Wireless Electric Vehicle Charging Market worth USD 258.65 Million by 2027, registering a CAGR of 48.82% - Report by Market Research Future (MRFR)
New York, Aug. 06, 2021 (GLOBE NEWSWIRE) -- Wireless Charging for Electric Vehicle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Wireless electric vehicle charging Market Research Report, Charging Type, Power Supply Range, Charging Pad, Charging System, Propulsion Type, Vehicle Type, Application and Region - Forecast till 2027” the market is projected to be worth USD 258.65 Million by 2027, registering a CAGR of 48.82% during the forecast period (2021 - 2027), The market was valued at USD 15.95 Million in 2020
The wireless electric vehicle charging market outlook appears extremely promising, heading with the rapidly evolving electric vehicles (EVs) market worldwide. Besides, the vast preference for wireless charging solutions growing with the rising EV sales substantiates the market size. With electric vehicle infrastructure developments growing with rising smart city projects worldwide, the market is projected to witness vast growth in the next few years
Wireless charging enables vehicles on the go and keeps cities clean, allowing practically invisible charging during regular operation. This automatic system dispenses with the need for visually detracting cabling or charging pads sunk into or on the roadway.
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Competitive Analysis
List of the Key Companies Profiled in the Wireless Charging for Electric Vehicle Market Research Report are:
- WiTricity (USA)
- Plugless Power (USA)
- Nission (Japan)
- ZTE Corporation (China)
- Qualcomm Inc. (USA)
- ELIX Wireless (Canada)
- Continental AG (Germany)
- HEVO power (USA)
- BMW (Germany)
- Toshiba Corporation (Japan)
The e-vehicle battery charger market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on July 20, 2021, Dynamic Solutions HK Limited, a technology start-up, revealed that it would begin using wireless charging devices for electronic vehicles as they are parked. Innovative induction pads of this system would be installed at the firms' test center, with in-depth trials expected to start early next month.
Dynamic Solution's wireless electric vehicle charging pads would eliminate the need for large, unsightly charging points. These pads would be built into the ground, pumping out alternating ultrasonic waves that convert into electricity when the car is parked above.
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Increasing Government Initiatives to Revolutionize E-mobility Act as Major Tailwinds
Improved EV charging infrastructures in public spaces are boosting worldwide. Mobility service providers are increasingly using wireless charging systems precisely adapted to the charging infrastructure requirements in public spaces.
Governments in countries across the globe have initiated new policies and proposals for e-mobility charging infrastructures, helping them meet their own goals to address climate change and net-zero carbon targets. Additionally, large-scale implementations of these EV powering solutions influence market growth.
Large Structure and High Investments Requirements are Major Headwinds
Despite significant growth prospects, the market still witnesses major setbacks, such as requirements of large structures and high investments to develop charging stations. Wireless power transmission solutions require a large structure which is a costly affair. Besides, these charging stations emit unsafe frequencies that are harmful to the living and can be expensive. These are major factors impeding market growth.
COVID 19 Impacts on the Market
The onset of Coronavirus affected the wireless electric vehicle charging industry severely. Lockdown mandates disrupted the supply chain severely, making manufacturers and technology providers face various issues like obtaining raw materials & components, attracting workers from quarantines, and delivering end products. Several manufacturers also cut down on their production output.
However, the wireless electric vehicle charging market is rapidly returned to normalcy, witnessing the steadily increasing demand. The wireless electric vehicle charging market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
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Segmentation
The market is segmented into charging types, power supply range, charging pads, charging stations, propulsions, vehicle types, applications, and regions. The charging type segment is sub-segmented into dynamic and stationary wireless electric charging.
The power supply range segment is sub-segmented into 3 to <7.7 KW, 7.7 to < 11KW), 11to < 20KW, 20 to < 50 KW, 50 KW and above. The charging pad segment is sub-segmented into base charging pads, power control units, and vehicle charging pads. The charging station segment is sub-segmented into home and commercial charging systems.
The propulsion type segment is sub-segmented into battery and plug-in electric vehicles. The vehicle type segment is characterized by passenger EV and commercial EV. The application segment is sub-segmented into OEM and aftermarket. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global wireless electric vehicle charging market. The region owns significant raw material advantage and the availability of cost-competitive workforces. Moreover, increased production and sales of automobiles boost the wireless electric vehicle charging market growth. Growing production of electric vehicles in China and Japan increases the market demand.
Growing disposable income due to the rapid economic growth in the region and rising focus to reduce vehicle emissions substantiate the wireless electric vehicle charging market size. Furthermore, the increasing population and urbanization in countries such as China, India, and other countries positively impact the market landscape. Besides, advancements in EV charging solutions and devices used for electric vehicles drive the market.
Segmentation of Market covered in the research:
Information by Charging Type (Dynamic and Stationary), Power Supply Range (3 to <7.7 KW, 7.7 to < 11KW, 11to < 20KW, 20 to < 50 KW, and 50 KW and above), Charging Pad, Charging System, Propulsion Type, Vehicle Type, Application and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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