“Increasing focus on R&D activities, the rapid development of EV technology, and the stringent government regulations to curb emissions to fuel the demand for the wireless EV charging market.”
The wireless EV charging market is projected to grow at a CAGR of 117.56% during the forecast period, from USD 8 million in 2020 to USD 407 million by 2025. The rising demand for BEVs and PHEVs is fueling the overall growth of the wireless EV charging market. The wireless EV charging system manufacturers are increasing R&D investments, which are coupled with the growing number of partnerships and joint ventures between major OEMs and domestic players. These strategies have created growth opportunities for the wireless EV charging system worldwide. However, the high cost of upgrading to wireless charging technology may restrain the growth of the wireless EV charging market. The transmission range of a wireless charger through electromagnetic induction and/or magnetic resonance is limited to a certain distance. This limitation of range poses a serious challenge for manufacturers, especially in the case of LCVs and SUVs with high ground clearance.
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“The >50 KW segment is expected to grow at a significant rate during the forecast period.”
The >50 kW segment of the wireless EV charging market, by value, is projected to grow at the highest CAGR during the forecast period. Various incentives are provided for the development of commercial electric vehicles. Moreover, the focus of the >50 kW segment is on dynamic charging, which is a new and upcoming technology and has not yet commercialized. Thus, the development is likely to fuel the >50 kW segment in the wireless EV charging market.
“The Home Charging Station segment is estimated to be the fastest growing wireless EV charging market.”
The rising demand for BEVs and PHEVs is fueling the overall growth of the wireless EV charging market. Growing environmental concerns, rising fossil fuel prices, long-term supply concerns, and improved technology are acting as the key drivers accelerating the growth of the BEV and PHEV technology. Many OEMs are offering BEVs and PHEVs equipped with wireless power transfer technology. For instance, the new Toyota Prius, a PHEV by Toyota, is equipped with a new wireless charging system developed by WiTricity Corporation. Thus, increasing the overall growth of the home charging stations.
“Asia Pacific is estimated to be the fastest growing region in the wireless EV charging market during the forecast period.”
Asia Pacific is the fastest growing wireless EV charging market globally. Technological advancements have led major OEMs to incorporate advanced and convenience features such as wireless charging system in their EVs. Due to the availability of cheap labor and favorable government policies, the mass production of electric vehicles is also possible, resulting in a lower price of such systems in the near future. The implementation of new technologies, establishment of additional manufacturing plants, and creation of value-added supply chains between manufacturers and material providers have made the Asia Pacific region a market with immense growth potential.
The study contains insights from various industry experts, ranging from component suppliers to tier 1 companies and OEMs.
The break-up of the primaries is as follows:
- By Company Type: Tier 1: 46%, Tier 2: 41%, OEM: 13%
- By Designation: C level: 49%, D level: 42%, Others: 9%
- By Region: North America: 33%, Europe: 52%, Asia Pacific: 13%, RoW: 2%
Major players profiled in the report are:
- Qualcomm (US)
- WiTricity (US)
- ELIX Wireless (Canada)
- Continental (Germany)
- HEVO Power (US)
- Toyota (Japan)
- ChargePoint (US)
- Evatran Group (US)
- Bosch (Germany)
- HELLA (Germany)
- The report covers the wireless EV charging market, by volume, on the basis of region (Asia Pacific, Europe, North America, and the Rest of the World), charging station (Home Charging Station and Commercial Charging Station), charging type (Dynamic and Stationary), vehicle type (Commercial Vehicle and Two Wheeler), installation (Aftermarket/Retrofit and OE Market), component (Base Charging Pad, Power Control Unit, and Vehicle Charging Pad), power supply range (3–<11 kW, 11–50 kW, and > 50 kW), and propulsion (BEV and PHEV).
- The report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the wireless EV charging market, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
Reasons To Buy the Report:
- The report enables new entrants and smaller firms as well as established firms to understand the market better to help them acquire a larger market share.
- Firms purchasing the report could use any one or a combination of the 4 strategies (market development, product development/innovation, market diversification, and competitive assessment) mentioned below to strengthen their position in the market.
The report provides insights into the following points:
- Market Penetration: The report offers comprehensive information about the wireless EV charging market and the top players in the market.
- Product Development/Innovation: The report provides detailed insights into the upcoming technologies, R&D activities, and new product launches in the wireless EV charging market.
- Market Development: The report offers comprehensive information about the wireless EV charging market. The report analyzes the wireless EV charging market across regions and provides comprehensive information about lucrative emerging markets.
- Market Diversification: The report provides exhaustive information about new products, untapped regional markets, recent developments, and investments in the wireless EV charging market.