|Status : Published||Published On : Feb, 2021||Report Code : VRAT4075||Industry : Automotive & Transportation||Available Format :||Page : 210|
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.
Different electric utilities provide charging stations where these vehicles are charged. Electromagnetic fields are the way through which the wireless cars are charged. This helps the user to conveniently charge the vehicle by not plugging in the vehicle but just parking it over an inductive pad. Additionally, it makes it convenient for the user for charging vehicle and the vehicle gets charged at a higher rate that saves time. This technology offers effective charging and safe charging. Furthermore, there have been initiatives taken to increase the number of charging stations over the world which would be favorable for the growth of wireless electric vehicle charging market.
Insight by Charging Type
Based on charging type, the global wireless electric vehicle charging market is bifurcated into dynamic wireless charging system and stationary wireless charging system. During the forecast period, the dynamic wireless charging of electric vehicle classification is expected to witness the faster wireless electric vehicle charging market growth, as it is a revolutionary technology for the market. In the conventional approach the cars have to set limit of hundred kilometers range, beyond which if the battery capacity is increased the cost and charging time increases and with dynamic wireless charging system the battery remains the same while the travel range increases thus resulting in cost reduction.
Insight by Application
On the basis of application, the global wireless electric vehicle charging market is bifurcated into home charging unit and public or commercial charging station. Between these, public or commercial charging station is expected to witness higher CAGR during the forecast period, as the charging units for public or commercial charging stations would require fast charging facilities so the vehicles are charged at a better rate in comparatively less time.
Insight by vehicle type
On the basis of vehicle type, the global wireless electric vehicle charging market is bifurcated into commercial vehicle, and passenger car. Amongst these segments, commercial vehicle segment is expected to witness higher CAGR during the forecast as the demand for commercial charging stations to be developed is comparatively higher.
Increasing global trend pertaining to charging infrastructure and electric mobility are the key trends observed towards the growth of global wireless electric vehicle charging market. Electric mobility is gaining momentum in the automotive industry as it refers to development of electronic drive trains and comprises of fully hybrid vehicle and electric 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.
However, there has been a lack of confidence among the consumers related to infrastructure support for such technology along with lack of products standardizations are the key factors expected to hinder the growth of global wireless electric vehicle charging markets.
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.
Moreover, wireless electric vehicle charging market in Asia-Pacific is projected to witness the highest growth during the forecast period. The wireless electric vehicle charging market in Asia-Pacific is growing as large part of the global manufacturing units are present in the region along with increasing world’s population in the region has accentuated the pollution parameters that are emphasizing upon the acceptance of electric vehicle. The government in the countries of this region is keen towards the conversion of the economy to go completely electric thereby attributing towards the growth of 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.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research