Opportunities, 2025”, the global wireless electric vehicle charging market is predicted to grow at a robust CAGR during the forecast period on account of technological advancements and stringent norms related to vehicle emissions which is boosting the adoption of electric vehicle market across the globe; consequently, driving the wireless electric vehicle charging market. Moreover, governments in several economies are offering incentives to give a push to the electric vehicle market. Increased number of on-road electric vehicles will result in increased deployment of electric vehicle wireless charging stations across the globe. However, high initial cost of charging stations and investment in R&D can hamper the growth of the market.
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Wireless electric vehicle charging market, globally, can be segmented based on charging type, power supply range, charging system, vehicle type, region and company. Based on vehicle type, passenger cars dominated the market and the vehicle type is projected to grow at a double-digit CAGR in the coming years as well on account of early introduction of electric vehicle technology into passenger cars and corresponding high sales of the segment. However, the outlook for the sales commercial vehicles is quiet promising. State and central governments are adding electric bus fleets to their transportation systems in order curb greenhouse emissions.
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HEVO Inc., Daimler AG, Qualcomm Technologies, Witricity Corporation, Mojo Mobility, Hella Kgaa Hueck & Co., ZTE Corporation, Integrated Device Technology, Inc., Hella Kgaa Hueck & Co., Toyota Motor Corporation, among others are the leading players operating in global wireless electric vehicle charging market. The automotive players in the market are using organic growth strategies such as investment in R&D so that they can introduce cost-effective charging solutions, helping them to retain their leading position in the market.
“Europe is expected to lead the global wireless electric vehicle charging market on the back of early adoption of wireless electric vehicle infrastructure in countries like Germany and presence of leading automotive players in the region. Additionally, high sales of electric vehicles and presence of vehicle charging infrastructure is projected to boost the European wireless electric vehicle charging market until 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Wireless Electric Vehicle Charging Market By Charging Type, By Power Supply Range, By Charging System, By Vehicle Type, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global wireless electric vehicle charging market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global wireless electric vehicle charging market.