The electric vehicle wireless charging market will reach $2.3 billion by 2034, according to a report published by Transparency Market Research, Inc.
The report notes that the physical connections required for electric vehicles could be avoided with the use of wireless charging, which can improve the efficiency and ease of use of charging setups.
The last recorded valuation of the industry was $125.8 million in 2023. This jump in market valuation is attributed to an overwhelming CAGR of 29.2% over the forecast period.
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Projections
In terms of curbing the carbon footprint, governments in various countries have focused on promoting the electric vehicle segment. This transformation is expected to proliferate the growth of electric vehicles.
Stimulating investments in the electric vehicle wireless charging market is another driving force sustaining the sales of electric vehicle charging systems.
The power control units category, a key part of the components segment, is expected to generate more revenue due to increasing demand for controlling power fluctuations in different regions.
According to the application segment, residential wireless charging is likely to gain popularity, owing to increasing demand for convenient charging configurations.
Due to the development of the automotive sector in Asia Pacific, the demand for electric vehicle segment is likely to increase. This creates prospects for electric vehicle wireless charging units in the region.
Growing demand for sustainable alternatives to traditional products in Europe is expected to drive various sectors in the region, including the electric vehicle wireless charging market.
