Press release
Wireless Car Charging Market Predicted to Witness Surge in The Near Future
Global Wireless Car Charging Market: Forecast by Base Station
The global wireless car charging market is segmented on the basis of base station into Static and Dynamic. The Static segment is anticipated to remain dominant throughout the forecast period, with a market share of about 70% anticipated by 2025 end. However, this is a drop of 1020 basis points over 2017, which is estimated to record about 80% market share in this segment. The Static segment is estimated to reach a market valuation of US$ 2,214.8 Mn by 2025 end, witnessing a CAGR of 39.3%. However, the Dynamic segment will register the highest CAGR of 49.4% in terms of value.
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Asia Pacific to lead the global wireless car charging market
The market for wireless car charging has grown exponentially across the globe, with an increasing number of people seeking the convenience of wirelessly charging their vehicles. Of the different regional markets, the market in Asia Pacific is anticipated to witness a relatively high growth rate during the forecast period 2017 – 2025, with an estimated market share of almost 46% in 2017. EMEA is the second largest market with 36.1% value share in 2017 while Americas – with a moderate growth rate – is expected to take the third place at 18.1% market share in 2017. In the Asia Pacific regional market, Japan is expected to be the dominant market in 2017 in terms of revenue sales for wireless car charging systems. EMEA is expected to remain as a key regional market in the global wireless car charging market due to the substantial government support in the form of tax redemptions and the presence of large number of automotive manufacturers in countries such as Germany, U.K., France, etc. In the coming years, Germany is expected to be a key market for sustainable revenue generation from wireless car charging systems.
The APAC wireless car charging market to register a CAGR of 44.6% from 2017 to 2025
The Asia Pacific region is anticipated to remain dominant in the global wireless car charging market throughout the forecast period. APAC is estimated to hold 54% market share by the end of 2025. This represents an increase of a whopping 820 basis points in 2025 over 2017. The APAC wireless car charging market is estimated to be valued at US$ 88.7 Mn in 2017 and this is expected to increase to US$ 1700.5 Mn by 2025 end, representing a CAGR of 44.6% from 2017 to 2025. An increase in the demand for electric and hybrid cars in Asia Pacific due to environmental concerns is likely to boost the Asia Pacific wireless car charging market. Also, the adoption of wireless car charging is increasing in APAC because of the reduction in the price of charging electric vehicles. Switching to an electric car helps save hundreds of dollars per year in fuel costs, even when compared to the most fuel-efficient cars; and people in the APAC region are fast shifting preferences towards electric cars. This is positively impacting revenue growth of the wireless car charging market in the region.
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Global Wireless Car Charging Market: Forecast by Type of Car
The global wireless car charging market is segmented on the basis of type of car into Electric and Hybrid. The Electric segment is the largest segment with a projected market share of more than 70% by the end of 2025. This is the most attractive segment in the global wireless car charging market and is expected to witness steady growth in terms of revenue throughout the forecast period.
Global Wireless Car Charging Market: Forecast by Technology
The global wireless car charging market is segmented on the basis of technology into Inductive Charging and Hybrid-Inductive Resonance. Inductive Charging is the largest segment, expected to hold about 72% market share by the end of 2025. At a 40.0% CAGR in terms of value, this segment is likely to remain dominant in the global wireless car charging market during the forecast period.
Global Wireless Car Charging Market: Regional Analysis
The global wireless car charging market is segmented into the key geographies of Americas, EMEA, and Asia Pacific. Asia Pacific is the dominant regional market with a projected market share of more than 50% by the end of the forecast period in 2025. APAC is also the most attractive regional market in the global wireless car charging market, with high Y-o-Y growth rates anticipated to be registered during the forecast period.
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