The Wireless Electric Vehicle Charging Market is anticipated to register a CAGR of 48.82% during the forecast period. The wireless electric vehicle market is mostly based on the form of inductive coupling, where energy passes through a device and is used for charging. The OEMs segment and government emphasize electric vehicles to reduce the carbon-emitting vehicles drives the market. The increasing usage of the Wireless Electric Vehicle contributes to the growth of the Wireless Electric Vehicle Charging solutions. Based on the research by the IEA, in 2019, the electric car profit was 2.1 million globally. This constant growth can continue and can impact the market growth. The surge in demand for electric vehicles adoption of improved technology produces efficient electric vehicle charging solutions. The pandemic has affected the Wireless Electric Vehicle Charging Market very several due to the decline in mobility which leads to less time on the electric vehicle technologies. Although with the improvement in the situation, the industry is expected to recover from the loss and grow in the forecast period.
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Wireless Electric Vehicle Charging Market - Competitive Analysis
Highly competitive, the wireless electric vehicle charging market appears fragmented due to the presence of several well-established players. These players incorporate strategies like mergers & acquisitions, collaboration, technology/product launch, and expansion to gain a larger competitive share.
Major Players:
Players leading the global Wireless Electric Vehicle Charging Market include Leviton (U.S.), ABB (Switzerland), WiTricity Corporation (U.S), Siemens (Germany), Convenient Power HK Limited (Hong Kong), Delphi Automotive (U.K.), Bosch Group (Germany), and Qualcomm (U.S.), among others.
Additionally, large-scale implementations of truly wireless EV powering solutions and the game-changing wireless charging road systems led by the government initiatives to revolutionize mobility influence the market growth. Today, most industry players use electromagnetic resonance effects, which are practically identical to the current Qi standard, that is, using a charging pad. The demand for wireless EV charging solutions like Wi-Fi connectivity is expected to increase hugely in the future.
On the other hand, wireless power transmission solutions require a large structure which is a costly affair. Besides, charging stations’ unsafe frequencies are harmful to living organisms and can be expensive. Therefore, high investments requirement for the development of charging stations or infrastructures and unsafe frequencies are major growth impeding factors for the market.
Nevertheless, increasing R&D investments to develop innovative wireless EV charging solutions would support the market growth throughout the review period. 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.
Wireless Electric Vehicle Charging Market - Segmentation
The report is segmented into three dynamics;
By Technology: Inductive Charging, Conductive Charging, Dynamic Charging, Magnetic Resonance, among others.
By Component: Electromagnetic Induction, Wireless Power Receiver, Rectifies, Power Distribution Box, Vehicle Receiver Unit, Ground Transmission Unit, Battery, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Wireless Electric Vehicle Charging Market - Regional Analysis
North America dominates the global wireless electric vehicle charging market. The largest market share attributes to government initiatives to reduce dependency on fuel-driven vehicles that profit the electric vehicle market and create vehicle charging solutions. Moreover, the growing demand for electric vehicles with a low operating cost and government support for the development of the wireless EV charging industry push the regional market growth.
The Asia Pacific region stands second in the global wireless electric vehicle charging market. The market is driven by advancements in wireless charging technologies and charging devices. Besides, the massive increase in the production and sales of e-vehicles in the region increases the installation of the wireless EV charging system, and solutions drive the market growth.
Europe also accounts for a considerable share in the global wireless electric vehicle charging market. Factors such as investments in research & development and a large EV user base create a huge demand for wireless EV charging devices. Additionally, regulatory laws implemented to minimize vehicle emissions and favorable incentives policies substantiate the market demand, increasing electric vehicle sales.
Industry/ Innovation/ Related News
Feb. 18, 2021 ----- IPT Group, a global manufacturer of wireless charging and electrification solutions for industrial and e-mobility applications, announced the acquisition of Primove, the e-mobility inductive charging technology portfolio from Bombardier.
Primove technology complements IPT’s existing IP and product portfolio and speeds up its product-to-market plans. The acquisition would enable IPT to offer a complete product portfolio, combining two cleantech scale-ups in wireless power transfer for e-mobility, benefiting from synergies, thereby accelerate its markets.
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