Portland, May 09, 2019 (GLOBE NEWSWIRE) -- According to the report, global wireless electric vehicle charging market was pegged at $21.8 million in 2017 and is estimated to reach $1.4 billion by 2025, registering a CAGR of 22.4% from 2018 to 2025.
Increase in sales of electric vehicles (EVs) and rise in demand for the energy-efficient source as an alternative owing to a considerable increase in fuel price have boosted the growth of the global wireless electric vehicle charging market. However, the high cost of wireless technology and comparatively slower charging hamper the market growth. On the contrary, excessive research in far-field wireless charging technologies and advancements in internet technologies and smart marketing strategy are expected to create lucrative opportunities in the coming years.
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The global wireless EV charging market is divided on the basis of power source, installation, distribution channel, vehicle type, and region. Based on the power source, the market is divided into 3<11 kW, 1150 kW, and >50 kW. The 11-50 KW segment held the largest share in 2017 and is expected to continue its dominance throughout the study period, owing to an increase in demand for home-based and commercial charging features. The >50 kW segment is projected to register the fastest CAGR of 40.5% during the forecast period, owing to its fast charging capabilities.
On the basis of installation, the market is segmented into home and commercial. The home segment held the largest share in 2017, contributing more than four-fifths of the total market. Based on the distribution channel, the market is segmented into OEMs and aftermarkets.
The market across various regions such as North America, Europe, Asia-Pacific, and LAMEA is analyzed in the report. The market across Asia-Pacific regions held the largest share in 2017, contributing about 43% of the total market. Moreover, the region is estimated to manifest fastest CAGR of 27.8% during the forecast period, owing to increase in government support for the automotive industry, various emission regulations, rise in industrialization, and an increase in demand for electric vehicles.
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The global wireless electric vehicle charging market report includes in-depth analysis of the major market players such as Qualcomm Inc., Robert Bosch Gmbh, Continental AG, Toyota Motor Corporation, Witricity Corporation., Texas Instruments Inc., Evatran Group Inc., Toshiba Corporation., and Powermat Technologies Ltd. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to maintain their top status in the industry.
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