Market Overview
Wireless electric vehicles are trending in today’s generation. The propelling demand for these vehicles contributes to the wireless electric vehicle charging solutions. The Wireless Electric Vehicle Charging Market will rise in the forecast period due to the massive demand for electric vehicles and the growing awareness of sustainable mobility solutions.
The market variables are increasing the public’s attractiveness toward wireless electric vehicle charging, for example, the adoption of enhanced technology for the production of efficient electric vehicle charging solutions.
The Covid 19 pandemic has shown a negative impact on the market,which has reduced its demand and sales rate. Because of the restriction on transportation, people stopped investing in a wireless electric vehicles. But in the future forecast period, the market will recover from the loss due to the key industrial player’s developments.
The Wireless Electric Vehicle Charging Market drivers contribute to the market’s future growth, such as the rise in sales of electric vehicles, environmental regulations, and awareness of sustainable solutions.
The Wireless Electric Vehicle Charging Market will obtain a value of USD 258.65 Million and a strong CAGR of 48.82 % by 2030 in the forecast period.
Market Segments
The Wireless Electric Vehicle Charging Market is segmented into charging type, power supply range, charging station, charging pads, propulsion, vehicle type, and application.
The charging type segment has dynamic wireless electric charging and stationary wireless electric charging. The dynamic wireless electric charging segment dominates due to its huge demand.
The power supply range is divided into 3 to 7.7. KW,7.7. to 11 KW,11 to 20 KW, 20 to 50 KW, and 50 KW.
The charging station segment of the market is categorized into commercial charging stations and home charging stations.
The charging pads segment comprises a power control unit, a base charging pad, and a vehicle charging pad. The performance of these segments will drive the market in the forecast period.
The propulsion segment of the market is categorized into the battery and plug-in electric vehicles based on propulsion. The increased demand for lithium-ion batteries will propel the demand for battery electric vehicles.
The vehicle type segment is segregated into electric passenger and commercial vehicles. The growing demand for the passenger EV segment increases the sales of electric passenger vehicles.
The market is segmented into OEM and aftermarket based on application. These segments will ensure the market’s growth potential in the forecasted period.
Regional Analysis
According to the regional growth of the Wireless Electric Vehicle Charging Market, it covers the chief regions such as North America, Europe, the Asia Pacific, and the rest of the world.
The Asia Pacific segment will acquire the highest growth rate in the forecast period because of the higher production of electric vehicles. Emerging countries such as China and Japan are playing a magnificent role with extensive value in the forecast period. Growth factors like higher pollution, urbanization, and awareness of reducing carbon emissions are accelerating the regional market growth.
Industry News
In December 2021, Toyota Motor Corporation started the development of a dynamic wireless power transfer system to charge vehicles during driving. This system utilizes devices embedded in roads, city intersections, or highways to charge vehicles.
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