Global Wireless EV Charging Market: Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2026
Global Wireless EV Charging Market size is expected to reach US$ XX Mn. by 2026 from US$ XX Mn. in 2019, at a CAGR of 46.4% during the forecast period.
Global Wireless EV Charging Market Dynamics
Increasing adoption of electric vehicles to drive the market
Increasing adoption of EVs is the major growth driver for the wireless EV charging market during the forecast period. The demand for EVs has been increasing day by day, as the price of fossil fuels is increasing worldwide. The rise in population has increased the ownership of private vehicles for transportation, which has raised the concern of global warming, pollution, and the increasing carbon emission in the environment. The government's strict regulations to reduce carbon emission in the environment and the global warming effect have led people to adopt electric vehicles. With the increasing EVs, the demand for rapidly charging infrastructures has also been increasing to charge the vehicle quickly. Wireless charging solutions are highly demanded for the EV battery charging. The battery can be charged based on the Inductive Power Transfer (IPT) by using an electromagnetic field between two objects. In this, the drivers don’t have to plug in the cable to charge the battery and the vehicle can be charged while driving, which is expected to boost the market. However, many countries such as Germany, US, etc. have introduced the electric corridor to make transportation easy by the EVs.
Range of vehicle to restrain the market
Electric vehicles offer low milage compared to fuel propulsion vehicles. However, the price of the EVs is high and due to the wireless charging technology, which is expected to create hurdles for the market during the forecast period.
Global Wireless EV Charging Market Segment Analysis
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The stationary wireless charging system is expected to hold the largest market share of the global wireless EV charging market by 2026 due to its convenience and reliability. The driver can charge the car in various stationary modes like in car parks, garages, traffic signals, public places, etc. However, in 2018, the manufacturers announced to introduce the in-built stationary inductive WPT system in the vehicles, which is expected to boost the market in stationary wireless charging system type.
Global Wireless EV Charging MarketThe BEV segment is expected to witness the highest growth of XX% during the forecast period due to the increasing adoption of BEVs. The BEV is a completely electric vehicle as it consists of electric motors and motor controllers instead of ICE, fuel tank, and exhausted pipe for the propulsion. The BEV consists regenerative braking system, which captures energy while the car is moving and restore it into the battery. According to the MMR report, the BEVs convert 80% of energy input from the moving car that is comparatively high than the gasoline cars, which generates only 20%. However, many companies are offering high-capacity batteries to give a better range. For instance, the Jaguar launched I-PACE, which offers the mileage of 500kilometers in one charge due to the large and high-capacity battery, which is expected to create many lucrative opportunities for the global market in the BEV segment.
Global Wireless EV Charging Regional Insights
Global Wireless EV Charging Regional InsightsEurope is expected to witness highest growth during forecast period
Europe is expected to hold the largest market share of XX% by 2026 due to the increasing adoption of EVs and the growing development of EV charging infrastructures in the region. For instance, Tesla has planned to create the electric corridors in Europe by installing 120KW superchargers stations and 14 stations have already been installed in the countries such as Norway, Germany, Netherlands, Austria, and Switzerland. As result, these factors are expected to boost the market for wireless EV charging in nearer future.
The Asia Pacific is expected to witness significant growth during the forecast period due to increasing concern about carbon emission, air pollution, etc. in the region. However, the government initiative in the development of electric corridors and investment of foreign automobile companies in countries like India and China is expected to boost the market in the region. For instance, in 2020, the Union Minister of Road Transport and Highways in India announced to creation electric corridor between Mumbai to Delhi to promote EVs in the country. The highway will have technology as similar as the railroad electrification. The poll wire system will transmit the electricity to the vehicles by an overhead contact line or channel.
The objective of the report is to present a comprehensive analysis of the global wireless EV charging market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding global wireless EV charging market dynamic, structure by analyzing the market segments and project global wireless EV charging market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global wireless EV charging market make the report investor’s guide.
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Global Wireless EV Charging Market
Global Wireless EV Charging Market, by Region:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa
Global Wireless EV Charging Market Key Players
• Robert Bosch GmbH
• Continental AG
• WiTricity Corporation
• ZTE Corporation
• HELLA KGaA Hueck & Co.
• Toyota Motor Corporation
• Toshiba Corporation
• Qualcomm, Inc.
• Evatran Group
• Powermat Technologies Ltd.
• PowerbyProxi Limited
• Energids Corp.
• WiBotic Inc.
• PowerSquare Inc.
• Aircharge
• Tecnomen Corporation
• Steca Elektronik GmbH
• Lumen Australia
• ECOtality
• Momentum Dynamics
• ZENS
• Freewire Technologies
• CIRCONTROL
• Swiftmile
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