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.
In terms of value, APAC is expected to create an incremental opportunity of US$ 1611.8 Mn between 2017 and 2025, owing to an increasing use of electric cars in the region. The wireless car charging market in APAC is also expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, EMEA is expected to create an incremental opportunity of US$ 89.3 Mn between 2017 and 2025 while Americas is expected to create an incremental opportunity of US$ 552.6 Mn between 2017 and 2025.
Global Wireless Car Charging Market: Dynamics
Market revenue drivers
Market growth restraints
Key player strategies
Companies operating in the global wireless car charging market are looking at new product launches and product innovation as critical strategies to increase their sales growth. Continuous product upgradation and new innovation strategy is key to increase business revenue and reach potential new customers in emerging markets.
Report Introduction and Structure
In a new report titled “Wireless Car Charging Market: Global Industry Analysis (2012 – 2016) and Forecast (2017 – 2025),” Persistence Market Research focuses on the performance of the wireless car charging market over an eight year forecast period from 2017 to 2025. The report begins with a brief executive summary that presents the global wireless car charging market overview and our analysis and recommendations. The market introduction section highlights the market definition, taxonomy, and an overview of the parent market, namely the wireless charging market. The next section talks about the market view point, which includes the macro-economic factors impacting revenue growth of the global wireless car charging market, an opportunity analysis of the global wireless car charging market, market evolution, and a value chain analysis of the global wireless car charging market. The next section presents the global wireless car charging market analysis and forecast for the historical period 2012 – 2016 and the forecast period 2017 – 2025. Here we have covered the market size and Y-o-Y growth, absolute $ opportunity, and global regulations pertaining to the wireless car charging market.
The next few sections focus on the regional forecasts of the global wireless car charging market across the key assessed geographies. These sections present the Y-o-Y growth projections and Basis Point Share (BPS) analysis by country, key regulations and takeaways, regional market dynamics (drivers, restraints, trends), impact analysis of drivers and restraints, and the historical and current market size based on country, base station, type of car, and technology. A regional market attractiveness analysis, emerging market analysis, key representative market participants, and a market intensity mapping conclude these regional sections. At the end of these sections, the relevance and impact of forecast factors is highlighted.
An important part of the report on the global wireless car charging market focuses on the competitive landscape. Here, we provide detailed information on the market structure, market share analysis, and competition intensity mapping by market taxonomy. We have also profiled some of the leading players operating in the global wireless car charging market and presented important details such as company overview, key financials, business strategies, and recent market developments. This section is intended to provide a dashboard view of the key player ecosystem prevalent in the global wireless car charging market.
Persistence Market Research methodology comprises market profiling, which includes in-depth secondary research to determine top industry players, products, applications, overall market size, industry connotations, distributors, and software developers, etc. The next step is the formulation of a detailed discussion guide to conduct expert interviews based on a comprehensive list of industry players (manufacturers), distributors, retailers, and industry specialists. Data thus collected through extensive primary and secondary research is validated using the triangulation method wherein primary and secondary data along with Persistence Market Research analysis contributes to the final data. This data is then scrutinized using advanced company tools to garner qualitative and quantitative insights on the global wireless car charging market. Sources leveraged for primary research include LinkedIn, Zoominfo, Salesforce, and Onesource. Data from secondary research has been acquired from company websites, company annual reports_bk_01_01_2020, white papers, press releases, and company financial reports_bk_01_01_2020. We have also referred to paid publications such as Factiva, GBI, Genios, and Meltwater.
Our in-depth company analysis comprises identification of key strengths and product portfolio of market participants, mapping as per the global wireless car charging market value chain, and identification of the key focus segments. Our desk research comprises a study of key market developments and market changing aspects/dynamics as well as a comparative study of the various products available in the global wireless car charging market.