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“Increasing focus on R&D activities, rapid development of EV technology, and the ease of charging vehicles are expected to fuel the demand in wireless charging for electric vehicle market.”
The wireless charging for electric vehicle market is projected to grow at a CAGR of 46.8% during the forecast period, from USD 16 million in 2020 to USD 234 million by 2027. The rising demand for BEVs and PHEVs is expected to fuel the overall growth of the wireless charging for electric vehicle market. Increasing R&D investments by manufacturers of wireless charging systems and the growing number of partnerships and joint ventures between major OEMs and domestic players have created growth opportunities in the wireless charging for electric vehicle market. However, the high cost of upgrading to wireless charging technology may restrain the growth of the 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 case of LCVs and SUVs with high ground clearance.
“>50 KW segment is expected to grow at a significant rate during the forecast period, by power supply range.”
The >50 kW segment of the wireless charging for electric vehicle market 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 >50 kW segment focuses on dynamic charging, which is a new and upcoming technology and has not yet commercialized. Thus, the development of dynamic charging is likely to fuel the >50 kW segment in the wireless charging for electric vehicle market.
“Home Charging Station is estimated to be the largest segment of wireless charging for electric vehicle market, by charging station type.”
The rising demand for BEVs and PHEVs has fueled the growth of the wireless charging for electric vehicle market. Growing environmental concerns, rising fossil fuel prices, long-term supply concerns, and improved technology have accelerated the growth of the BEV and PHEV technology. Many OEMs are now 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. These developments are expected to drive the home charging station segment.
“Europe is estimated to be the fastest growing region in the wireless charging for electric vehicle market during the forecast period.”
The availability of sound infrastructure and increasing electric vehicles sales in the region are expected to drive the wireless charging for electric vehicle market in Europe. The presence of leading players in the wireless charging for electric vehicle market, such as Robert Bosch GmbH, Continental AG, and HELLA KGaA Hueck & Co, would also drive market growth in the region. The adoption of wireless charging technology by automotive companies such as BMW is also expected to fuel the market during the forecast period.
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:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- WiTricity Corporation (US)
- ZTE Corporation (China)
- HELLA KGaA Hueck & Co. (Germany)
- Bombardier Inc (Canada)
- Toshiba Corporation (Japan)
- Toyota Motor Corporation (Japan)
- HEVO Inc. (US)
- Evatran Group Inc. (US)
The report segments the wireless charging for electric vehicle market, by volume and value, on the basis of power supply (3–<11 KW, 11–50 KW, and >50 KW), application (Home charging units, and Public/Commercial charging unit), distribution channel (Aftermarket and OE), component (Base charging pad, Power control unit, and Vehicle charging pad), charging system (Inductive power transfer, Capacitive power transfer, and Magnetic power transfer), charging type (Dynamic and Stationary), propulsion type (Battery electric vehicle (BEV) and Plug-in Hybrid Vehicle (PHEV)), vehicle type (Passenger cars and Commercial Vehicle), and region( Asia Pacific, Europe, North America, and RoW.
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 charging for electric vehicle 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 charging for electric vehicle 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 charging for electric vehicle market.
- Market Development: The report offers comprehensive information about the wireless charging for electric vehicle market. The report analyzes the wireless charging for electric vehicle 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 charging for electric vehicle market.