The last recorded valuation of the industry was US$125.8m in 2023. This leap in the valuation of the market is attributed to an overwhelming CAGR of 29.2% through the forecast period.
Technological innovations in the ecosystem upscale the applicability of wireless EV charging. Integrating charging units with roads in the United States is shaping the ecosystem by developing new horizons for the sector.
Regarding the growing demand for maintaining sustainability standards, key players in the wireless electric vehicle charging industry are aiming to integrate green energy sources to reduce carbon emissions. This factor is driving attention toward the EV segment.
The aim to curb the use of conventional fuels is spurring the production as well as demand for EVs, subsequently driving the demand for charging units. A surge in efficient charging systems has been observed, which elevates the demand for wireless charging setups.
One of the key findings from the market report is that the worldwide wireless electric vehicle charging market can be classified into different key segments based on several key parameters. Based on the charging type segment, the dynamic charging category is expected to yield high returns, owing to the growing investments in enhancing the mobility of vehicles.
Another finding is that depending on the type of charging technology, the magnetic resonance wireless charging category is likely to provide better outcome. The speed of charging can be enhanced effectively using such techniques, driving the demand for the segment.
Also, the power control unit category, a key part of the component segment, is expected to generate more revenue due to the growing demand for controlling power fluctuations in different regions.
The report also concludes that, based on the application segment, residential wireless charging is likely to create popularity, owing to the growing demand for convenient charging setups.
Regionally, because of the development of the automobile sector in Asia-Pacific, the demand for the electric vehicle segment is likely to increase. This creates prospects for wireless electric vehicle charging units in the region.
The growing demand for sustainable alternatives for traditional goods in Europe is expected to drive various sectors in the region, including the wireless electric vehicle charging market.
Technological infrastructure in North America is likely to govern the demand for wireless electric vehicle charging in the region. Key players in the region might capitalise on different lucrative opportunities created due to this driver.
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