Global Wireless Electric Vehicle Charging (WEVC) Market Size Zooming 8X to Reach USD 205.65 Million by 2029

Published | 28 December 2023

Global Wireless Electric Vehicle Charging (WEVC) Market is flourishing due to an increasing demand for electric vehicles (EVs), advancements in wireless charging technology, government incentives, and growing environmental awareness.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Wireless Electric Vehicle Charging (WEVC) Market size at USD 24.6 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Global Wireless Electric Vehicle Charging (WEVC) Market size to grow at a robust CAGR of 42.46% reaching a value of USD 205.65 million by 2029. The Global Wireless Electric Vehicle Charging (WEVC) Market is propelled by an increasing demand for convenient and efficient charging solutions, fostering EV adoption. Technological advancements, such as improved charging efficiency and interoperability, contribute to market growth. Government incentives promoting sustainable transportation and a growing emphasis on reducing carbon emissions further drive the Global WEVC Market. The automotive industry's shift toward EVs, along with rising environmental awareness, accelerates the adoption of wireless charging infrastructure globally.

Opportunity – Accelerated adoption propelled by government backing

Global Wireless Electric Vehicle Charging (WEVC) Market surges with initiatives and incentives. Governments worldwide are fueling the growth of the WEVC market through strategic initiatives and incentives. Robust support, including financial incentives, regulatory frameworks, and infrastructure development, is driving the rapid adoption of wireless charging solutions. The government backing not only stimulates market expansion but also encourages sustainable transportation, fostering a dynamic ecosystem for the global WEVC market.

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Impact of Escalating Geopolitical Tensions on Global Wireless Electric Vehicle Charging (WEVC) Market

Escalating geopolitical tensions, such as the Russia-Ukraine war, have adversely impacted the Global Wireless Electric Vehicle Charging (WEVC) Market. Uncertainties surrounding the conflict disrupt supply chains, hampering the production and distribution of WEVC infrastructure components. Increased political instability raises investment risks, deterring potential stakeholders and hindering market growth. Also, trade restrictions and economic sanctions imposed due to geopolitical tensions can impede the flow of essential materials and technologies crucial for the advancement of wireless charging systems. The resultant geopolitical uncertainties create an environment of caution, affecting the decision-making process of market participants and slowing down the overall expansion of the Global WEVC Market.

Global Wireless Electric Vehicle Charging (WEVC) Market – By Application

Based on application, Global Wireless Electric Vehicle Charging (WEVC) Market is divided into Commercial Charging Stations and Home Charging Unit segments. The commercial charging stations segment leading the Global Wireless Electric Vehicle Charging (WEVC) Market. As the demand for EVs rises, businesses and public spaces increasingly invest in robust charging infrastructure. The surge in commercial charging infrastructure caters to the expanding fleet of EVs, promoting sustainable transportation solutions. Simultaneously, the home charging unit segment continues to gain traction, as residential charging solutions become more accessible, contributing to the overall advancement of WEVC technology.

Competitive Landscape

Global Wireless Electric Vehicle Charging (WEVC) Market is fiercely competitive. Major companies in the market include ABB, Alfen N.V., Siemens, EVgo Services LLC, Leviton Manufacturing Co., Inc., Continental AG, Qualcomm Technologies, Inc., Toyota Motor Corporation, and Bombardier. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Global Wireless Electric Vehicle Charging (WEVC) Market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Wireless Electric Vehicle Charging (WEVC) Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Global Wireless Electric Vehicle Charging (WEVC) Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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