From USD 7.0 million in 2019, the global wireless electric vehicle charging market is predicted to grow to USD 174.6 million by 2027, registering a CAGR of 60.0% during the forecast period (2021–2027). The growth of this market is attributed towards the increasing awareness for protecting the environment and restricting the use of fossil fuels, that has stimulated the governments and various institutions to invest in R&D for wireless car charging. Moreover, the wireless electric cars use power by use of electric motors that run by battery packs that are rechargeable, that results in causing less pollution and are environmental friendly in comparison to that of conventional vehicles.

Increasing investment in R&D initiatives for wireless car charging along with increasing use of electric vehicles to eliminate harmful emissions and reduce the carbon footprint are the key factors driving the growth of global wireless electric vehicle charging market. Major leading companies that contribute a substantial growth in the economy have started to invest more in the R&D for the wireless charging vehicle market. Furthermore, there has been an escalation witnessed in the use of electric vehicles so as to eliminate harmful emissions for carbon footprint reduction. These factors explained play as the growth drivers for the market.

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Geographically, wireless electric vehicle charging market in Europe is expected to contribute largest revenue by 2027 due to accessibility to well organized infrastructure that enhances the establishment of wireless charging infrastructure in this region. Development of effective infrastructure with access to large number of charging stations along with massive increase in the sale of electric vehicles in the region are the key factors driving the growth of global wireless electric vehicle charging market.

Key players operating in the global wireless electric vehicle charging market are emphasizing their efforts upon strategic acquisitions in order to strengthen capabilities of research & development that support them in providing innovative solutions to the users and thus gain competitive advantage. Furthermore, the key player such as WiTricity is undertaking product development and mergers & acquisitions activities.

Some of the major players operating the global wireless electric vehicle charging market include HEVO Inc., Integrated Device Technology, Inc., WiTricity Corporation, Robert Bosch GmbH, Toyota Motor Corporation, Daimler AG, Qualcomm Technologies, Continental AG, HELLA KGaA Hueck & Co., Mojo Mobility, and ZTE Corporation.