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The global wireless electric vehicle charging industry is being driven by the rising issues of pollution and global warming, which is leading to the increased adoption of electric vehicles. Moreover, the heightened demand for wireless charging facilities for hassle-free experience is expected to bolster the industry growth in the forecast period. In addition, the rapid technological advancements, such as the development of on-the-go charging facilities, are also anticipated to significantly contribute to the market growth. These factors are estimated to positively impact the industry growth in the forecast period.
The growing focus of the leading players to develop efficient wireless charging mechanisms for electric vehicles by incorporating advanced technologies is estimated to further catalyse the industry growth in the forecast period. For instance, according to a press release issued by WiTricity Corporation, dated February 2019, the company announced the acquisition of certain technology platform and IP assets, including the Qualcomm Halo technology, from Qualcomm Incorporated (NASDAQ: QCOM) and Qualcomm Technologies, Inc. in a bid to promote wireless EV charging adoption. With this agreement, WiTricity is set to attain control of over 1500 patents and patent applications related to wireless charging, while Qualcomm Incorporated will become a minority shareholder in WiTricity. Furthermore, another leading wireless electric vehicle charging technology vendor, Blink Charging (NASDAQ: BLNK), in a press release dated July 2020, announced the collaboration with Enersys (NYSE: ENS), a leading stored energy solutions vendor, for the development of high-power wireless and efficient DC fast charging system with integrated battery storage for the transportation industry. These developments are expected to positively impact the growth of the wireless electric vehicle charging industry in the forecast period.
Market Breakup by Power Source, Charging Method, Installation, Distribution Channel, Vehicle Type, and Region:
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The major players in the global wireless electric vehicle charging market are Bombardier Inc., Continental AG, Plugless Power Inc, Fulton Innovation LLC, Qualcomm Technologies, Inc., and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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