Press release
The Wireless Car Charging Market To Witness Innovation-Based Sartorial Grandeur at a CAGR of 42.5%
The automotive industry is seeing a major paradigm shift from fossil fuel-operated vehicles to electric and hydrogen-powered vehicles. This shift is the result of depleting fossil fuels, increasing prices of these fuels, rising environmental concerns about emissions from fossil-powered vehicles, etc.
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As the world searches for cleaner alternatives for fossil fuels, electric vehicles are the first choice as they have proven their efficiency and practicality. The number of electric vehicles and electric vehicle manufacturers has grown substantially over the past decade, and this is expected to propel demand for wireless car charging. Benefits such as faster charging, high convenience, and safe and effective than wired charging make wireless charging a preferred choice for electric vehicles.
Prime manufacturers of wireless car charging products are adopting various organic and inorganic strategies to maximize their revenue potential across the world. They are also focusing on the research & development of charging technology.
In October 2021, Volkswagen Group's technology unit for applied materials science announced the expansion of its collaboration with Oak Ridge National Laboratory (ORNL) and the University of Tennessee, Knoxville (UT). The teams have already started testing different wireless charging concepts for electric vehicles, and their aim is to develop wireless chargers that are up to 98% efficient.
A Toyota patent has revealed that the automotive giant is working on a breakthrough wireless charging technology that could revolutionize the electric vehicle charging industry. The technology would enable vehicle-to-vehicle wireless charging, which would definitely be a big hit as it would eliminate the time lost in stopping and charging vehicles.
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Key Takeaways from Market Study
The wireless car charging market is predicted to develop at a phenomenal CAGR of 42.5% through 2031.
Electric cars are anticipated to hold more than 70% global market share for wireless car charging.
Sales forecast for 2031 is anticipated to be around US$ 550 Mn.
The market in the Asia Pacific region is expected to dominate with the most value share.
Increasing use of electric vehicles, rising popularity of wireless charging systems, and increasing research & development of innovative and new wireless charging solutions are some of the major factors influencing demand for wireless car charging.
Sales revenue from the market amassed a net worth of US$ 16 Mn in 2020.
"Demand for wireless car charging is anticipated to see a major rise as electric vehicles become more mainstream in the wake of depleting fossil fuels and rising environmental concerns," says a Persistence Market Research analyst.
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Competitive Landscape
The global market for wireless car charging has been identified as a fairly fragmented space due to the presence of a high number of market participants.
Some of the key market players included in the report are Qualcomm Technologies Inc., Evatran LLC (Plugless Power), WiTricity Corporation, Momentum Dynamics Corp., Toshiba Corporation, Mojo Mobility Inc., HEVO Inc., Bombardier Inc, TDK Corporation, Denso Corporation, and ZTE Corporation.
The above are identified as key providers of wireless car charging. These market participants are engaged in market expansion activities and are developing new strategies to increase their sales on a global level.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a revised market research report on the global wireless car charging market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031.
The report provides an in-depth analysis of the market through different segments, namely, base station, type of car, technology, and region. The report also provides supply and demand trends along with an overview of the parent market.
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